Financial Information Systems: Surf Haven General Ledger Report

This assignment provides a comprehensive general ledger summary and exceptions report for Surf Haven, a retail and wholesale surf shop. The report covers the period from March 1, 2019, to March 31, 2019, detailing various accounts, including accounts payable, accounts receivable, sales, cost of goods sold, and various expenses such as automobile expenses, interest expense, and wages. The document includes both the general ledger summary, showing debits, credits, and net movements for each account, and a detailed exceptions report that specifies the transactions associated with specific accounts. The exceptions report includes transaction dates, types, reasons, and references, offering a granular view of the financial activities of the business. This report is essential for understanding the financial performance and position of Surf Haven, including its sales, expenses, and overall profitability during the specified period. The assignment is a valuable resource for students studying financial information systems and accounting principles.

General Ledger
Summary
General Ledger Report | SURF HEAVEN | 7 May 2019 Page 1 of 3
SURF HEAVEN
From 1 March 2019 to 31 March 2019
Account Debit Credit Net Movement
Acc dep Motor Vehicle (721) - 4,200 (4,200)
Acc. dep SHop & Fittings (711) - 1,875 (1,875)
Accounts Payable (200) 31,502 30,305 1,197
Accounts Receivable (610) 50,226 37,767 12,459
Automobile Expenses (648) 200 - 200
Bank Service Charges (604) 35 - 35
Commission Income (261) - 1,200 (1,200)
Cost of Goods Sold (500) 16,673 360 16,313
Depreciation (700) 6,075 - 6,075
Freight & Courier (425) - 300 (300)
Interest expense (437) 50 - 50
Inventory (630) 27,670 16,913 10,757
Loan- ABC bank (900) 1,500 - 1,500
Owners Draw (310) 2,000 - 2,000
Prepayment (620) 260 - 260
Printing & Stationery (656) 2,640 - 2,640
Sales (400) 550 54,085 (53,535)
Sales Tax (220) 4,710 5,463 (753)
Stationery supplies (640) 803 1,127 (324)
Stationery supplies expense (485) 1,127 - 1,127
SURF HAVEN (601) 47,960 44,536 3,424
Telephone & Internet (680) 520 - 520
Travel - National (493) 270 - 270
Wages and Salaries (668) 3,390 - 3,390
Wages Payable (801) 240 270 (30)
Total 198,400 198,400 -

General Ledger
Exceptions
General Ledger Report | SURF HEAVEN | 7 May 2019 Page 2 of 3
SURF HEAVEN
From 1 March 2019 to 31 March 2019
Date Type Reason Transaction Reference Debit Credit Sales Tax
Acc dep Motor Vehicle (721)
31 Mar 2019 MJ Sales Tax Depreciation Depreciation 4,200 0.0%
31 Mar 2019 Total Acc dep Motor Vehicle (721) 4,200
Net movement 4,200
Acc. dep SHop & Fittings (711)
31 Mar 2019 MJ Sales Tax Depreciation Depreciation 1,875 0.0%
31 Mar 2019 Total Acc. dep SHop & Fittings
(711)
1,875
Net movement 1,875
Commission Income (261)
31 Mar 2019 PAY Sales Tax COMISSION 1,200 0.0%
31 Mar 2019 Total Commission Income (261) 1,200
Net movement 1,200
Freight & Courier (425)
4 Mar 2019 INV Sales Tax Aireys Surf Club 50 10.0%
11 Mar 2019 INV Sales Tax sharkeys Wye
River
50 10.0%
15 Mar 2019 INV Sales Tax Torquay surf shop 50 10.0%
22 Mar 2019 INV Sales Tax Aireys Surf Club 50 10.0%
25 Mar 2019 INV Sales Tax sharkeys Wye
River
50 10.0%
28 Mar 2019 INV Sales Tax Aireys Surf Club 50 10.0%
31 Mar 2019 Total Freight & Courier (425) 300
Net movement 300
Interest expense (437)
24 Mar 2019 PAY Sales Tax ABC BANK 50 0.0%
31 Mar 2019 Total Interest expense (437) 50
Net movement 50
Inventory (630)
9 Mar 2019 INV Sales Tax Custom
Surfboards
5,040 10.0%
9 Mar 2019 INV Sales Tax Wave Rider 1,920 10.0%
12 Mar 2019 INV High Custom
Surfboards
6,300 10.0%
12 Mar 2019 INV Sales Tax Seahorse
publishers
120 10.0%
16 Mar 2019 INV Sales Tax Wave Rider 1,440 10.0%

General Ledger
Exceptions
General Ledger Report | SURF HEAVEN | 7 May 2019 Page 3 of 3
Date Type Reason Transaction Reference Debit Credit Sales Tax
17 Mar 2019 CN Sales Tax Wave Rider 240 10.0%
19 Mar 2019 INV Sales Tax Seahorse
publishers
100 10.0%
23 Mar 2019 INV Sales Tax Custom
Surfboards
5,040 10.0%
23 Mar 2019 INV High Wave Rider 7,200 10.0%
23 Mar 2019 INV Sales Tax Seahorse
publishers
150 10.0%
31 Mar 2019 Total Inventory (630) 27,310 240
Net movement 27,070
Sales (400)
15 Mar 2019 INV High Torquay surf shop 10,500 10.0%
31 Mar 2019 Total Sales (400) 10,500
Net movement 10,500
Sales Tax (220)
19 Mar 2019 PAY Debit AUSTRALIAN
TAXATION
OFFICER
1,454 0.0%
31 Mar 2019 Total Sales Tax (220) 1,454
Net movement 1,454
Stationery supplies (640)
10 Mar 2019 PAY Debit ACE OFFICE
SUPPLIES
803 10.0%
31 Mar 2019 Total Stationery supplies (640) 803
Net movement 803
Stationery supplies expense (485)
31 Mar 2019 MJ Sales Tax stationery
supplies
consumed
stationery
supplies
consumed
1,127 0.0%
31 Mar 2019 Total Stationery supplies expense
(485)
1,127
Net movement 1,127
Wages and Salaries (668)
12 Mar 2019 PAY Sales Tax CARL & BRAIN 1,500 0.0%
26 Mar 2019 PAY Sales Tax CARL 900 0.0%
26 Mar 2019 PAY Sales Tax BRAIN 720 0.0%
31 Mar 2019 MJ Sales Tax wages wages 270 0.0%
31 Mar 2019 Total Wages and Salaries (668) 3,390
Net movement 3,390
Total 34,134 18,315