BFA504 Accounting Systems Assessment 3

Assessment 3: Xero Case Study

Cargo ‘n Denim Pty Ltd is a Tasmanian small to medium sized enterprise (SME) and they have decided to convert their manual system of bookkeeping to an online system using Xero. Cargo ’n Denim has two stores (one in Hobart, and one in Launceston). They have previously been operating since 1st July 2018, but as the Launceston store opened on 1st July

2019, they haven’t previously had financial figures for each store. They would now like to have financial reports for both stores from 1st July 2019 (note: inventory is not recorded per store).

XERO work

Note: This is an individual assignment not a group assignment.

Using the Xero assignment link forwarded to your email:

  • Setup the company with details as provided and add your student number to the company name.
  • Add opening balances as provided on balance sheet statement and stock balances as at 30th June 2019.
  • Setup supplier, customer and employee records as provided.
  • Setup items for stock sold.
  • Enter all transactions provided for July 2019.
  • Import bank statement provided on MYLO to Xero and complete bank reconciliation as at 31st July 2019. Export bank reconciliation summary as at 31st July 2019 to PDF.
  • Export Aged Payables (detail) to PDF as at 31st July 2019.
  • Export Aged Receivables (detail) to PDF as at 31st July 2019.
  • Export Inventory Item Summary to PDF as at 31st July 2019.
  • Export Balance Sheet to PDF as at 31st July 2019.
  • Export company Profit and Loss Report to PDF for period 1st July-31st July 2019.
  • Export Profit and Loss Report to PDF showing profit/loss for both the Hobart store and the Launceston store for period 1st July-31st July 2019.

Submissions required:

  • Submit all required XERO reports in PDF to the MyLo drop box.
  • Complete all transactions in Xero data file via assignment link provided.

(Total 50 marks)

COMPANY DETAILS

Name: Cargo ‘n Denim Pty Ltd (+ your student  number)
Address: 386 Rivulet Rd South Hobart TAS 7004
Line of business: Clothing Retailing
Ph: 62 934 112
Email: admin@cargondenim.zz
Website: http://www.cargondenim.com.zz

Cargo 'n Denim Pty Ltd

Balance Sheet as at 30th June 2019

HISTORICAL BALANCES AS AT  30/6/19

Unpaid Sales as at 30/6/19

Date

Transaction

Inv #

Amount inc GST

1/06/2019

Parks and Wildlife

452

$7,645.55

$7,645.55

Unpaid Purchases as at  30/6/19

Date

Transaction

Inv #

Amount inc GST

1/06/2019

DataWorld

5548

$154.00

4/06/2019

Shush Clothes Importer

125

$45,025.00

29/06/2019

Orora Energy

H01668

$332.97

21/06/2019

DataWorld

5701

$498.35

30/06/2019

Hobart Rentals

Jun-19

$2,100.00

   

$48,110.32

SUPPLIERS

 

Supplier 1

Supplier 2

Supplier 3

Supplier 4

Supplier 5

Supplier 6

Supplier 7

Name

Shush Clothes Importer

Orora Energy

DataWorld

Hobart Rentals

Launceston Rentals

Aust. Taxation Office

Super Clearing House

Address

22 Smiths Road

11 Forest St

175 Smith Street

Level 2/89 Brisbane St

Level 2/54 Mako St

GPO Box 982

GPO Box 1156

City

Melbourne

Hobart

Rosny

Hobart

Launceston

Hobart

Melbourne

State

VIC

TAS

TAS

TAS

TAS

TAS

VIC

Postcode

3000

7000

7018

7000

7250

7000

3000

Country

Australia

Australia

Australia

Australia

Australia

Australia

Australia

Phone#1

9242 2666

1800 556884

0417 659 782

03 6234 5500

6385 5650

137226

137565

Contact

Rahoul

Jen

Jason

Renae

Terry

Jan

Credit Limit

$100,000

$3,000

$1,000

$5,000

$5,000

Account number

S001

S002

S003

S004

S005

S006

S007

ABN#

53 569 321 934

88 512 983 965

25 889 425 364

55 223 884 221

34 256 884 428

56 598 465 281

Tax Code

GST

GST

GST

GST

GST

N-T

N-T

Terms

30

30

14

14

14

30

30

Discount Days

14

0

0

0

0

% Discount for early payment

5%

0

0

0

0

Bank account#

001-696 445489

010-556 66499

010-556 55659

010-558 48899

050-183 926124

005-569 56565

001-564 23568

Bank account name

Shush Clothes Importer

Orora Energy

DataWorld

Hobart Rentals

Launceston Rentals

Aust. Taxation Office

Super Clearing House

CUSTOMERS

Customer 1

Customer 2

Customer 3

Name

Parks and Wildlife

Hobart City Council

Launceston Council

Address

222 Grove Street

GPO Box 803

18-20 St John Street

City

Bellerive

Hobart

Launceston

State

TAS

TAS

TAS

Postcode

7018

7001

7250

Country

Australia

Australia

Australia

Phone#1

03 6245 6600

03 6238 2711

6323 3000

Contact

Steve

Dave

Jenny

Credit Limit

$50,000.00

$50,000.00

$50,000.00

Tax Code

GST

GST

GST

Terms

30 days

30 days

30 days

Discount Days

0

0

0

EMPLOYEES

Employee 1

Employee 2

Name

Jenny Brooks

Marie Tolby

Address

89 Rivers Road

78 Bright Street

City

Newstead

Lindisfarne

State

TAS

TAS

Postcode

7250

7015

Country

Australia

Australia

Phone#1

0401 565 228

0411 569 952

Email

jbrooks@gmail.zz

mtolby@gmail.zz

Date of Birth

22/07/1996

18/11/1999

Sex

Female

Female

Start Date

1/07/2019

1/07/2018

Role

Manager - Launceston

Manager - Hobart

Wages

$28.00/hour

$32.00/hour

Pay Frequency

Fortnightly

Fortnightly

Status

Permanent Full time

Permanent Full time

Pay Item

Ordinary Hours

Ordinary Hours

Hours per week

38

38

Superannuation Fund

Tasplan

Tasplan

Tax File Number

995461474

995875264

Super Member Number

956G

2568

Tax Free Threshold

Yes

Yes

Bank account#

010-150 55655

020-456 654122

Bank account name

J Brooks

M Tolby

Opening balances-annual leave

0

152

Opening balances-personal leave

0

76

Opening balances-LSL

0

56.25

Annual Leave

152 hours/year

0.495

Personal Leave

76 hours/year

76 hours/year

Long Service Leave

56.25 hours/year

56.25 hours/year

Stock on Hand 30/6/19

Item Name

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Size

Size XS

Size S

Size M

Size L

Size XL

Size XS

Size S

Size M

Size L

Size XL

Item Number

001C

002C

003C

004C

005C

001D

002D

003D

004D

005D

Quantity on Hand 30/6/19

352

302

332

350

319

299

300

375

465

315

Cost inc GST

$13.00

$13.50

$14.00

$15.00

$16.00

$12.00

$12.50

$13.00

$13.50

$14.00

Sale Price inc GST

$28.60

$29.70

$30.80

$33.00

$35.20

$26.40

$27.50

$28.60

$29.70

$30.80

Value on Hand Inc GST

$4,576.00

$4,077.00

$4,648.00

$5,250.00

$5,104.00

$3,588.00

$3,750.00

$4,875.00

$6,277.50

$4,410.00

INVENTORY ITEMS & SALES

Location

Hobart

Launceston

Hobart

Launceston

Hobart

Launceston

Hobart

Launceston

Hobart

Launceston

Size

Size XS

Size XS

Size S

Size S

Size M

Size M

Size L

Size L

Size XL

Size XL

Item Number

001C

001C

002C

002C

003C

003C

004C

004C

005C

005C

Item Name

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cargo Shirt

Cost inc GST

$13.00

$13.00

$13.50

$13.50

$14.00

$14.00

$15.00

$15.00

$16.00

$16.00

Sale Price inc GST

$28.60

$28.60

$29.70

$29.70

$30.80

$30.80

$33.00

$33.00

$35.20

$35.20

Quantity cash sales w/e 5/7/19

18

6

2

3

15

Value

$514.80

$178.20

$61.60

$99.00

$528.00

Quantity cash sales w/e 12/7/19

7

8

5

3

Value

$200.20

$246.40

$165.00

$105.60

Quantity cash sales w/e 26/7/19

10

16

20

12

15

Value

$286.00

$475.20

$616.00

$396.00

$528.00

Quantity cash sales w/e 31/7/19

2

10

Value

$57.20

$330.00

Credit Sales

Parks and Wildlife Qty

10

15

27

8

5

Parks and Wildlife Value

$286.00

$445.50

$831.60

$246.40

$165.00

Hobart City Council Qty

80

250

150

250

100

Hobart City Council Value

$2,288.00

$7,425.00

$4,620.00

$8,250.00

$3,520.00

Launceston Council Qty

20

120

150

250

Launceston Council Value

$572.00

$3,696.00

$4,950.00

$8,800.00

INVENTORY ITEMS & SALES

Location

Hobart

Launceston

Hobart

Launceston

Hobart

Launceston

Hobart

Launceston

Hobart

Launceston

Size

Size XS

Size XS

Size S

Size S

Size M

Size M

Size L

Size L

Size XL

Size XL

Item Number

001D

001D

002D

002D

003D

003D

004D

004D

005D

005D

Item Name

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Denim Shirt

Cost inc GST

$12.00

$12.00

$12.50

$12.50

$13.00

$13.00

$13.50

$13.50

$14.00

$14.00

Sale Price inc GST

$26.40

$26.40

$27.50

$27.50

$28.60

$28.60

$29.70

$29.70

$30.80

$30.80

Quantity cash sales w/e 5/7/19

9

14

20

30

Value

$237.60

$369.60

$572.00

$891.00

Quantity cash sales w/e 12/7/19

10

18

10

25

15

Value

$264.00

$495.00

$297.00

$770.00

$462.00

Quantity cash sales w/e 26/7/19

10

50

50

12

10

Value

$264.00

$1,430.00

$1,430.00

$356.40

$297.00

Quantity cash sales w/e 31/7/19

8

6

9

5

Value

$211.20

$165.00

$277.20

$154.00

Credit Sales

Parks and Wildlife Qty

Parks and Wildlife Value

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Hobart City Council Qty

Hobart City Council Value

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

Launceston Council Qty

Launceston Council Value

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

TRANSACTIONS JULY 2019

Date

Transaction

Details

Amount inc GST

1/07/2019

Point of sale (POS) system purchased for Hobart branch from ABHiFi by EFT from cheque account. Depreciation: straight line, 25% per year. Warranty expiry 1/7/21, serial number 000258898, tax  depreciation $0.

Inv 877

$22,000.00

1/07/2019

Loan approved by bank and funds received.

KOD556445

$44,000.00

1/07/2019

Point of sale (POS) system purchased for Launceston branch from ABHiFi by EFT from cheque account. Depreciation: straight line, 25% per year. Warranty expiry 1/7/21, serial number 000265522, tax depreciation $0. Loan approved by bank ref. number KOD556445.

Inv 878

$22,000.00

2/07/2019

Purchase on credit from Shush Clothes Importer by Launceston branch

Inv L125

$23,700.00

100 x Cargo Shirts size XS

100 x Cargo Shirts size S

200 x Cargo Shirts size M

200 x Cargo Shirts size L

250 x Cargo Shirts size XL

100 x Denim Shirts size XS

100 x Denim Shirts size S

200 x Denim Shirts size M

200 x Denim Shirts size L

250 x Denim Shirts size XL

2/07/2019

Received  & paid rental invoice by EFT for July for Launceston rental from Launceston Rentals

Inv J445

$1,900.00

2/07/2019

Received EFT payment from Parks and Wildlife

June invoice

$7,645.55

2/07/2019

Credit sale to Parks and Wildlife (Hobart) as per inventory list

Inv 566

$1,563.10

3/07/2019

Received  & paid rental invoice by EFT for July from Hobart Rentals

Inv JUL19

$2,100.00

4/07/2019

Credit purchase from DataWorld for intranet connection (Hobart $150.00 inc GST,  Launceston

$140.00 inc GST)

Inv 2899

$290.00

5/07/2019

Banked weekly cash sales Hobart as per inventory list

CS0068

$2,129.60

5/07/2019

Banked weekly cash sales Launceston as per inventory list

CS0069

$1,322.20

12/07/2019

Banked weekly cash sales Hobart as per inventory list

CS0070

$1,883.20

12/07/2019

Banked weekly cash sales Launceston as per inventory list

CS0071

$1,122.00

15/07/2019

Paid fortnightly wages for period 1/7-14/7/19 from cheque account as follows:

1/7/19-14/7/19

$3,634.00

J Brooks 76 hours

M Tolby 76 hours

15/07/2019

Purchase invoice on credit from Shush Clothes Importer by Hobart branch:

Inv H156

$17,300.00

300 x Cargo Shirts size L

200 x Cargo Shirts size M

200 x Cargo Shirts size XS

300 x Cargo Shirts size S

150 x Denim Shirts size M

100 x Denim Shirts size XL

16/07/2019

Bought milk and coffee (staff amenities) from Coles for Hobart lunchroom on credit card  linked to bank account

Receipt 07002

$6.20

17/07/2019

Purchased Hobart office stationery from Office Works on credit card linked to bank account

Receipt D569

$140.00

26/07/2019

Banked weekly cash sales Hobart as per inventory list

CS0072

$3,471.60

26/07/2019

Banked weekly cash sales Launceston as per inventory list

CS0073

$2,607.00

28/07/2019

Paid PAYG and GST owing for last quarter to ATO (BAS Q4 2019)

$10,618.40

31/07/2019

Banked weekly cash sales Hobart as per inventory list

CS0074

$545.60

31/07/2019

Banked weekly cash sales Launceston as per inventory list

CS0075

$649.00

29/07/2019

Credit sale to Parks and Wildlife (Launceston) as per inventory list

Inv 567

$411.40

29/07/2019

Paid fortnightly wages from cheque account as follows:

15/7/19-29/7/19

$3,634.00

J Brooks 76 hours

M Tolby 76 hours

31/07/2019

Paid DataWorld via EFT inv 5548

Inv 5548

$154.00

31/07/2019

Paid Shush Clothes Importer via EFT

Inv 125

$45,025.00

31/07/2019

Credit sales to Hobart City Council as per inventory list

Inv 386

$26,103.00

31/07/2019

Payroll liabilities paid by EFT:

July Super (paid to Super Clearing House)

$866.40

31/07/2019

Credit sales to Launceston Council as per inventory list

Inv 387

$18,018.00

31/07/2019

Bank fees on cheque account (GST free)

July

$7.50

31/07/2019

End of month adjustment : depreciation

$847.00

Cargo ‘n Denim Pty Ltd Statement of Account with

NAB Bank, Melbourne, Australia

Account # 050-117 24693

July 2019

Date

Transactions

Debit

Credit

Balance

1/07/2019

Opening balance

91,666.59

Cr

1/07/2019

AB HiFi

22,000.00

69,666.59

Cr

1/07/2019

AB HiFi

22,000.00

47,666.59

Cr

1/07/2019

Auth. Transaction KOD556445

44,000.00

91,666.59

Cr

2/07/2019

Launceston Rentals

1,900.00

89,766.59

Cr

2/07/2019

Parks and Wildlife

7,645.55

97,412.14

Cr

3/07/2019

Hobart Rentals

2,100.00

95,312.14

Cr

5/07/2019

Cash deposit

2,129.60

97,441.74

Cr

5/07/2019

Cash deposit

1,322.20

98,763.94

Cr

12/07/2019

Cash deposit

1,883.20

100,647.14

Cr

12/07/2019

Cash deposit

1,122.00

101,769.14

Cr

15/07/2019

Electronic Payment

3,634.00

98,135.14

Cr

16/07/2019

Coles

6.20

98,128.94

Cr

17/07/2019

OfficeWorks

140.00

97,988.94

Cr

26/07/2019

Cash deposit

3,471.60

101,460.54

Cr

26/07/2019

Cash deposit

2,607.00

104,067.54

Cr

28/07/2019

ATO

10,618.40

93,449.14

Cr

29/07/2019

Electronic Payment

3,634.00

89,815.14

Cr

31/07/2019

Cash deposit

545.60

90,360.74

Cr

31/07/2019

Cash deposit

649.00

91,009.74

Cr

31/07/2019

Data World

154.00

90,855.74

Cr

31/07/2019

Shush Clothes Importer

45,025.00

45,830.74

Cr

31/07/2019

NAB

7.50

45,823.24

Cr

31/07/2019

Super Clearing House

866.40

44,956.84

Cr

31/07/2019

Closing balance

44,956.84

Cr

Date of issue

Page No.

Total debits

Total credits

31/07/2019

1

112,085.50

65,375.75