BISM7209 Accounting Project: Surfing Shops Australia Balance Sheet

This document is a balance sheet for Surfing Shops Australia, created as part of the BISM7209 Accounting Information Systems project. The balance sheet, as of July 2018, details the company's assets, liabilities, and equity. Assets include current assets such as cash on hand, trade receivables, inventory (surfboards, fins, gear, and wetsuits), and prepaid expenses. Fixed assets encompass warehouse equipment, a truck, furniture and fixtures, and the warehouse itself, along with land. Liabilities are categorized into current liabilities like credit cards, trade payables, GST liabilities, payroll liabilities, customer deposits, and warranty provisions, followed by long-term liabilities including bank loans and other long-term obligations. The equity section shows shareholder's equity, capital, drawings, retained earnings, and current year earnings. The project involves using MYOB software to create and analyze financial statements for the online surf hardware store, Surfing Shops Australia, including Sales, Purchasing, and Inventory modules.

Surfing Shops Australia- Vishwa Shah
45101720
Balance Sheet
As of July 2018
14-05-19
6:08:19 PM
1-0000 Assets
1-1000 Current Assets
1-1100 Cash On Hand
1-1110 ANZ Bank $1,399,459.05
1-1120 Payroll Cheque Account $89,756.00
1-1140 Petty Cash $1,950.00
1-1180 Undeposited Funds $12,456.00
1-1190 Electronic Clearing Account $14,236.00
Total Cash On Hand $1,517,857.05
1-1200 Trade & Other Receivables $2,551.40
1-1210 Prov'n for Doubtful Debts ($4,568.00)
1-1215 Financial Assets $4,784.00
1-1220 Deferred Tax Assets $3,214.00
1-1300 Inventory
1-1310 Surfboards $219,357.44
1-1320 Surfboard fins $36,265.46
1-1330 Surf gear $21,057.13
1-1340 Wetsuits & gear $28,357.73
1-1400 Prepaid Insurance $4,516.00
1-1500 Prepaid Interest $1,456.00
1-1600 Prepaid Rend $8,500.00
Total Current Assets $1,843,348.21
1-3000 Fixed Assets
1-3100 Warehouse Equipment
1-3110 Warehouse Equipment at Cost $29,409.10
1-3120 Warehouse Equipment Accum Dep ($2,420.83)
1-3300 Truck
1-3310 Truck at Cost $187,272.73
1-3320 Truck Accum Dep ($32,683.33)
1-3400 Furniture & Fixture
1-3410 Furniture & Fixtures at cost $85,454.54
1-3420 Furniture & Fixtures Accum Dep ($3,343.33)
1-3500 Warehouse
1-3510 Warehouse at cost $200,000.00
1-3520 Warehouse Accum Dep ($4,166.67)
1-3600 Land $350,000.00
Total Fixed Assets $809,522.21
Total Assets $2,652,870.42
2-0000 Liabilities
2-1000 Current Liabilities
2-1100 Credit Cards
2-1110 Master Card $21,450.00
2-1120 Visa Card $11,400.00
Total Credit Cards $32,850.00
2-1200 Trade & Other Payables $17,074.30
2-1210 Accrual $1,450.00
2-1230 Liabilities for Investments $12,105.00
2-1240 Deferred Tax Liability $12,000.00
2-1300 GST Liabilities
2-1310 GST Collected $65,264.18
2-1320 GST Paid ($14,279.89)
Total GST Liabilities $50,984.29
2-1350 Fuel Tax Credits Accrued $18,950.00
2-1360 Import Duty Payable $49,686.55
2-1390 Luxury Car Tax Payable $26,800.00
2-1400 Payroll Liabilities
2-1410 Payroll Accruals Payable $55,600.00
2-1420 PAYG Withholding Payable ($9,820.00)
Total Payroll Liabilities $45,780.00
2-1500 Customer Deposits $500,000.00
2-1600 Warranty $37,000.00

Surfing Shops Australia- Vishwa Shah
Balance Sheet
As of July 2018
14-05-19
6:08:20 PM
Total Current Liabilities $804,680.14
2-2000 Long Term Liabilities
2-2100 Bank Loans $146,000.00
2-2200 Other Long Term Liabilities $34,000.00
2-2300 DB Plan Deficits $46,820.00
Total Long Term Liabilities $226,820.00
Total Liabilities $1,031,500.14
Net Assets $1,621,370.28
3-0000 Equity
3-1000 Surfing Shops Shareholders' Eq $225,027.00
3-2000 Shareholder Capital "B" Shares $1,420,015.00
3-3000 Capital Drawings $6,475.00
3-8000 Retained Earnings $13,215.00
3-9000 Current Year Earnings ($43,361.72)
Total Equity $1,621,370.28