International College ACC601 Xero Assignment Performance Analysis

This assignment presents a comprehensive financial analysis of Palm Beach S&W Shop Pvt Ltd, based on reports generated from Xero accounting software. The document includes a general ledger summary, exception reports, and a trial balance, all covering the period from August 1, 2019, to August 31, 2019. Key financial data such as accounts payable, accounts receivable, revenue from surf and yoga lessons, sales revenue, and various expense categories are meticulously detailed. Furthermore, the analysis highlights significant financial performance metrics, including revenue generation, cost of goods sold, and operating costs, providing insights into the company's profitability and operational efficiency. The assignment also provides detailed information on the generation of profit margins, the impact of various expenses, and the overall financial health of the business, offering a practical application of accounting principles using Xero.

General Ledger
Summary
General Ledger Report | Palm beach 4017703 | 5 October 2019 Page 1 of 3
Palm beach 4017703
From 1 August 2019 to 31 August 2019
Account Debit Credit Net Movement
Accounts Payable (800) 41,763 101,363 (59,600)
Accounts Receivable (610) 282,636 267,181 15,455
Accumulated depreciation - MV (731) - 667 (667)
Bank Fees (404) 30 - 30
Cash at bank (600) 255,090 72,440 182,650
Computerized cash register (740) 4,500 - 4,500
Cost of Goods Sold (310) 100,615 700 99,915
Depreciation (416) 1,539 - 1,539
Dividend Declared (981) 20,000 - 20,000
Electricity (445) 388 - 388
Freight & Courier (425) 220 - 220
General Expenses (429) 708 348 359
GST (820) 7,471 25,101 (17,631)
Historical Adjustment (840) 109,568 - 109,568
Insurance (433) - 25,125 (25,125)
Interest Expense (437) 500 - 500
Interest Income (270) - 75 (75)
Inventory (630) 22,790 192,115 (169,325)
Less Accumulated Depreciation - Leasehold (721) - 531 (531)
Less Accumulated depreciation - Office Equip' (711) - 300 (300)
Less Accumulated Depreciation Computerized cash register (741) - 41 (41)
Petty Cash (601) - 204 (204)
Prepaid advertisement (623) 60,000 - 60,000
Prepaid Council rates (624) 348 - 348
Prepaid Insurance (620) 25,125 - 25,125
Prepaid Rent (621) - 22,083 (22,083)
Rent (469) 4,015 - 4,015
Repairs and Maintenance (473) 15,000 - 15,000
Revenue - Surf Lessons (201) - 32,436 (32,436)
Revenue - Yoga Lessons (202) - 5,727 (5,727)
Rounding (860) - 9 (9)
Sales Revenue - Clothing and merchandise (200) 6,680 212,938 (206,258)
Telephone & Internet (489) 400 - 400
Total 959,386 959,386 -

General Ledger
Exceptions
General Ledger Report | Palm beach 4017703 | 5 October 2019 Page 2 of 3
Palm beach 4017703
From 1 August 2019 to 31 August 2019
Date Type Reason Transaction Reference Debit Credit GST
Accumulated depreciation - MV (731)
31 Aug 2019 MJ GST Delivery truck
Depreciation
Delivery truck
Depreciation
667 0.0%
31 Aug 2019 Total Accumulated depreciation
- MV (731)
667
Net movement 667
Bank Fees (404)
31 Aug 2019 INV GST Virtual Bank 15 0.0%
31 Aug 2019 Total Bank Fees (404) 15
Net movement 15
Insurance (433)
31 Aug 2019 MJ GST Prepaid
insurance
Prepaid
insurance
25,125 0.0%
31 Aug 2019 Total Insurance (433) 25,125
Net movement 25,125
Interest Expense (437)
31 Aug 2019 INV GST Virtual Bank 250 0.0%
31 Aug 2019 Total Interest Expense (437) 250
Net movement 250
Interest Income (270)
31 Aug 2019 INV GST Virtual Bank 75 0.0%
31 Aug 2019 Total Interest Income (270) 75
Net movement 75
Inventory (630)
3 Aug 2019 INV Debit Surf Warehouse 1,700 10.0%
10 Aug 2019 INV Debit Surf Warehouse 7,500 10.0%
16 Aug 2019 INV Debit Cool Clothing
Company
4,000 10.0%
23 Aug 2019 INV Debit Surf Warehouse 8,890 10.0%
31 Aug 2019 Total Inventory (630) 22,090
Net movement 22,090
Less Accumulated Depreciation Computerized cash register (741)
31 Aug 2019 MJ GST Computer
Depreciation
Computer
Depreciation
41 0.0%
31 Aug 2019 Total Less Accumulated
Depreciation Computerized cash
register (741)
41
Net movement 41
Prepaid advertisement (623)
19 Aug 2019 INV GST The Advertising
Gurus
30,000 10.0%

General Ledger
Exceptions
General Ledger Report | Palm beach 4017703 | 5 October 2019 Page 3 of 3
Date Type Reason Transaction Reference Debit Credit GST
31 Aug 2019 Total Prepaid advertisement
(623)
30,000
Net movement 30,000
Prepaid Council rates (624)
31 Aug 2019 MJ GST Prepaid Council
rates
Prepaid Council
rates
348 10.0%
31 Aug 2019 Total Prepaid Council rates (624) 348
Net movement 348
Prepaid Rent (621)
31 Aug 2019 MJ GST Rent Rent 4,015 10.0%
31 Aug 2019 Total Prepaid Rent (621) 4,015
Net movement 4,015
Sales Revenue - Clothing and merchandise (200)
10 Aug 2019 INV High In-store sales 10,000 10.0%
14 Aug 2019 INV High Sale 12,000 10.0%
18 Aug 2019 INV High In-store sales 14,000 10.0%
26 Aug 2019 CN GST Cool Clothing
Company
88 0.0%
26 Aug 2019 CN High Pittwater High
School
5,280 0.0%
31 Aug 2019 Total Sales Revenue - Clothing
and merchandise (200)
5,280 36,088
Net movement 30,808
Total 57,983 66,011