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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
Posted on: 27th Sep 2022

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

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
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