ACC601 Practical Assignment: Financial Analysis with Xero Software

This assignment showcases a student's practical application of Xero accounting software for financial reporting and analysis. The student created a company within Xero, set up a chart of accounts, and generated various financial statements, including profit and loss statements, balance sheets, and reports on aged payables and receivables. The assignment also includes a general ledger, trial balance, and journal entries, demonstrating the student's ability to use Xero to manage and analyze financial data. Furthermore, the student provided a report summarizing the company's performance in April 2019, highlighting key financial metrics and insights. The assignment fulfills the requirements of ACC601 and offers a comprehensive understanding of Xero's functionalities.

Running head: ACCOUNTING FOR BUSINESS
Accounting for Business
Name of the Student:
Name of the University:
Author’s Note:

1ACCOUNTING FOR BUSINESS
Table of Contents
Balance Sheet:.................................................................................................................................2
Profit & Loss Account:....................................................................................................................3
Report on performance of the company in April 2019:...................................................................3
References and bibliography:..........................................................................................................5

2ACCOUNTING FOR BUSINESS
Balance Sheet:

3ACCOUNTING FOR BUSINESS
Profit & Loss Account:
All other reports have been attached in the required formats.
Report on performance of the company in April 2019:
From the above financial reports, it can be seen that in April 2019 the company have
made a net profit of AUD 250,344. They have made adequate amount of profit. From their
balance sheet also, it can be commented that the company is having a high liquidity and

4ACCOUNTING FOR BUSINESS
solvency. The company is having a net worth of AUD350,344 and it is generating revenue of
AUD 250,344 which is very significant. Their current ratio also is showing their financial
strength. All the statements and reports have been attached in pfd and excel format as per
requirement. No aged receivables or payables can be analyzed, as there is no opening balances in
the customers’ account. Value of motor vehicle has been added in the cost price and the
accumulated depreciation as on the march 2019 have been added which is showing as less from
the respective assets. In the assets class the life of the motor vehicle have been added and a
straight-line depreciation method have been specified.

5ACCOUNTING FOR BUSINESS
References and bibliography:
Collier, P. M. (2015). Accounting for managers: Interpreting accounting information for decision
making. John Wiley & Sons.
Libby, R. (2017). Accounting and human information processing. In The Routledge Companion
to Behavioural Accounting Research (pp. 42-54). Routledge.
Prasetya, R., & Utama, A. G. S. (2019). Accounting Information System for Cattle Feed Control
to Achieve Feed Consumption Efficiency. KnE Social Sciences, 3(13), 1057-1072.
Schaltegger, S., & Burritt, R. (2017). Contemporary environmental accounting: issues, concepts
and practice. Routledge.
xero.com. (2019). Online Accounting Software – Free Trial, Free Support | Xero. Retrieved from
https://www.xero.com/