Question:
Background
Flossies Spa and Salon was registered as a company on 1 July 2015 under the name Flossies Pty Ltd and is involved in the day spa service industry with a small range of exclusive retail products for sale as well. The spa/salon is located in Western Australia (WA) at premises in Subiaco, while the Office is located in West Perth. The company has been operating for 2 years. Supplies and Inventory are sourced locally and some speciality products are imported from overseas.
The Managing Director (MD) of Flossies is Mrs Florence Courtier. She is the majority shareholder, holding 70% of the shares. The remaining 30% is held by her husband Mr Scott Courtier (10%) and her two children Ms Iris Courtier (10%) and son Mr Benjamin Courtier (10%). Mrs Florence Courtier is listed as the only director of the company. All shares are classified as ordinary shares and dividends are determined at the end of each year by the MD. The MD is also paid a salary of $100,000 per annum.
Flossies Spa and Salon Pty Ltd is classified as a small proprietary company under the requirements of the Corporations Act 2001, as evidenced by operating revenue being less than $25 million, gross assets are less than $25 million and they employ less than 50 staff. [4 full time staff including the MD and 4 part time staff are currently employed]. Being classified as small, they are not required to prepare financial statements in accordance with Australian Accounting Standards. However they are required to keep sufficient records for financial statements to be prepared and audited if required.
Mrs Florence Courtier has contracted ABC Accounting Services to assist her in keeping better financial records. She has decided she wants to use the Xero accounting system. She is going to pay $5,000 for ABC Accounting Services to 1) set-up her accounts and 2) provide a report as at 30/6/2017 outlining the financial performance of Flossies Spa and Salon and suggestions for improvement.
Assignment requirements
Using Xero (online trial account), Microsoft Excel and Word students are required to:
- Set-up Flossies Spa and Salon Pty Ltd in XERO commencing 1 June 2017 with opening conversion balances as provided on 31st May 2017.
- Process all the transactions listed for the month of June 2017 in Xero.
- When entering transactions for to ensure students/groups are completing the work themselves each group must do the following as a part of data entry (or upload file if applicable);
- The organisation name when set-up should include ONE students ID in the title [EG: Flossies Spa and Salon Pty Ltd (1853365) ]
- Each new transaction for June must include the student ID in either the “Reference, Notes, Description, or Narration” sections to the transactions as outlined in the Week 7 accounting technologies lecture and tutorials. Any student ID is acceptable as long as it is an ID of a member of the same group.
- IMPORTANT: Failure to comply with a) and b) above will result in a grade reduction of a minimum of 20% for failing to follow instructions. Further, students will be closely reviewed for collusion.
- Prepare a concise report for the managing director explaining the financial performance of Flossies Spa and Salon Pty Ltd. The report should follow the format of an Executive Summary and should be no more than 2 pages (using 1½ spacing and size 11 font). Financial statements must be included in the report and shown in an Appendix to support the Executive Summary. The Appendix is in addition to the 2 pages.
- This assignment can be completed individually or in a group with 2-4 members.
- Only 1 group member is to upload the final assignment through the Turnitin link provided for the group. Each other group member must upload a signed group assignment sheet to blackboard. (This is required to attach an online marking rubric for feedback). Students failing to do this risk receiving a 10% reduction for failing to follow instructions and students won’t be able to see the marking rubric and comments.
- Students are to assume they need to submit any relevant documents that may be required as if this was a “real client” and consulting contract.
- Bonus marks may be achieved for excellent submissions where students go above and beyond their peers and marker expectations.
- Assignments are to be submitted via the Turnitin link provided in Blackboard.
- Assignment coversheets are required and will be made available on Blackboard.
- Students are to submit the following:
- 1 x PDF file or Word file with signed group assignment coversheet (unless individual then individual coversheet), that includes Executive Summary (2 pages) and Appendix with final financial statements and other reports as listed in the marking guide along with any notes that would be submitted to the managing director and any other documents deemed necessary to fulfil the contract.
- IMPORTANT: Students who fail to submit the Detailed Account Transaction Report from 31st May 2017 to 30 June 2017 will receive ZERO for the assessment.
- Students are reminded that they will lose all data in their trial account after 30 days. Students should make sure they download all relevant information in case the marker requires a student/group to validate their submission with further evidence.
Additional Information
- Company information is provided in Appendix A.
- Appendix B outlines selected contacts information.
- Salon Supplies are not inventory for separate sale they are supplies used as part of salon services provided to clients during their appointments.
- Depreciation is updated monthly – The depreciation schedule is shown in Appendix C. Assume accounting depreciation equals tax depreciation so there are no deferred assets or liabilities associated with fixed assets. For the purposes of this assignment, each group of fixed asset as at 31 May can be added as a single item. New assets are to be added separately.
- Inventory of Salon Products is managed using a periodic system and reviewed manually at the end of each month to ensure stock is turning over and use by dates are managed.
- Accounts receivable – Flossies don’t generally offer customers credit terms or discounts. A select few good customers have been offered payment terms and prices are negotiated at the time of salon treatments. Customers can also purchase advance treatment vouchers such as 5 treatments for the price of 4. Other vouchers are offered from time to time to advertise new services these are accounted for on a case by case basis. Vouchers sold and unused are recorded as a part of unearned revenue. All vouchers expire in 12 months.
- Payroll of staff is outlined in Appendix D. PAYG tax withheld is paid quarterly to the Australian Tax Office and reconciled at 30 June tax year end. Payroll is not fully integrated in the current Xero FMIS system for Flossies so adjustments to salaries can be made through the general ledger.
- Sales of inventory and salon services attract 10% GST.
- Tax is payable at 30% on taxable profit.
- The company operates with a financial year end 30 June.
- Business BAS statements for GST are prepared annually on 31 December.
End of Financial year adjustments outstanding
- Office Supplies on hand at 30 June 2017 was $2,655.
- Salon Supplies on hand at 30 June 2017 was $36,700.
- Interest owing on a short term deposit in the Savings Account at the bank not yet received was $2,800.
- Rent on Salon and Spa premises no longer prepaid amounted to $18,000.
- Rent on office premises now used was $4,800.
- Depreciation requires adjusting. Refer to Appendix C for Depreciation Schedule.
- A loan was taken out on 1st January 2017 and interest expense requires adjusting. The amount recognised in interest expense account 831 as at 31st May 2017 has already been paid.
- $6,000 of the unearned service revenue for spa treatments has now been earned.
- Salaries of $13,173 and $1,252 Superannuation were unpaid as at 30 June 2017 and require accrual. PAYG withholding tax accrual has already been accounted for and not shown in Appendix D.
- Annual leave accrual for fulltime staff requires adjusting. Refer Appendix D.
- Insurance was paid for 12 months on 31 May 2017 and has not been adjusted as at 30 June 2017.
- Flossies Spa and Salon use a periodic inventory system. A count of inventory on hand indicated the balance of Salon Products inventory as at 30 June 2017 was $126,250. Refer Appendix E for further information on Inventory – Salon Products.
Answer:
| Account | Debit | Credit | YTD Debit | YTD Credit |
| Revenue | ||||
| Interest Revenue (608) | $2,458.00 | $2,458.00 | ||
| Sales Returns and Allowances – Salon Product sales (605) | $3,456.00 | $3,456.00 | ||
| Sales Revenue -Salon Product sales (601) | $360,245.00 | $360,245.00 | ||
| Service Revenue – Spa treatments (600) | $875,645.00 | $875,645.00 | ||
| Expenses | ||||
| Depreciation Expense – Office Furniture (808) | $6,417.00 | $6,417.00 | ||
| Depreciation Expense – Spa Equipment (807) | $5,269.00 | $5,269.00 | ||
| Depreciation Expense – Vehicle (810) | $7,858.00 | $7,858.00 | ||
| Discount Allowed (703) | $4,569.00 | $4,569.00 | ||
| Discount Received (610) | $5,400.00 | $5,400.00 | ||
| Freight inwards (702) | $7,986.00 | $7,986.00 | ||
| Gas & Electricity Expense – Office premises (806) | $4,500.00 | $4,500.00 | ||
| Gas & Electricity Expense – Spa premises (805) | $7,800.00 | $7,800.00 | ||
| Insurance Expense (832) | $11,000.00 | $11,000.00 | ||
| Interest Expense (831) | $5,858.00 | $5,858.00 | ||
| Purchase Returns and Allowances (701) | $3,400.00 | $3,400.00 | ||
| Purchases – Salon Products (700) | $432,562.00 | $432,562.00 | ||
| Rent Expense – Office (804) | $20,000.00 | $20,000.00 | ||
| Rent Expense – Spa premises (803) | $15,000.00 | $15,000.00 | ||
| Salary Expense (800) | $244,712.00 | $244,712.00 | ||
| Salary Expense – PAYG (801) | $45,092.00 | $45,092.00 | ||
| Superannuation Expense (802) | $27,532.00 | $27,532.00 | ||
| Supplies Expense – Office (830) | $2,300.00 | $2,300.00 | ||
| Assets | ||||
| Accounts Receivable (100) | $22,222.00 | $22,222.00 | ||
| Inventory (at end) – Salon Products (104) | $118,900.00 | $118,900.00 | ||
| Less Acc Depn – Office Equipment (222) | $8,932.00 | $8,932.00 | ||
| Less Acc Depn – Office furniture and Fixtures (220) | $13,417.00 | $13,417.00 | ||
| Less Acc Depn Salon and Spa Equipment (221) | $11,017.00 | $11,017.00 | ||
| Less Acc Depn – Vehicle (223) | $7,858.00 | $7,858.00 | ||
| Office Equipment (202) | $26,800.00 | $26,800.00 | ||
| Office Furniture & Fixtures (200) | $120,000.00 | $120,000.00 | ||
| Office Supplies (102) | $2,355.00 | $2,355.00 | ||
| Prepaid Insurance (112) | $12,000.00 | $12,000.00 | ||
| Prepaid rent – office premises (111) | $24,000.00 | $24,000.00 | ||
| Prepaid rent – spa premises (110) | $18,000.00 | $18,000.00 | ||
| Salon and Spa Equipment (201) | $65,480.00 | $65,480.00 | ||
| Salon Supplies (103) | $39,800.00 | $39,800.00 | ||
| Savings Account (91) | $200,000.00 | $200,000.00 | ||
| Spa & Salon (93) | $387,017.00 | $387,017.00 | ||
| Vehicle (203) | $26,500.00 | $26,500.00 | ||
| Liabilities | ||||
| Accounts Payable (300) | $8,640.00 | $8,640.00 | ||
| GST (820) | $44,303.00 | $44,303.00 | ||
| Loan, non-current (8% pa 1 Jan 2017) (420) | $175,600.00 | $175,600.00 | ||
| PAYG Withholdings payable (305) | $11,273.00 | $11,273.00 | ||
| Unearned Revenue – Spa treatment (vouchers) (303) | $8,000.00 | $8,000.00 | ||
| Equity | ||||
| Capital (500) | $250,000.00 | $250,000.00 | ||
| Retained Earnings (960) | $128,797.00 | $128,797.00 | ||
| Total | $1,914,985.00 | $1,914,985.00 | $1,914,985.00 | $1,914,985.00 |
| Aged Receivables Detail | |||||||||
| Flossies Spa and Salon Pty Ltd(18700220) | |||||||||
| As at 30 June 2017 | |||||||||
| Invoice Date | Due Date | Invoice Number | Invoice Reference | Current | < 1 Month | 1 Month | 2 Months | 3 Months | Older |
| Dana Tornado | |||||||||
| 02 Jun 2017 | 02 Jul 2017 | INV-0007 | 1,750.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Dana Tornado | 1,750.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Herbie Wong | |||||||||
| 31 May 2017 | 05 Jun 2017 | INV-0004 | 0.00 | 6,700.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Herbie Wong | 0.00 | 6,700.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Mona Wong | |||||||||
| 10 Jun 2017 | 10 Jul 2017 | INV-0013 | 1,280.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Mona Wong | 1,280.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Shane Mason | |||||||||
| 31 May 2017 | 09 Jun 2017 | INV-0005 | 0.00 | 4,220.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Shane Mason | 0.00 | 4,220.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Total | 3,030.00 | 10,920.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Account Transactions | |||||||
| Flossies Spa and Salon Pty Ltd(18700220) | |||||||
| For the period 31 May 2017 to 30 June 2017 | |||||||
| Date | Source | Description | Reference | Debit | Credit | Gross | GST |
| Accounts Payable | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Payable Invoice | Hair Rule Co | 0.00 | 3,860.00 | 3,860.00 | 0.00 | |
| 31 May 2017 | Payable Invoice | Zen & Co | 0.00 | 4,780.00 | 4,780.00 | 0.00 | |
| 01 Jun 2017 | Payable Invoice | Zen & Co | 0.00 | 2,900.00 | 2,900.00 | 0.00 | |
| 01 Jun 2017 | Payable Invoice | Cash | 0.00 | 10,000.00 | 10,000.00 | 0.00 | |
| 01 Jun 2017 | Payable Payment | Payment: Cash | 10,000.00 | 0.00 | (10,000.00) | 0.00 | |
| 03 Jun 2017 | Payable Payment | Payment: Zen & Co | 4,780.00 | 0.00 | (4,780.00) | 0.00 | |
| 03 Jun 2017 | Payable Payment | Payment: Hair Rule Co | 1,500.00 | 0.00 | (1,500.00) | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Zen & Co | 0.00 | 8,000.00 | 8,000.00 | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Office Works | 0.00 | 790.00 | 790.00 | 0.00 | |
| 06 Jun 2017 | Payable Payment | Payment: Office Works | 790.00 | 0.00 | (790.00) | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Mystique Ltd | 0.00 | 1,500.00 | 1,500.00 | 0.00 | |
| 08 Jun 2017 | Payable Payment | Payment: Zen & Co | 2,900.00 | 0.00 | (2,900.00) | 0.00 | |
| 08 Jun 2017 | Payable Payment | Payment: Zen & Co | 8,000.00 | 0.00 | (8,000.00) | 0.00 | |
| 10 Jun 2017 | Payable Invoice | Zen & Co | 0.00 | 3,250.00 | 3,250.00 | 0.00 | |
| 10 Jun 2017 | Payable Credit Note | Zen & Co | 410.00 | 0.00 | (410.00) | 0.00 | |
| 10 Jun 2017 | Payable Credit Note Allocation | Zen & Co | 0.00 | 410.00 | 410.00 | 0.00 | |
| 10 Jun 2017 | Payable Credit Note Allocation | Zen & Co | 410.00 | 0.00 | (410.00) | 0.00 | |
| 30 Jun 2017 | Payable Invoice | Laser Inc | 0.00 | 23,000.00 | 23,000.00 | 0.00 | |
| Total Accounts Payable | 28,790.00 | 58,490.00 | 29,700.00 | 0.00 | |||
| Closing Balance | 0.00 | 29,700.00 | 0.00 | 0.00 | |||
| Accounts Receivable | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Receivable Invoice | Lara Smith | INV-0003 | 4,622.00 | 0.00 | 4,622.00 | 0.00 |
| 31 May 2017 | Receivable Invoice | Shane Mason | INV-0005 | 4,220.00 | 0.00 | 4,220.00 | 0.00 |
| 31 May 2017 | Receivable Invoice | Herbie Wong | INV-0004 | 6,700.00 | 0.00 | 6,700.00 | 0.00 |
| 31 May 2017 | Receivable Invoice | Fatima Saleh | INV-0002 | 4,200.00 | 0.00 | 4,200.00 | 0.00 |
| 31 May 2017 | Receivable Invoice | Jasmine Fox | INV-0001 | 2,480.00 | 0.00 | 2,480.00 | 0.00 |
| 01 Jun 2017 | Receivable Invoice | Cash | INV-0006 | 8,400.00 | 0.00 | 8,400.00 | 0.00 |
| 01 Jun 2017 | Receivable Payment | Payment: Cash | INV-0006 | 0.00 | 8,400.00 | (8,400.00) | 0.00 |
| 02 Jun 2017 | Receivable Payment | Payment: Jasmine Fox | INV-0001 | 0.00 | 2,480.00 | (2,480.00) | 0.00 |
| 02 Jun 2017 | Receivable Invoice | Dana Tornado | INV-0007 | 1,750.00 | 0.00 | 1,750.00 | 0.00 |
| 03 Jun 2017 | Receivable Invoice | Cash | INV-0008 | 4,500.00 | 0.00 | 4,500.00 | 0.00 |
| 03 Jun 2017 | Receivable Payment | Payment: Cash | INV-0008 | 0.00 | 4,500.00 | (4,500.00) | 0.00 |
| 03 Jun 2017 | Receivable Invoice | Cash | INV-0009 | 920.00 | 0.00 | 920.00 | 0.00 |
| 03 Jun 2017 | Receivable Payment | Payment: Cash | INV-0009 | 0.00 | 920.00 | (920.00) | 0.00 |
| 06 Jun 2017 | Receivable Payment | Payment: Lara Smith | INV-0003 | 0.00 | 4,622.00 | (4,622.00) | 0.00 |
| 06 Jun 2017 | Receivable Invoice | Cash | INV-0010 | 4,950.00 | 0.00 | 4,950.00 | 0.00 |
| 06 Jun 2017 | Receivable Payment | Payment: Cash | INV-0010 | 0.00 | 4,950.00 | (4,950.00) | 0.00 |
| 08 Jun 2017 | Receivable Invoice | Cash | INV-0011 | 8,500.00 | 0.00 | 8,500.00 | 0.00 |
| 08 Jun 2017 | Receivable Payment | Payment: Cash | INV-0011 | 0.00 | 8,500.00 | (8,500.00) | 0.00 |
| 09 Jun 2017 | Receivable Credit Note | Fatima Saleh | CN-0012 | 0.00 | 250.00 | (250.00) | 0.00 |
| 09 Jun 2017 | Receivable Credit Note Allocation | Fatima Saleh | CN-0012 | 250.00 | 0.00 | 250.00 | 0.00 |
| 09 Jun 2017 | Receivable Credit Note Allocation | Fatima Saleh | INV-0002 | 0.00 | 250.00 | (250.00) | 0.00 |
| 10 Jun 2017 | Receivable Invoice | Mona Wong | INV-0013 | 1,280.00 | 0.00 | 1,280.00 | 0.00 |
| 23 Jun 2017 | Receivable Payment | Payment: Fatima Saleh | INV-0002 | 0.00 | 3,950.00 | (3,950.00) | 0.00 |
| 30 Jun 2017 | Receivable Invoice | Cash | INV-0014 | 9,500.00 | 0.00 | 9,500.00 | 0.00 |
| 30 Jun 2017 | Receivable Payment | Payment: Cash | INV-0014 | 0.00 | 9,500.00 | (9,500.00) | 0.00 |
| Total Accounts Receivable | 62,272.00 | 48,322.00 | 13,950.00 | 0.00 | |||
| Closing Balance | 13,950.00 | 0.00 | 0.00 | 0.00 | |||
| Annual Leave Accrual | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 30 Jun 2017 | Manual Journal | Annual leave | #76 | 0.00 | 1,818.00 | 1,818.00 | 0.00 |
| Total Annual Leave Accrual | 0.00 | 1,818.00 | 1,818.00 | 0.00 | |||
| Closing Balance | 0.00 | 1,818.00 | 0.00 | 0.00 | |||
| Capital | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 250,000.00 | 250,000.00 | 0.00 | |
| Total Capital | 0.00 | 250,000.00 | 250,000.00 | 0.00 | |||
| Closing Balance | 0.00 | 250,000.00 | 0.00 | 0.00 | |||
| Cash at Bank | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 03 Jun 2017 | Receivable Payment | Payment: Cash | INV-0009 | 920.00 | 0.00 | 920.00 | 0.00 |
| 30 Jun 2017 | Receivable Payment | Payment: Cash | INV-0014 | 9,500.00 | 0.00 | 9,500.00 | 0.00 |
| Total Cash at Bank | 10,420.00 | 0.00 | 10,420.00 | 0.00 | |||
| Closing Balance | 10,420.00 | 0.00 | 0.00 | 0.00 | |||
| Depreciation Expense – Office Furniture | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 6,417.00 | 0.00 | 6,417.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded – Depreciation expense to be recorded | #75 | 583.00 | 0.00 | 583.00 | 0.00 |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 388.00 | 0.00 | 388.00 | 0.00 |
| Total Depreciation Expense – Office Furniture | 7,388.00 | 0.00 | 7,388.00 | 0.00 | |||
| Depreciation Expense – Spa Equipment | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 5,269.00 | 0.00 | 5,269.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 479.00 | 0.00 | 479.00 | 0.00 |
| Total Depreciation Expense – Spa Equipment | 5,748.00 | 0.00 | 5,748.00 | 0.00 | |||
| Depreciation Expense – Vehicle | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 7,858.00 | 0.00 | 7,858.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 342.00 | 0.00 | 342.00 | 0.00 |
| Total Depreciation Expense – Vehicle | 8,200.00 | 0.00 | 8,200.00 | 0.00 | |||
| Discount Allowed | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 4,569.00 | 0.00 | 4,569.00 | 0.00 | |
| Total Discount Allowed | 4,569.00 | 0.00 | 4,569.00 | 0.00 | |||
| Discount Received | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 5,400.00 | (5,400.00) | 0.00 | |
| Total Discount Received | 0.00 | 5,400.00 | (5,400.00) | 0.00 | |||
| Freight inwards | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 7,986.00 | 0.00 | 7,986.00 | 0.00 | |
| 07 Jun 2017 | Spend Money | GethereFasta Co – Freight Charges paid | 45.45 | 0.00 | 50.00 | 4.55 | |
| Total Freight inwards | 8,031.45 | 0.00 | 8,036.00 | 4.55 | |||
| Gas & Electricity Expense – Office premises | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 4,500.00 | 0.00 | 4,500.00 | 0.00 | |
| Total Gas & Electricity Expense – Office premises | 4,500.00 | 0.00 | 4,500.00 | 0.00 | |||
| Gas & Electricity Expense – Spa premises | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 7,800.00 | 0.00 | 7,800.00 | 0.00 | |
| 03 Jun 2017 | Spend Money | electricity department – Electricity Bill paid | 999.09 | 0.00 | 1,099.00 | 99.91 | |
| Total Gas & Electricity Expense – Spa premises | 8,799.09 | 0.00 | 8,899.00 | 99.91 | |||
| GST | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Receivable Invoice | Lara Smith | INV-0003 | 0.00 | 420.18 | 420.18 | 0.00 |
| 31 May 2017 | Receivable Invoice | Shane Mason | INV-0005 | 0.00 | 383.64 | 383.64 | 0.00 |
| 31 May 2017 | Receivable Invoice | Herbie Wong | INV-0004 | 0.00 | 609.09 | 609.09 | 0.00 |
| 31 May 2017 | Receivable Invoice | Fatima Saleh | INV-0002 | 0.00 | 381.82 | 381.82 | 0.00 |
| 31 May 2017 | Receivable Invoice | Jasmine Fox | INV-0001 | 0.00 | 225.45 | 225.45 | 0.00 |
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 42,282.82 | 42,282.82 | 0.00 | |
| 01 Jun 2017 | Payable Invoice | Zen & Co | 263.64 | 0.00 | (263.64) | 0.00 | |
| 01 Jun 2017 | Receivable Invoice | Cash | INV-0006 | 0.00 | 763.64 | 763.64 | 0.00 |
| 01 Jun 2017 | Payable Invoice | Cash | 909.09 | 0.00 | (909.09) | 0.00 | |
| 02 Jun 2017 | Receivable Invoice | Dana Tornado | INV-0007 | 0.00 | 159.09 | 159.09 | 0.00 |
| 03 Jun 2017 | Spend Money | electricity department | 99.91 | 0.00 | (99.91) | 0.00 | |
| 03 Jun 2017 | Payable Prepayment | Prepayment: Rent | 818.18 | 0.00 | (818.18) | 0.00 | |
| 03 Jun 2017 | Receivable Invoice | Cash | INV-0008 | 0.00 | 409.09 | 409.09 | 0.00 |
| 03 Jun 2017 | Receivable Invoice | Cash | INV-0009 | 0.00 | 83.64 | 83.64 | 0.00 |
| 06 Jun 2017 | Payable Invoice | Zen & Co | 727.27 | 0.00 | (727.27) | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Office Works | 71.82 | 0.00 | (71.82) | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Mystique Ltd | 136.36 | 0.00 | (136.36) | 0.00 | |
| 06 Jun 2017 | Receivable Invoice | Cash | INV-0010 | 0.00 | 450.00 | 450.00 | 0.00 |
| 07 Jun 2017 | Spend Money | GethereFasta Co | 4.55 | 0.00 | (4.55) | 0.00 | |
| 08 Jun 2017 | Receivable Invoice | Cash | INV-0011 | 0.00 | 772.73 | 772.73 | 0.00 |
| 09 Jun 2017 | Receivable Credit Note | Fatima Saleh | CN-0012 | 22.73 | 0.00 | (22.73) | 0.00 |
| 10 Jun 2017 | Payable Invoice | Zen & Co | 295.45 | 0.00 | (295.45) | 0.00 | |
| 10 Jun 2017 | Receivable Invoice | Mona Wong | INV-0013 | 0.00 | 116.36 | 116.36 | 0.00 |
| 10 Jun 2017 | Payable Credit Note | Zen & Co | 0.00 | 37.27 | 37.27 | 0.00 | |
| 30 Jun 2017 | Receivable Invoice | Cash | INV-0014 | 0.00 | 863.64 | 863.64 | 0.00 |
| 30 Jun 2017 | Payable Invoice | Laser Inc | 2,090.91 | 0.00 | (2,090.91) | 0.00 | |
| Total GST | 5,439.91 | 47,958.46 | 42,518.55 | 0.00 | |||
| Closing Balance | 0.00 | 42,518.55 | 0.00 | 0.00 | |||
| Insurance Expense | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 11,000.00 | 0.00 | 11,000.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Insurance expense recorded – Insurance expense recorded | #74 | 1,000.00 | 0.00 | 1,000.00 | 0.00 |
| Total Insurance Expense | 12,000.00 | 0.00 | 12,000.00 | 0.00 | |||
| Interest Expense | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 5,858.00 | 0.00 | 5,858.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Interest expense recorded – Interest expense recorded | #72 | 1,171.00 | 0.00 | 1,171.00 | 0.00 |
| Total Interest Expense | 7,029.00 | 0.00 | 7,029.00 | 0.00 | |||
| Interest Payable | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 30 Jun 2017 | Manual Journal | Interest expense recorded – Interest expense recorded | #72 | 0.00 | 1,171.00 | 1,171.00 | 0.00 |
| Total Interest Payable | 0.00 | 1,171.00 | 1,171.00 | 0.00 | |||
| Closing Balance | 0.00 | 1,171.00 | 0.00 | 0.00 | |||
| Interest receivable | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 30 Jun 2017 | Manual Journal | Interest on short term deposit – Interest on short term deposit | #70 | 2,800.00 | 0.00 | 2,800.00 | 0.00 |
| Total Interest receivable | 2,800.00 | 0.00 | 2,800.00 | 0.00 | |||
| Closing Balance | 2,800.00 | 0.00 | 0.00 | 0.00 | |||
| Interest Revenue | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 2,458.00 | 2,458.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Interest on short term deposit | #70 | 0.00 | 2,800.00 | 2,800.00 | 0.00 |
| Total Interest Revenue | 0.00 | 5,258.00 | 5,258.00 | 0.00 | |||
| Inventory (at end) – Salon Products | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 118,900.00 | 0.00 | 118,900.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Closing inventory entry – Closing inventory entry | #77 | 7,350.00 | 0.00 | 7,350.00 | 0.00 |
| Total Inventory (at end) – Salon Products | 126,250.00 | 0.00 | 126,250.00 | 0.00 | |||
| Closing Balance | 126,250.00 | 0.00 | 0.00 | 0.00 | |||
| Less Acc Depn – Office Equipment | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 8,932.00 | (8,932.00) | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 0.00 | 388.00 | (388.00) | 0.00 |
| Total Less Acc Depn – Office Equipment | 0.00 | 9,320.00 | (9,320.00) | 0.00 | |||
| Closing Balance | 0.00 | 9,320.00 | 0.00 | 0.00 | |||
| Less Acc Depn – Office furniture and Fixtures | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 13,417.00 | (13,417.00) | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 0.00 | 583.00 | (583.00) | 0.00 |
| Total Less Acc Depn – Office furniture and Fixtures | 0.00 | 14,000.00 | (14,000.00) | 0.00 | |||
| Closing Balance | 0.00 | 14,000.00 | 0.00 | 0.00 | |||
| Less Acc Depn Salon and Spa Equipment | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 11,017.00 | (11,017.00) | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 0.00 | 479.00 | (479.00) | 0.00 |
| Total Less Acc Depn Salon and Spa Equipment | 0.00 | 11,496.00 | (11,496.00) | 0.00 | |||
| Closing Balance | 0.00 | 11,496.00 | 0.00 | 0.00 | |||
| Less Acc Depn – Vehicle | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 7,858.00 | (7,858.00) | 0.00 | |
| 30 Jun 2017 | Manual Journal | Depreciation expense to be recorded | #75 | 0.00 | 342.00 | (342.00) | 0.00 |
| Total Less Acc Depn – Vehicle | 0.00 | 8,200.00 | (8,200.00) | 0.00 | |||
| Closing Balance | 0.00 | 8,200.00 | 0.00 | 0.00 | |||
| Loan, non-current (8% pa 1 Jan 2017) | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 175,600.00 | 175,600.00 | 0.00 | |
| Total Loan, non-current (8% pa 1 Jan 2017) | 0.00 | 175,600.00 | 175,600.00 | 0.00 | |||
| Closing Balance | 0.00 | 175,600.00 | 0.00 | 0.00 | |||
| Office Equipment | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 26,800.00 | 0.00 | 26,800.00 | 0.00 | |
| Total Office Equipment | 26,800.00 | 0.00 | 26,800.00 | 0.00 | |||
| Closing Balance | 26,800.00 | 0.00 | 0.00 | 0.00 | |||
| Office Furniture & Fixtures | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 120,000.00 | 0.00 | 120,000.00 | 0.00 | |
| 01 Jun 2017 | Payable Invoice | Cash – Computer purchased | 9,090.91 | 0.00 | 10,000.00 | 909.09 | |
| Total Office Furniture & Fixtures | 129,090.91 | 0.00 | 130,000.00 | 909.09 | |||
| Closing Balance | 129,090.91 | 0.00 | 0.00 | 0.00 | |||
| Office Supplies | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 2,355.00 | 0.00 | 2,355.00 | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Office Works – Purchased office supplies | 718.18 | 0.00 | 790.00 | 71.82 | |
| 30 Jun 2017 | Manual Journal | Office supplies J V to match closing balance – Office supplies | #67 | 0.00 | 418.18 | (418.18) | 0.00 |
| Total Office Supplies | 3,073.18 | 418.18 | 2,726.82 | 71.82 | |||
| Closing Balance | 2,655.00 | 0.00 | 0.00 | 0.00 | |||
| PAYG Withholdings payable | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 11,273.00 | 11,273.00 | 0.00 | |
| Total PAYG Withholdings payable | 0.00 | 11,273.00 | 11,273.00 | 0.00 | |||
| Closing Balance | 0.00 | 11,273.00 | 0.00 | 0.00 | |||
| Prepaid Insurance | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 12,000.00 | 0.00 | 12,000.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Insurance expense recorded | #74 | 0.00 | 1,000.00 | (1,000.00) | 0.00 |
| Total Prepaid Insurance | 12,000.00 | 1,000.00 | 11,000.00 | 0.00 | |||
| Closing Balance | 11,000.00 | 0.00 | 0.00 | 0.00 | |||
| Prepaid rent – office premises | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 24,000.00 | 0.00 | 24,000.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Rent expense recorded | #71 | 0.00 | 4,800.00 | (4,800.00) | 0.00 |
| Total Prepaid rent – office premises | 24,000.00 | 4,800.00 | 19,200.00 | 0.00 | |||
| Closing Balance | 19,200.00 | 0.00 | 0.00 | 0.00 | |||
| Prepaid rent – spa premises | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 18,000.00 | 0.00 | 18,000.00 | 0.00 | |
| 03 Jun 2017 | Payable Prepayment | Prepayment: Rent – Advance rent paid for 3 months | 8,181.82 | 0.00 | 9,000.00 | 818.18 | |
| 30 Jun 2017 | Manual Journal | Rent expense recorded – Rent expense recorded | #69 | 0.00 | 18,000.00 | (18,000.00) | 0.00 |
| Total Prepaid rent – spa premises | 26,181.82 | 18,000.00 | 9,000.00 | 818.18 | |||
| Closing Balance | 8,181.82 | 0.00 | 0.00 | 0.00 | |||
| Purchase Returns and Allowances | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 3,400.00 | (3,400.00) | 0.00 | |
| 10 Jun 2017 | Payable Credit Note | Zen & Co – Damaged Stock | 0.00 | 372.73 | (410.00) | (37.27) | |
| Total Purchase Returns and Allowances | 0.00 | 3,772.73 | (3,810.00) | (37.27) | |||
| Purchases – Salon Products | |||||||
| 31 May 2017 | Payable Invoice | Hair Rule Co – salon products | 3,860.00 | 0.00 | 3,860.00 | 0.00 | |
| 31 May 2017 | Payable Invoice | Zen & Co – salon products | 4,780.00 | 0.00 | 4,780.00 | 0.00 | |
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 423,922.00 | 0.00 | 423,922.00 | 0.00 | |
| 01 Jun 2017 | Payable Invoice | Zen & Co – Purchased Salon Products | 2,636.36 | 0.00 | 2,900.00 | 263.64 | |
| 06 Jun 2017 | Payable Invoice | Zen & Co – Salon Products sold | 7,272.73 | 0.00 | 8,000.00 | 727.27 | |
| 10 Jun 2017 | Payable Invoice | Zen & Co – Purchased salon products | 2,954.55 | 0.00 | 3,250.00 | 295.45 | |
| 30 Jun 2017 | Manual Journal | Closing inventory entry | #77 | 0.00 | 7,350.00 | (7,350.00) | 0.00 |
| Total Purchases – Salon Products | 445,425.64 | 7,350.00 | 439,362.00 | 1,286.36 | |||
| Rent Expense – Office | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 20,000.00 | 0.00 | 20,000.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Rent expense recorded – Rent expense recorded | #71 | 4,800.00 | 0.00 | 4,800.00 | 0.00 |
| Total Rent Expense – Office | 24,800.00 | 0.00 | 24,800.00 | 0.00 | |||
| Rent Expense – Spa premises | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 15,000.00 | 0.00 | 15,000.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Rent expense recorded – Rent expense recorded | #69 | 18,000.00 | 0.00 | 18,000.00 | 0.00 |
| Total Rent Expense – Spa premises | 33,000.00 | 0.00 | 33,000.00 | 0.00 | |||
| Retained Earnings | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 128,797.00 | 128,797.00 | 0.00 | |
| Total Retained Earnings | 0.00 | 128,797.00 | 128,797.00 | 0.00 | |||
| Closing Balance | 0.00 | 128,797.00 | 0.00 | 0.00 | |||
| Salaries Payable | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 30 Jun 2017 | Manual Journal | Salary due for 30-06 | #79 | 0.00 | 14,425.00 | 14,425.00 | 0.00 |
| Total Salaries Payable | 0.00 | 14,425.00 | 14,425.00 | 0.00 | |||
| Closing Balance | 0.00 | 14,425.00 | 0.00 | 0.00 | |||
| Salary Expense | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 244,712.00 | 0.00 | 244,712.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Annual leave – Annual leave | #76 | 1,818.00 | 0.00 | 1,818.00 | 0.00 |
| 30 Jun 2017 | Manual Journal | Salary due for 30-06 | #79 | 13,173.00 | 0.00 | 13,173.00 | 0.00 |
| Total Salary Expense | 259,703.00 | 0.00 | 259,703.00 | 0.00 | |||
| Salary Expense – PAYG | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 45,092.00 | 0.00 | 45,092.00 | 0.00 | |
| Total Salary Expense – PAYG | 45,092.00 | 0.00 | 45,092.00 | 0.00 | |||
| Sales Returns and Allowances – Salon Product sales | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 3,456.00 | 0.00 | (3,456.00) | 0.00 | |
| 09 Jun 2017 | Receivable Credit Note | Fatima Saleh – Defective Inventory returned | CN-0012 | 227.27 | 0.00 | (250.00) | (22.73) |
| Total Sales Returns and Allowances – Salon Product sales | 3,683.27 | 0.00 | (3,706.00) | (22.73) | |||
| Sales Revenue -Salon Product sales | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 360,245.00 | 360,245.00 | 0.00 | |
| 10 Jun 2017 | Receivable Invoice | Mona Wong – Salon Products | INV-0013 | 0.00 | 1,163.64 | 1,280.00 | 116.36 |
| Total Sales Revenue -Salon Product sales | 0.00 | 361,408.64 | 361,525.00 | 116.36 | |||
| Salon and Spa Equipment | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 65,480.00 | 0.00 | 65,480.00 | 0.00 | |
| 30 Jun 2017 | Payable Invoice | Laser Inc – Purchased salon equipment | 20,909.09 | 0.00 | 23,000.00 | 2,090.91 | |
| Total Salon and Spa Equipment | 86,389.09 | 0.00 | 88,480.00 | 2,090.91 | |||
| Closing Balance | 86,389.09 | 0.00 | 0.00 | 0.00 | |||
| Salon Supplies | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 39,800.00 | 0.00 | 39,800.00 | 0.00 | |
| 06 Jun 2017 | Payable Invoice | Mystique Ltd – Purchased salon supplies | 1,363.64 | 0.00 | 1,500.00 | 136.36 | |
| 30 Jun 2017 | Manual Journal | Salon Supplies – Salon Supplies | #68 | 0.00 | 4,463.60 | (4,463.60) | 0.00 |
| Total Salon Supplies | 41,163.64 | 4,463.60 | 36,836.40 | 136.36 | |||
| Closing Balance | 36,700.04 | 0.00 | 0.00 | 0.00 | |||
| Savings Account | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 200,000.00 | 0.00 | 200,000.00 | 0.00 | |
| Total Savings Account | 200,000.00 | 0.00 | 200,000.00 | 0.00 | |||
| Closing Balance | 200,000.00 | 0.00 | 0.00 | 0.00 | |||
| Service Revenue – Spa treatments | |||||||
| 31 May 2017 | Receivable Invoice | Lara Smith – services | INV-0003 | 0.00 | 4,201.82 | 4,622.00 | 420.18 |
| 31 May 2017 | Receivable Invoice | Shane Mason – services | INV-0005 | 0.00 | 3,836.36 | 4,220.00 | 383.64 |
| 31 May 2017 | Receivable Invoice | Herbie Wong – services | INV-0004 | 0.00 | 6,090.91 | 6,700.00 | 609.09 |
| 31 May 2017 | Receivable Invoice | Fatima Saleh – services | INV-0002 | 0.00 | 3,818.18 | 4,200.00 | 381.82 |
| 31 May 2017 | Receivable Invoice | Jasmine Fox – services | INV-0001 | 0.00 | 2,254.55 | 2,480.00 | 225.45 |
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 855,443.18 | 855,443.18 | 0.00 | |
| 01 Jun 2017 | Receivable Invoice | Cash – Salon & Spa services | INV-0006 | 0.00 | 7,636.36 | 8,400.00 | 763.64 |
| 02 Jun 2017 | Receivable Invoice | Dana Tornado – Sold Salon Products | INV-0007 | 0.00 | 1,590.91 | 1,750.00 | 159.09 |
| 03 Jun 2017 | Receivable Invoice | Cash – Salon services | INV-0008 | 0.00 | 4,090.91 | 4,500.00 | 409.09 |
| 03 Jun 2017 | Receivable Invoice | Cash – Salon Product sale | INV-0009 | 0.00 | 836.36 | 920.00 | 83.64 |
| 06 Jun 2017 | Receivable Invoice | Cash – Salon & spa services | INV-0010 | 0.00 | 4,500.00 | 4,950.00 | 450.00 |
| 08 Jun 2017 | Receivable Invoice | Cash – Salon & Spa Services | INV-0011 | 0.00 | 7,727.27 | 8,500.00 | 772.73 |
| 30 Jun 2017 | Receivable Invoice | Cash – Salon & Spa Servies | INV-0014 | 0.00 | 8,636.36 | 9,500.00 | 863.64 |
| 30 Jun 2017 | Manual Journal | Unearned service revenue now earned | #73 | 0.00 | 6,000.00 | 6,000.00 | 0.00 |
| Total Service Revenue – Spa treatments | 0.00 | 916,663.17 | 922,185.18 | 5,522.01 | |||
| Spa & Salon | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 387,017.00 | 0.00 | 387,017.00 | 0.00 | |
| 01 Jun 2017 | Receivable Payment | Payment: Cash | INV-0006 | 8,400.00 | 0.00 | 8,400.00 | 0.00 |
| 01 Jun 2017 | Payable Payment | Payment: Cash | 0.00 | 10,000.00 | (10,000.00) | 0.00 | |
| 02 Jun 2017 | Receivable Payment | Payment: Jasmine Fox | INV-0001 | 2,480.00 | 0.00 | 2,480.00 | 0.00 |
| 03 Jun 2017 | Payable Payment | Payment: Zen & Co | 0.00 | 4,780.00 | (4,780.00) | 0.00 | |
| 03 Jun 2017 | Spend Money | electricity department | 0.00 | 1,099.00 | (1,099.00) | 0.00 | |
| 03 Jun 2017 | Payable Payment | Payment: Hair Rule Co | 0.00 | 1,500.00 | (1,500.00) | 0.00 | |
| 03 Jun 2017 | Payable Prepayment | Prepayment: Rent | 0.00 | 9,000.00 | (9,000.00) | 0.00 | |
| 03 Jun 2017 | Receivable Payment | Payment: Cash | INV-0008 | 4,500.00 | 0.00 | 4,500.00 | 0.00 |
| 06 Jun 2017 | Payable Payment | Payment: Office Works | 0.00 | 790.00 | (790.00) | 0.00 | |
| 06 Jun 2017 | Receivable Payment | Payment: Lara Smith | INV-0003 | 4,622.00 | 0.00 | 4,622.00 | 0.00 |
| 06 Jun 2017 | Receivable Payment | Payment: Cash | INV-0010 | 4,950.00 | 0.00 | 4,950.00 | 0.00 |
| 07 Jun 2017 | Spend Money | GethereFasta Co | 0.00 | 50.00 | (50.00) | 0.00 | |
| 08 Jun 2017 | Receivable Payment | Payment: Cash | INV-0011 | 8,500.00 | 0.00 | 8,500.00 | 0.00 |
| 08 Jun 2017 | Payable Payment | Payment: Zen & Co | 0.00 | 2,900.00 | (2,900.00) | 0.00 | |
| 08 Jun 2017 | Payable Payment | Payment: Zen & Co | 0.00 | 8,000.00 | (8,000.00) | 0.00 | |
| 23 Jun 2017 | Receivable Payment | Payment: Fatima Saleh | INV-0002 | 3,950.00 | 0.00 | 3,950.00 | 0.00 |
| Total Spa & Salon | 424,419.00 | 38,119.00 | 386,300.00 | 0.00 | |||
| Closing Balance | 386,300.00 | 0.00 | 0.00 | 0.00 | |||
| Superannuation Expense | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 27,532.00 | 0.00 | 27,532.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Salary due for 30-06 | #79 | 1,252.00 | 0.00 | 1,252.00 | 0.00 |
| Total Superannuation Expense | 28,784.00 | 0.00 | 28,784.00 | 0.00 | |||
| Supplies Expense – Office | |||||||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 2,300.00 | 0.00 | 2,300.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Office supplies J V to match closing balance – Office supplies | #67 | 418.18 | 0.00 | 418.18 | 0.00 |
| 30 Jun 2017 | Manual Journal | Salon Supplies – Salon Supplies | #68 | 4,463.60 | 0.00 | 4,463.60 | 0.00 |
| Total Supplies Expense – Office | 7,181.78 | 0.00 | 7,181.78 | 0.00 | |||
| Unearned Revenue – Spa treatment (vouchers) | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 0.00 | 8,000.00 | 8,000.00 | 0.00 | |
| 30 Jun 2017 | Manual Journal | Unearned service revenue now earned – Unearned service revenue now earned | #73 | 6,000.00 | 0.00 | (6,000.00) | 0.00 |
| Total Unearned Revenue – Spa treatment (vouchers) | 6,000.00 | 8,000.00 | 2,000.00 | 0.00 | |||
| Closing Balance | 0.00 | 2,000.00 | 0.00 | 0.00 | |||
| Vehicle | |||||||
| Opening Balance | 0.00 | 0.00 | 0.00 | 0.00 | |||
| 31 May 2017 | Conversion Balance Journal | Conversion Balance | 26,500.00 | 0.00 | 26,500.00 | 0.00 | |
| Total Vehicle | 26,500.00 | 0.00 | 26,500.00 | 0.00 | |||
| Closing Balance | 26,500.00 | 0.00 | 0.00 | 0.00 | |||
| Total | 2,155,523.78 | ######### | ######### | ####### | |||
| Aged Payables Detail | ||||||||
| Flossies Spa and Salon Pty Ltd(18700220) | ||||||||
| As at 30 June 2017 | ||||||||
| Invoice Date | Due Date | Invoice Reference | Current | < 1 Month | 1 Month | 2 Months | 3 Months | Older |
| Hair Rule Co | ||||||||
| 31 May 2017 | 09 Jun 2017 | 0.00 | 2,360.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Hair Rule Co | 0.00 | 2,360.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Laser Inc | ||||||||
| 30 Jun 2017 | 30 Jul 2017 | 23,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Laser Inc | 23,000.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Mystique Ltd | ||||||||
| 06 Jun 2017 | 06 Jul 2017 | 1,500.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Mystique Ltd | 1,500.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Zen & Co | ||||||||
| 10 Jun 2017 | 10 Jul 2017 | 2,840.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total Zen & Co | 2,840.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Total | 27,340.00 | 2,360.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
| Balance Sheet | ||
| Flossies Spa and Salon Pty Ltd(18700220) | ||
| As at 30 June 2017 | ||
| 30 Jun 2017 | 31 May 2017 | |
| Assets | ||
| Bank | ||
| Spa & Salon | $386,300.00 | $387,017.00 |
| Total Bank | $386,300.00 | $387,017.00 |
| Current Assets | ||
| Accounts Receivable | $13,950.00 | $22,222.00 |
| Cash at Bank | $10,420.00 | $0.00 |
| Interest receivable | $2,800.00 | $0.00 |
| Inventory (at end) – Salon Products | $126,250.00 | $118,900.00 |
| Office Supplies | $2,655.00 | $2,355.00 |
| Prepaid Insurance | $11,000.00 | $12,000.00 |
| Prepaid rent – office premises | $19,200.00 | $24,000.00 |
| Prepaid rent – spa premises | $8,181.82 | $18,000.00 |
| Salon Supplies | $36,700.04 | $39,800.00 |
| Savings Account | $200,000.00 | $200,000.00 |
| Total Current Assets | $431,156.86 | $437,277.00 |
| Fixed Assets | ||
| Less Acc Depn – Office Equipment | -$9,320.00 | -$8,932.00 |
| Less Acc Depn – Office furniture and Fixtures | -$14,000.00 | -$13,417.00 |
| Less Acc Depn Salon and Spa Equipment | -$11,496.00 | -$11,017.00 |
| Less Acc Depn – Vehicle | -$8,200.00 | -$7,858.00 |
| Office Equipment | $26,800.00 | $26,800.00 |
| Office Furniture & Fixtures | $129,090.91 | $120,000.00 |
| Salon and Spa Equipment | $86,389.09 | $65,480.00 |
| Vehicle | $26,500.00 | $26,500.00 |
| Total Fixed Assets | $225,764.00 | $197,556.00 |
| Total Assets | $1,043,220.86 | $1,021,850.00 |
| Liabilities | ||
| Current Liabilities | ||
| Accounts Payable | $29,700.00 | $8,640.00 |
| Annual Leave Accrual | $1,818.00 | $0.00 |
| GST | $42,518.55 | $44,303.00 |
| Interest Payable | $1,171.00 | $0.00 |
| PAYG Withholdings payable | $11,273.00 | $11,273.00 |
| Salaries Payable | $14,425.00 | $0.00 |
| Unearned Revenue – Spa treatment (vouchers) | $2,000.00 | $8,000.00 |
| Total Current Liabilities | $102,905.55 | $72,216.00 |
| Non-Current Liabilities | ||
| Loan, non-current (8% pa 1 Jan 2017) | $175,600.00 | $175,600.00 |
| Total Non-Current Liabilities | $175,600.00 | $175,600.00 |
| Total Liabilities | $278,505.55 | $247,816.00 |
| Net Assets | $764,715.31 | $774,034.00 |
| Equity | ||
| Capital | $250,000.00 | $250,000.00 |
| Current Year Earnings | $385,918.31 | $395,237.00 |
| Retained Earnings | $128,797.00 | $128,797.00 |
| Total Equity | $764,715.31 | $774,034.00 |
| Profit and Loss | |
| Flossies Spa and Salon Pty Ltd(18700220) | |
| For the month ended 30 June 2017 | |
| Account | Jun 2017 |
| Trading Income | |
| Sales Returns and Allowances – Salon Product sales | (227.27) |
| Sales Revenue -Salon Product sales | 1,163.64 |
| Service Revenue – Spa treatments | 41,018.17 |
| Total Trading Income | 41,954.54 |
| Cost of Sales | |
| Freight inwards | 45.45 |
| Purchase Returns and Allowances | (372.73) |
| Purchases – Salon Products | 5,513.64 |
| Total Cost of Sales | 5,186.36 |
| Gross Profit | 36,768.18 |
| Other Income | |
| Interest Revenue | 2,800.00 |
| Total Other Income | 2,800.00 |
| Operating Expenses | |
| Depreciation Expense – Office Furniture | 971.00 |
| Depreciation Expense – Spa Equipment | 479.00 |
| Depreciation Expense – Vehicle | 342.00 |
| Gas & Electricity Expense – Spa premises | 999.09 |
| Insurance Expense | 1,000.00 |
| Interest Expense | 1,171.00 |
| Rent Expense – Office | 4,800.00 |
| Rent Expense – Spa premises | 18,000.00 |
| Salary Expense | 14,991.00 |
| Superannuation Expense | 1,252.00 |
| Supplies Expense – Office | 4,881.78 |
| Total Operating Expenses | 48,886.87 |
| Net Profit | (9,318.69) |
| Trial Balance | ||||
| Flossies Spa and Salon Pty Ltd(18700220) | ||||
| As at 30 June 2017 | ||||
| Account | Debit | Credit | YTD Debit | YTD Credit |
| Revenue | ||||
| Interest Revenue (608) | $2,800.00 | $5,258.00 | ||
| Sales Returns and Allowances – Salon Product sales (605) | $227.27 | $3,683.27 | ||
| Sales Revenue -Salon Product sales (601) | $1,163.64 | $361,408.64 | ||
| Service Revenue – Spa treatments (600) | $41,018.17 | $916,663.17 | ||
| Expenses | ||||
| Depreciation Expense – Office Furniture (808) | $971.00 | $7,388.00 | ||
| Depreciation Expense – Spa Equipment (807) | $479.00 | $5,748.00 | ||
| Depreciation Expense – Vehicle (810) | $342.00 | $8,200.00 | ||
| Discount Allowed (703) | $0.00 | $4,569.00 | ||
| Discount Received (610) | $0.00 | $5,400.00 | ||
| Freight inwards (702) | $45.45 | $8,031.45 | ||
| Gas & Electricity Expense – Office premises (806) | $0.00 | $4,500.00 | ||
| Gas & Electricity Expense – Spa premises (805) | $999.09 | $8,799.09 | ||
| Insurance Expense (832) | $1,000.00 | $12,000.00 | ||
| Interest Expense (831) | $1,171.00 | $7,029.00 | ||
| Purchase Returns and Allowances (701) | $372.73 | $3,772.73 | ||
| Purchases – Salon Products (700) | $5,513.64 | $438,075.64 | ||
| Rent Expense – Office (804) | $4,800.00 | $24,800.00 | ||
| Rent Expense – Spa premises (803) | $18,000.00 | $33,000.00 | ||
| Salary Expense (800) | $14,991.00 | $259,703.00 | ||
| Salary Expense – PAYG (801) | $0.00 | $45,092.00 | ||
| Superannuation Expense (802) | $1,252.00 | $28,784.00 | ||
| Supplies Expense – Office (830) | $4,881.78 | $7,181.78 | ||
| Assets | ||||
| Accounts Receivable (100) | $8,272.00 | $13,950.00 | ||
| Cash at Bank (90) | $10,420.00 | $10,420.00 | ||
| Interest receivable (105) | $2,800.00 | $2,800.00 | ||
| Inventory (at end) – Salon Products (104) | $7,350.00 | $126,250.00 | ||
| Less Acc Depn – Office Equipment (222) | $388.00 | $9,320.00 | ||
| Less Acc Depn – Office furniture and Fixtures (220) | $583.00 | $14,000.00 | ||
| Less Acc Depn Salon and Spa Equipment (221) | $479.00 | $11,496.00 | ||
| Less Acc Depn – Vehicle (223) | $342.00 | $8,200.00 | ||
| Office Equipment (202) | $0.00 | $26,800.00 | ||
| Office Furniture & Fixtures (200) | $9,090.91 | $129,090.91 | ||
| Office Supplies (102) | $300.00 | $2,655.00 | ||
| Prepaid Insurance (112) | $1,000.00 | $11,000.00 | ||
| Prepaid rent – office premises (111) | $4,800.00 | $19,200.00 | ||
| Prepaid rent – spa premises (110) | $9,818.18 | $8,181.82 | ||
| Salon and Spa Equipment (201) | $20,909.09 | $86,389.09 | ||
| Salon Supplies (103) | $3,099.96 | $36,700.04 | ||
| Savings Account (91) | $0.00 | $200,000.00 | ||
| Spa & Salon (93) | $717.00 | $386,300.00 | ||
| Vehicle (203) | $0.00 | $26,500.00 | ||
| Liabilities | ||||
| Accounts Payable (300) | $21,060.00 | $29,700.00 | ||
| Annual Leave Accrual (310) | $1,818.00 | $1,818.00 | ||
| GST (820) | $1,784.45 | $42,518.55 | ||
| Interest Payable (301) | $1,171.00 | $1,171.00 | ||
| Loan, non-current (8% pa 1 Jan 2017) (420) | $0.00 | $175,600.00 | ||
| PAYG Withholdings payable (305) | $0.00 | $11,273.00 | ||
| Salaries Payable (302) | $14,425.00 | $14,425.00 | ||
| Unearned Revenue – Spa treatment (vouchers) (303) | $6,000.00 | $2,000.00 | ||
| Equity | ||||
| Capital (500) | $0.00 | $250,000.00 | ||
| Retained Earnings (960) | $0.00 | $128,797.00 | ||
| Total | $113,327.68 | $113,327.68 | $1,992,821.09 | $1,992,821.09 |
