ALLIANCE PTY LTD

Income Statement for the period ended 30 Sept 2013

$

Sales Revenue

$
140000

Less: Cost of goods sold

Opening inventory

11000

Purchases

47000

Closing inventory

12500

Gross Profit

45500
94500

Operating Revenue
Management fees

4500
99000

Less: Operating expenses

Marketing expenses
Advertising

14000

Other selling expenses

7000

21000

Administration expenses
Electricity and water

3100

Salaries

27950

Printing and stationery

6200

Rent

12000

Communication

7500

56750

3200

3200

Financial expenses
Interest expense
Net Profit

80950
18050

ALLIANCE PTY LTD

Balance Sheet for the period ended 30 Sept 2013

$

Current Assets
Cash at bank

15500

Petty cash advance

500

Accounts receivable

49000

GST Paid

2000

Inventories

12500

79500

Non-current Assets
Motor Vehicle

36000

Less: Accum. Dep. Motor Vehicles

12000

Office fittings

45000

Less: Accum. Dep. Office fittings

15500

24000
29500

Total Assets

53500
133000

Current Liabilities
Accounts Payable

16500

GST collected

5000

Non-current liabilities

21500
0

Total Liabilities

21500

Net Assets

111500

Owners Equity
Capital

93450

Profit

18050

Less: Drawings

Total owners equity

111500

ALLIANCE PTY LTD

Sales Budget for Period ended 31 Dec 2013

Total Sales
Add: GST Collected
Total Sales

October
$

November
$

December
$

54,000

55,000

59,500

5,400

5,500

59,400

5,950

60,500

QTR
$

168,500 59,000
16,850

65,450

Jan

5,900

185,350 64,900

ALLIANCE PTY LTD

Revenue Budget for Period ended 31 Dec 2013

Sales

October
$

November
$

December
$

54,000

55,000

59,500

1,650

1,650

Management Fees

1,650

Total Revenue (GST EXLU)

55,650

ADD: GST Collected

5,565

Total Revenue (GST INCLU)

56,650
5,665

61,215

62,315

61,150
6,115
67,265

QTR
$
168,500
4,950
173,450
17,345
190,795

ALLIANCE PTY LTD

COGS Budget for Period ended 31 Dec 2013

COGS

Sept
$

October
$

November
$

December
$

16,000

18,000

18,333

19,833

QTR
$
56,167

ALLIANCE PTY LTD

Purchases Budget for Period ended 31 Dec 2013
September
$

October
$

November
$

December
$

COGS

16,000

18,000

18,333

19,833

Plus: Closing Inventory

12,500

13,750

14,875

14,750

Goods Avail for Sale

Less: Opening
Inventory

28,500

31,750

33,208

34,583

13,500

12,500

13,750

14,875

Purchases

15,000

Add: GST Paid

1,500

Total Purchases

19,250
1,925

16,500

21,175

19,458

56,167
14,750
70,917
12,500

19,708
1,946

21,404

QTR
$

58,417
1,971

21,679

5,842
64,258

ALLIANCE PTY LTD

Operating Expenses Budget for Period ended 31 Dec 2013
October
$

November
$

December
$

QTR
$

Marketing Expenses
Advertising
Other Selling expenses

5,617
2,808

5,617
2,808

5,617 16,850
2,808
8,425

Administration Expenses
Depreciation - Motor Vehicle
Depreciation - Office Fittings
Electricty and Water
Salaries
Printing and Stationery
Rent
Communication

300
369
1,240
9,783
2,067
4,000
2,500

300
369
1,240
9,783
2,067
4,000
2,500

300
369
1,240
9,783
2,067
4,000
2,500

900
1,106
3,720
29,348
6,200
12,000
7,500

Financial Expenses
Interest Expense

1,200

1,200

1,200

3,600

Total Expenses

29,883

29,883

29,883

89,649

ALLIANCE PTY LTD

Credit Payments for Period ended 31 Dec 2013
Septemb
er
$
Credit Purchases

15,000

October
$

Novemb
er
$

Decembe
r
$

QTR
$

19,250

19,458

19,708

58,
417

15,000

19,250

19,458

53,
708

Total Collections
Month following purch
Total Credit Payments
Add GST
PAYMENTS GST INCLU

1,500
16,500

1,925
21,175

1,946
21,404

5,371
59,079

19,250

19,458

19,708

58,417

Total Purchases

15,000

Total GST Paid

1,500

1,925

1,946

1,971

5,842

Balance owing
Plus GST
Balance owing Including GST

15,000

4,250

208

250

19,708
1,971
21,679

ALLIANCE PTY LTD

Cash and Credit Collections for Period ended 31 Dec 2013

Cash Sales (25%)

Add: GST
Total Cash Sales
Credit Sales (75%)
Total Collections
Month of Sale (35%)
Month After (50%)
2nd Month after (15%)

Augu
st
$
13,
000
1,
300
14,
300

Septem
ber
$
1
2,000
1,200
1
3,200

39,000 36,000

Octobe
r
$
13
,500
1
,350
14
,850
40,500

Novembe
r
$
1
3,750
1,375
1
5,125
41,250

Decem
ber
$
14,8
75
1,4
88
16,3
63
44,625

QTR
$
42,
125
4,
213
46,
338
126,
375

14,175
18,000
5,850

14,438
20,250
5,400

15,619
20,625
6,075

Total Credit Collections

Add GST Collected

38,025
3,803

40,088
4,009

42,319
4,232

TOTAL CREDIT COLLECTIONS

41,828

44,096

46,551

44,231
58,875
17,325
120,43
1
12,043
132,47
4

Total Sales
Total GST Coll
Ending Balance
Plus GST
Balance owing Including
GST

51,525
5,153

53,838
5,384

57,194
5,719
35,194
3,519

162,55
6
16,256
35,194
3,519

13,650

12,600
19,500

38,713

ALLIANCE PTY LTD

Cash Budget Worksheet for Period ended 31 Dec 2013
October
$

November
$

December
$

QTR
$

Receipts subject to GST

162,556

Sales

51,525

53,838

57,194

Management Fees

1,650

1,650

1,650

Subtotal

53,175

55,488

58,844

Add: GST

5,318

5,549

5,884

Total Receipts GST INCLUSIVE

58,493

61,036

64,728

Purchases

15,000

19,250

19,458

53,708

Advertising

5,617

5,617

5,617

16,850

Other Selling expenses

2,808

2,808

2,808

8,425

Electricty and Water

1,240

1,240

1,240

3,720

Printing and Stationery

2,067

2,067

2,067

6,200

Rent

4,000

4,000

4,000

12,000

Communication

2,500

2,500

2,500

7,500

Subtotal
Add: GST
Total Payments GST INCL

33,232
37,482
37,690
3,323
3,748
3,769
36,555
41,230
41,459

4,950
167,506
16,751
184,257

Payments subject to GST

Payments not subject to GST

Salaries
Interest Expense
Drawings
ATO GST Payments

9,783
1,200
3,000
3,000

9,783
1,200
3,000

9,783
1,200
3,000

108,403
10,840
119,244

29,348
3,600
9,000
3,000

Subtotal
Total Payments

16,983
53,537

13,983
55,212

13,983
55,442

44,948
164,191

ALLIANCE PTY LTD

Cash Budget for Period ended 31 Dec 2013
October
$

November
$

December
$

Total Receipts (Gst Inclusive)

58,493

61,036

64,728

Total Payments (GST Inclusive

53,537

55,212

55,442

Surplas/Deficit

4,955

5,824

9,287

Add Opening Cash

15,500

20,455

26,279

New Closing Cash

20,455

26,279

35,566

QTR
$
184,257
164,191
20,066
15,500
35,566

ALLIANCE PTY LTD

Income Statement for Period ended 31 Dec 2013
Sales
Less: COGS

Co
A#
400
0

Less: Closing Inventories

120
0
500
0
120
0

Gross Profit:

302
0

Opening Inventories
Add: Purchases

$
168,500

12,500
58,417
14,750

56,167

112,333

Add: Revenue
Management Fees

460
0

4,950

601
0 16,850
796
0 8,425

25,275

Less: Marketing Expenses

Advertising
Other Selling Expenses
Administration Expenses
Electricty and Water

795
0 3,720

117,283

Printing and Stationery

Rent
Communication
Depreciation - Motor Vehicle
Depreciation - Office Fittings
Salaries

785
0
740
0
790
0
640
0
640
0
770
0

6,200
12,000
7,500
900
1,106
29,348

60,774

Financial Expenses
Interest Expense

675
0

Net Profit (Retained earnings)

303
0

3,600

89,649
27
,635

ALLIANCE PTY LTD

Balance Sheet for Period ended 31 Dec 2013
Co
A#

Current Assets
Cash at bank
Petty cash advance
Accounts receivable
Inventories

100
0
101
0
110
0
120
0

35,566
500
55,538
14,750

106,354

Non-current Assets
Motor Vehicle
Less: Accum. Dep. Motor Vehicles
Office fittings
Less: Accum. Dep. Office fittings

152
0
172
0
157
0
177
0

36,000
12,900

23,100

45,000
16,606

28,394

51,494

Total Assets

157,848

Current Liabilities
Accounts Payable
GST collected
GST Paid

200
0
236
0 17,345
237
0
11

21,679
11,3
6,034
2

Total Liabilities

7,713

Net Assets

130,135

Owners Equity
Capital
Retained Earnings
Less: Drawings

302
0
303
0
304
0

111,50
0
27,6
35
9,000
130

Total owners equity

,135

ALLIANCE PTY LTD

Accruals ATO GST Payments for Period ended 31 Dec 2013
Last
Quart
er
GST Collected on Sales

5,000

GST Collected on Receipts (Minus Sales)

Octobe
r
$

November
$

Decemb
er
$

5,400

5,500

5,950

16,85
0
495
5,
842
5,470

165

165

165

GST Paid on Purchases

GST on Payments (Minus Purchases)

2,000

1,925
1,946
1,971
1,823
1,823
1,823

Net GST Payable/Refundable

3,000

1,817

1,896

2,321

QTR
$

6,034

ALLIANCE PTY LTD

Cash ATO GST Payments for Period ended 31 Dec 2013
Last
Quarte
r

October
$

November
$

3,803

4,009

December
$
4,232

QTR
$
12,043

GST Collected on Sales

5,000

GST Paid on Purchases

2,000

3,323

3,748

3,769

10,840

Net GST

3,000

479

261

463

1,203

ALLIANCE PTY LTD

General Journal for Period ended 31 Dec 2013
Dr

Details
Accounts Receivable

49,000

Sales
Balance for opening period

Accounts Receivable
Sales
Total Credit Sales for period

Cr

49,000

139,013
139,013

Bank

132,474

Accounts Receivable
Total Cash received

Purchases

132,474

16,500

Accounts Payable
Balance for opening period

Purchases

16,500

64,258

Accounts Payable
Total Purchases for period

Accounts Payable

64,258

59,079

Bank
Total Payments for period

59,079

ALLIANCE PTY LTD

General Ledger for Period ended 31 Dec 2013
Details
Accounts Receivable
Balance/Sales
Sales

Dr

49,000

Cr

Bal
49,000
188,013

139,013
132,47
4

Bank

55,538

Accounts Payable
Balance/Purchases

16,500

Purchases

64,258

Bank

16,500
80,758
21,679

59,079

GST Received
Sales
Management Fees
Total

16,850

16,850

495

17,345
17,345

GST Paid
GST Paid in the QTR
Total

11,311

11,311
11,311