ACCT2033 Financial Accounting and Analysis Assignment, RMIT Cashflow and Financial Analysis – BuyIt&Sell’em Pty Ltd operates as a company and you are the accountant for them
| University | The Royal Melbourne Institute of Technology (RMIT) |
| Subject | ACCT2033 Financial Accounting and Analysis |
Cashflow and Financial Analysis – BuyIt&Sell’em Pty Ltd
Case Study Background
BuyIt&Sell’em Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. BuyIt&Sell’em Pty Ltd is a wholesale business specialising in electronic equipment made in Australia. The business started its first month of the new year which started on 1st February 2021. You should have two months of data, being the manual accounting and the electronic accounting MYOB.
Requirements
You will need to prepare a cash flow statement for your business.
Once you have completed a cashflow statement then you will be required to prepare a short report on the financial position of the business.
| BuyIt&sell’em Pty Ltd | |||
| Trial Balance as at 31st January 2021 | |||
| Account Number | Account name | Debit | Credit |
| 1001 | Cash at Bank | 17,191.00 | |
| 1010 | Accounts Receivable | 5,600.00 | |
| 1020 | Inventory | 11,970.00 | |
| 1030 | Prepaid Rent | – | |
| 1035 | Prepaid Insurance | 1,800.00 | |
| 1040 | Stationery Supplies | 845.00 | |
| 1110 | Computers | 4,500.00 | |
| 1111 | Accumulated Depreciation – Office Computers | 300.00 | |
| 1120 | Warehouse Equipment | 38,000.00 | |
| 1121 | Accumulated Depreciation – Warehouse Equipment | 9,600.00 | |
| 2001 | Accounts Payable | 9,500.00 | |
| 2010 | Wages Payable | 1,197.00 | |
| 2011 | PAYG payable | ||
| 2020 | Cleaning Payable | ||
| 2021 | Utilities Payable | ||
| 2035 | Prepaid Revenue | ||
| 3001 | Share Capital | 50,000.00 | |
| 3010 | Retained Earnings | 9,309.00 | |
| 3050 | Dividends | ||
| 79,906.00 | 79,906.00 | ||
BuyIt&sell’em Pty Ltd
Income Statement
For the month ended 31st March 2021
| INCOME | ||
| Sales – | 71,290.00 | |
| Sales returns and allowances | (3,000.00) | |
| discounts received | 554.80 | |
| TOTAL INCOME | 68,844.80 | |
| COST OF SALES | ||
| Cost of Goods Sold | 31,920.00 | |
| Discounts Allowed | 271.90 | |
| TOTAL COST OF SALES | 32,191.90 | |
| GROSS PROFIT | 36,652.90 | |
| EXPENSES | ||
| Wages Expense | 14,563.00 | |
| Rent Expense | 3,000.00 | |
| Telecommunication Expense | 980.00 | |
| Electricity expense | 375.00 | |
| Insurance Expense | 600.00 | |
| Vehicle Expense | 400.00 | |
| Stationery Expense | 270.00 | |
| Depreciation Expense | 1,010.00 | |
| Loss on the sale of assets | 2,900.00 | |
| Interest Expense | 132.71 | |
| TOTAL EXPENSES | 24,230.71 | |
| NET PROFIT/(LOSS) | 12,422.19 |
BuyIt&sell’em Pty Ltd
Balance Sheet
as at 31st March 2021
| ASSETS | |||
| Current Assets | |||
| Cash at Bank | 66,364.90 | ||
| Accounts Receivable | 570.00 | ||
| Inventory | 4,180.00 | ||
| Prepaid Rent | 0.00 | ||
| Prepaid Insurance | 1,200.00 | ||
| Stationery Supplies | 575.00 | ||
| Total Current Assets | 72,889.90 | ||
| Non-current Assets | |||
| Computers | 4,500.00 | ||
| Accumulated Dep’n – Office Computers | (700.00) | 3,800.00 | |
| Forklift | 22,750.00 | ||
| Accumulated depreciation Forklift | (110.00) | 22,640.00 | |
| Total Non-current Assets | 26,440.00 | ||
| TOTAL ASSETS | 99,329.90 | ||
| LIABILITIES | |||
| Current Liabilities | |||
| Accounts Payable | 0.00 | ||
| Wages Payable | 1,026.00 | ||
| Cleaning Payable | 0.00 | ||
| Prepaid Revenue | 8,940.00 | ||
| Total Current Liabilities | 9,966.00 | ||
| Non-current Liabilities | |||
| Loan – ABC Bank | 17,632.71 | ||
| TOTAL LIABILITIES | 27,598.71 | ||
| NET ASSETS | 71,731.19 | ||
| OWNER’S EQUITY | |||
| Share Capital | 50,000.00 | ||
| Retained Earnings | 21,731.19 | ||
| TOTAL EQUITY | 71,731.19 |
- CVE2332 Seepage and Flownet Assignment Report: Singapore River Cofferdam Case Study for Optimal Sheet Pile Design
- NUR 3015 Mental Health Policy Assignment Report: Community Nursing Recommendations for Reducing Mental Health Issues in Singapore
- DSWSH MC2 Electronic Security Assignment : AIS School Protection Plan Using IDS & Protection in Depth
- 6WBS0035/6 Digital Strategy Presentation Assignment: MNC Innovation Proposal for Global Growth
- A2389C Pharmaceutical Supply Chain Assignment: Mitigation Plan for Tariff-Driven Disruptions in Singapore
- PS6004EFA Business Research Dissertation Assignment: Strategic Analysis Case Study
- Principles of Management Assignment: Strategic Analysis of an MNC or SME Company in a Post-Pandemic Business Environment
- Project Management Assignment : Planning a 1-Day Sports Tournament for Corporate Team Building
- Managing Across Cultures Assignment : Case Analysis of McDonald’s, Fiat & Workplace Stereotypes
- WEB301 Singapore Green Plan 2030 TMA Report: Communication Strategy Proposal to Engage Young Adults Online & Offline
UP TO 15 % DISCOUNT