International College ACC601: Xero Accounting Practical Assignment

This document presents a comprehensive solution for an ACC601 Introduction to Accounting Applications Using Xero assignment, focusing on the financial performance of Palm Beach S & W Shop Pvt Ltd. The assignment required students to utilize Xero accounting software to generate various financial reports, including aged payables and receivables summaries, detailed general ledgers, profit and loss statements, balance sheets, and all journals for August 2019. The solution includes these reports in PDF and Excel formats, along with a trial balance and a 200-word report analyzing the company's performance. The analysis highlights revenue generation from various sources, including clothing and merchandise, surf lessons, and yoga lessons. The report also discusses the cost of goods sold, operating costs, and overall profitability, providing insights into the company's financial health and operational efficiency. The document provides a complete set of financial reports as required by the assignment brief.

Trial Balance Palm beach 4017703
Trial Balance
Palm beach 4017703
As at 31 August 2019
ACCOUNT CODE ACCOUNT ACCOUNT TYPE DEBIT CREDIT 31 AUG 2018
200 Sales Revenue - Clothing
and merchandise Revenue 331,658.00 -
201 Revenue - Surf Lessons Revenue 64,436.32 -
202 Revenue - Yoga Lessons Revenue 12,327.25 -
270 Interest Income Revenue 75.00 -
310 Cost of Goods Sold Direct Costs 150,075.00 -
400 Advertising expenses Expense 9,000.00 -
404 Bank Fees Expense 441.00 -
408 Accounting fees Expense 3,500.00 -
412 Sales and marketing
expenses Expense 13,240.00 -
416 Depreciation Expense 1,539.17 -
425 Freight & Courier Expense 4,740.00 -
429 General Expenses Expense 359.25 -
433 Insurance Expense 8,375.00 -
437 Interest Expense Expense 500.00 -
445 Electricity Expense 387.64 -
449 Motor Vehicle Expenses Expense 1,100.00 -
469 Rent Expense 4,015.15 -
473 Repairs and MaintenanceExpense 15,000.00 -
477 Wages and Salaries Expense 25,700.00 -
489 Telephone & Internet Expense 950.00 -
600 Cash at bank Bank 356,549.60 -
601 Petty Cash Bank 3.50 -
610 Accounts Receivable Current Asset 15,455.00 -
620 Prepaid Insurance Current Asset 25,125.00 -
621 Prepaid Rent Current Asset 4,416.67 -
623 Prepaid advertisement Current Asset 60,000.00 -
624 Prepaid Council rates Current Asset 348.48 -
630 Inventory Current Asset 72,775.00 -
710 Office Equipment Fixed Asset 25,200.00 -
711 Less Accumulated
depreciation - Office Equip'
Fixed Asset 6,600.00 -
720 Leasehold ImprovementsFixed Asset 58,500.00 -
721 Less Accumulated
Depreciation - Leasehold Fixed Asset 15,102.25 -
730 Motor vehicles Fixed Asset 45,000.00 -
731 Accumulated depreciation -
MV Fixed Asset 16,666.67 -
740 Computerized cash registerFixed Asset 4,500.00 -
741
Less Accumulated
Depreciation Computerized
cash register
Fixed Asset 41.25 -
800 Accounts Payable Current Liability 59,600.00 -
820 GST Current Liability 17,630.90 -
831 Accruals - Holiday Pay Current Liability 22,075.00 -

Trial Balance
Trial Balance Palm beach 4017703
840 Historical Adjustment Current Liability 109,568.18 -
860 Rounding Current Liability 9.00 -
900 Bank Loan - due in 2026 Non-current Liability 40,000.00 -
960 Retained Earnings Equity 250,135.00 -
970 Share Capital Equity 200,000.00 -
981 Dividend Declared Equity 20,000.00 -
Total 1,036,360.141,036,360.14 -