It is a 1500 words report please include minimum 4 references using harvard
Chart of Accounts Chart of Accounts | fitness dance studio | 19 May 2021 Page 1 of 3 fitness dance studio All accounts as at 19 May 2021 Code Account Name Type Tax 0003 fitness dance studio Bank BAS Excluded 200 Sales Revenue GST on Income Income from any normal business activity 260 Other Revenue Revenue GST on Income Any other income that does not relate to normal business activities and is not recurring 270 Interest Income Revenue GST Free Income Interest income 310 Cost of Goods Sold Direct Cost GST on Expenses Cost of goods sold by the business 400 Advertising Expense GST on Expenses Expenses incurred for advertising while trying to increase sales 404 Bank Fees Expense GST Free Expenses Fees charged by your bank for transactions regarding your bank account(s). 408 Cleaning Expense GST on Expenses Expenses incurred for cleaning business property. 412 Consulting & Accounting Expense GST on Expenses Expenses related to paying consultants 416 Depreciation Expense BAS Excluded The amount of the asset's cost (based on the useful life) that was consumed during the period 420 Entertainment Expense GST Free Expenses Expenses paid by company for the business but are not deductable for income tax purposes. 425 Freight & Courier Expense GST on Expenses Expenses incurred on courier & freight costs 429 General Expenses Expense GST on Expenses General expenses related to the running of the business. 433 Insurance Expense GST on Expenses Expenses incurred for insuring the business' assets 437 Interest Expense Expense GST Free Expenses Any interest expenses paid to ATO, business bank accounts or credit card accounts. 441 Legal expenses Expense GST on Expenses Expenses incurred on any legal matters 445 Light, Power, Heating Expense GST on Expenses Expenses incurred for lighting, powering or heating the premises 449 Motor Vehicle Expenses Expense GST on Expenses Expenses incurred on the running of company motor vehicles 453 Office Expenses Expense GST on Expenses General expenses related to the running of the business office. 461 Printing & Stationery Expense GST on Expenses Expenses incurred by the entity as a result of printing and stationery 469 Rent Expense GST on Expenses The payment to lease a building or area. Chart of Accounts Chart of Accounts | fitness dance studio | 19 May 2021 Page 2 of 3 Code Account Name Type Tax 473 Repairs and Maintenance Expense GST on Expenses Expenses incurred on a damaged or run down asset that will bring the asset back to its original condition. 477 Wages and Salaries Expense BAS Excluded Payment to employees in exchange for their resources 478 Superannuation Expense BAS Excluded Superannuation contributions 485 Subscriptions Expense GST on Expenses E.g. Magazines, professional bodies. 489 Telephone & Internet Expense GST on Expenses Expenditure incurred from any business-related phone calls, phone lines, or internet connections 493 Travel - National Expense GST on Expenses Expenses incurred from domestic travel which has a business purpose 494 Travel - International Expense GST Free Expenses Expenses incurred from international travel which has a business purpose 497 Bank Revaluations Expense BAS Excluded Bank account revaluations due for foreign exchange rate changes 498 Unrealised Currency Gains Expense BAS Excluded Unrealised currency gains on outstanding items 499 Realised Currency Gains Expense BAS Excluded Gains or losses made due to currency exchange rate changes 505 Income Tax Expense Expense BAS Excluded A percentage of total earnings paid to the government. 610 Accounts Receivable Current Asset BAS Excluded Outstanding invoices the company has issued out to the client but has not yet received in cash at balance date. 620 Prepayments Current Asset BAS Excluded An expenditure that has been paid for in advance. 630 Inventory Inventory BAS Excluded Value of tracked items for resale. 710 Office Equipment Fixed Asset GST on Expenses Office equipment that is owned and controlled by the business 711 Less Accumulated Depreciation on Office Equipment Fixed Asset BAS Excluded The total amount of office equipment cost that has been consumed by the entity (based on the useful life) 720 Computer Equipment Fixed Asset GST on Expenses Computer equipment that is owned and controlled by the business 721 Less Accumulated Depreciation on Computer Equipment Fixed Asset BAS Excluded The total amount of computer equipment cost that has been consumed by the business (based on the useful life) 800 Accounts Payable Current Liability BAS Excluded Outstanding invoices the company has received from suppliers but has not yet paid at balance date 801 Unpaid Expense Claims Current Liability BAS Excluded Expense claims typically made by employees/shareholder employees still outstanding. 804 Wages Payable - Payroll Current Liability BAS Excluded Chart of Accounts Chart of Accounts | fitness dance studio | 19 May 2021 Page 3 of 3 Code Account Name Type Tax Where this account is set as the nominated Wages Payable account within Payroll Settings, Xero allocates the net wage amount of each pay run created using Payroll to this account 820 GST Current Liability BAS Excluded The balance in this account represents GST owing to or from the ATO. At the end of the GST period, it is this account that should be used to code against either the 'refunds from' or 'payments to' the ATO that will appear on the bank statement. Xero has been designed to use only one GST account to track GST on income and expenses, so there is no need to add any new GST accounts to Xero. 825 PAYG Withholdings Payable Current Liability BAS Excluded The amount of PAYE tax that is due to be paid 826 Superannuation Payable Current Liability BAS Excluded The amount of superannuation that is due to be paid 830 Income Tax Payable Current Liability BAS Excluded The amount of income tax that is due to be paid, also resident withholding tax paid on interest received. 840 Historical Adjustment Current Liability BAS Excluded For accountant adjustments 850 Suspense Current Liability BAS Excluded An entry that allows an unknown transaction to be entered, so the accounts can still be worked on in balance and the entry can be dealt with later. 860 Rounding Current Liability BAS Excluded An adjustment entry to allow for rounding 877 Tracking Transfers Current Liability BAS Excluded Transfers between tracking categories 880 Owner A Drawings Current Liability BAS Excluded Withdrawals by the owners 881 Owner A Funds Introduced Current Liability BAS Excluded Funds contributed by the owner 900 Loan Non-current Liability BAS Excluded Money that has been borrowed from a creditor 960 Retained Earnings Equity BAS Excluded Do not Use 970 Owner A Share Capital Equity BAS Excluded The value of shares purchased by the shareholders Balance Sheet fitness dance studio Balance Sheet fitness dance studio As at 30 June 2021 30 JUN 2021 Assets Current Assets Accounts Receivable 21,505.00 Total Current Assets 21,505.00 Total Assets 21,505.00 Liabilities Current Liabilities Accounts Payable 7,600.00 GST 1,427.73 Total Current Liabilities 9,027.73 Total Liabilities 9,027.73 Net Assets 12,477.27 Equity Current Year Earnings 12,477.27 Total Equity 12,477.27 Profit and Loss fitness dance studio Profit and Loss fitness dance studio For the 3 months ended 30 June 2021 APR-JUN 2021 Trading Income Sales 19,550.00 Total Trading Income 19,550.00 Gross Profit 19,550.00 Operating Expenses Bank Fees 800.00 Depreciation 1,000.00 Legal expenses 1,090.91 Light, Power, Heating 1,272.73 Office Expenses 1,636.36 Rent 1,272.73 Total Operating Expenses 7,072.73 Net Profit 12,477.27 Aged Payables Summary fitness dance studio