| University | The Royal Melbourne Institute of Technology (RMIT) |
| Subject | ACCT2033: Financial Accounting and Analysis |
Cashflow and Financial Analysis – BuyIt&Sell’em Pty Ltd
Case Study Background
BuyIt&Sell’em Pty Ltd (ABN 12 345 678 901) operates as a company and you are the accountant for them. BuyIt&Sell’em Pty Ltd is a wholesale business specialising in electronic equipment made in Australia. The business started its first month of the new year which started on 1st February 2021. You should have two months of data, being the manual accounting and the electronic accounting MYOB.
Requirements
You will need to prepare a cash flow statement for your business.
Once you have completed a cashflow statement then you will be required to prepare a short report on the financial position of the business.
| BuyIt&sell’em Pty Ltd | |||
| Trial Balance as at 31st January 2021 | |||
| Account Number | Account name | Debit | Credit |
| 1001 | Cash at Bank | 17,191.00 | |
| 1010 | Accounts Receivable | 5,600.00 | |
| 1020 | Inventory | 11,970.00 | |
| 1030 | Prepaid Rent | – | |
| 1035 | Prepaid Insurance | 1,800.00 | |
| 1040 | Stationery Supplies | 845.00 | |
| 1110 | Computers | 4,500.00 | |
| 1111 | Accumulated Depreciation – Office Computers | 300.00 | |
| 1120 | Warehouse Equipment | 38,000.00 | |
| 1121 | Accumulated Depreciation – Warehouse Equipment | 9,600.00 | |
| 2001 | Accounts Payable | 9,500.00 | |
| 2010 | Wages Payable | 1,197.00 | |
| 2011 | PAYG payable | ||
| 2020 | Cleaning Payable | ||
| 2021 | Utilities Payable | ||
| 2035 | Prepaid Revenue | ||
| 3001 | Share Capital | 50,000.00 | |
| 3010 | Retained Earnings | 9,309.00 | |
| 3050 | Dividends | ||
| 79,906.00 | 79,906.00 | ||
BuyIt&sell’em Pty Ltd
Income Statement
For the month ended 31st March 2021
| INCOME | ||
| Sales – | 71,290.00 | |
| Sales returns and allowances | (3,000.00) | |
| discounts received | 554.80 | |
| TOTAL INCOME | 68,844.80 | |
| COST OF SALES | ||
| Cost of Goods Sold | 31,920.00 | |
| Discounts Allowed | 271.90 | |
| TOTAL COST OF SALES | 32,191.90 | |
| GROSS PROFIT | 36,652.90 | |
| EXPENSES | ||
| Wages Expense | 14,563.00 | |
| Rent Expense | 3,000.00 | |
| Telecommunication Expense | 980.00 | |
| Electricity expense | 375.00 | |
| Insurance Expense | 600.00 | |
| Vehicle Expense | 400.00 | |
| Stationery Expense | 270.00 | |
| Depreciation Expense | 1,010.00 | |
| Loss on the sale of assets | 2,900.00 | |
| Interest Expense | 132.71 | |
| TOTAL EXPENSES | 24,230.71 | |
| NET PROFIT/(LOSS) | 12,422.19 |
BuyIt&sell’em Pty Ltd
Balance Sheet
as at 31st March 2021
| ASSETS | |||
| Current Assets | |||
| Cash at Bank | 66,364.90 | ||
| Accounts Receivable | 570.00 | ||
| Inventory | 4,180.00 | ||
| Prepaid Rent | 0.00 | ||
| Prepaid Insurance | 1,200.00 | ||
| Stationery Supplies | 575.00 | ||
| Total Current Assets | 72,889.90 | ||
| Non-current Assets | |||
| Computers | 4,500.00 | ||
| Accumulated Dep’n – Office Computers | (700.00) | 3,800.00 | |
| Forklift | 22,750.00 | ||
| Accumulated depreciation Forklift | (110.00) | 22,640.00 | |
| Total Non-current Assets | 26,440.00 | ||
| TOTAL ASSETS | 99,329.90 | ||
| LIABILITIES | |||
| Current Liabilities | |||
| Accounts Payable | 0.00 | ||
| Wages Payable | 1,026.00 | ||
| Cleaning Payable | 0.00 | ||
| Prepaid Revenue | 8,940.00 | ||
| Total Current Liabilities | 9,966.00 | ||
| Non-current Liabilities | |||
| Loan – ABC Bank | 17,632.71 | ||
| TOTAL LIABILITIES | 27,598.71 | ||
| NET ASSETS | 71,731.19 | ||
| OWNER’S EQUITY | |||
| Share Capital | 50,000.00 | ||
| Retained Earnings | 21,731.19 | ||
| TOTAL EQUITY | 71,731.19 |
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