Task is to prepare one year of management accounts for a farm business. Assessment 1 is completed...

Question

Task is to prepare one year of management accounts for a farm business.
Assessment 1 is completed (statement of financial position -opening balance sheet, cash flow report,quarterly GST reconciliation, livestock schedule, management depreciation schedule),

The spreadsheet is used to work to balance Assessment 2.

The information provided in the assessment case study is to be used for completing both Assessments 1 and 2.

TheCASE STUDYcontains information about the property and its enterprises, a spreadsheet containing an incomplete cash flow statement and a spreadsheet containing an incomplete depreciation schedule.

Please find attach of case study and the attachment of my assignment.

Please the answer to the assignment should be in a spreadsheet

URGENT NOTE:Some of the spreadsheet are programmed.

Cropping schedules for cropping and /or horticulture enterprises

Livestock schedules for the livestock enterprise

Trading accounts for all enterprises (cropping, horticulture & livestock)

Gross Margin accounts for all enterprises

Statement of Financial Performance (Profit & Loss)

Statement of Financial Position (Closing Balance Sheet)

Pulkit · Accepted Answer

PART A
			ASSIGNMENT PART A                        (THIS PART IS DONE, JUST NEEDED A CHECK BY THE EXPECT)
			OPENING BALANCE SHEET 	(OpBalSh)
			CASH FLOW STATEMENT	(CFS)
			QUARTER CASH FLOW STATEMENT	QrtCFS)
			STATEMENT OF CASH FLOW	(SCF)
			LIVESTOCK SCHEDULE	LSScheds
			MANAGEMENT DEPRECIATION SCHEDULE	Deprec
OpBalSh
	Balance Sheet of 'Cooee' as at 1st of Jan 2017
		Lou Smithers
							Eliminate the border unless you can apply it in a similar fashion over the whole balance sheet. 
		Current Assets
		Bank		$11,000
		Accounts Receivable
		-Western Wool Buyers	$25,650
				$25,650
		Calves - trading		$71,280
		Sheep - trading		$17,010
		Orange 		$0			Fertiliser and chemical on hand at 1/1/17 missing
		Total Current Assets			$124,940
		Non-Current Assets
		Investment - term deposit		$30,000
		Cattle - breeding		$119,400
		Sheep - breeding		$120,725
		Plant & Machinery		$142,115
		Vehicles		$92,875
		Structures		$398,565
		Land 		$2,240,175
		less			$3,143,855
						$3,268,795
		LIABILITIES			
		Current Liabilities				
		Accounts Payable	$11,865			
		- Creditor (Orange Rural)	$12,730	$24,595		
		- ATO (GST)
					$24,595
		Non-Current Liabilities		$28,400	
		 Development Loan			$28,400	
						$52,995
		NET ASSETS				$3,215,800
		Represented By:
		OWNER'S EQUITY
		Balance as at 1-1-17				$3,215,800		Good, well done. 
		% Equity				98.4%
		This is the feedback for opening balance sheet and cash flow from the school. The information painted in yellow and red needs an urgent check by the moderator.
CFS
			CASH FLOW STATEMENT FOR COOEE
						FOR THE PERIOD    1-JAN- 17  to 31-DEC-17
			JAN	FEB	MARCH	APRIL	MAY	JUNE	JULY	AUG	SEPT	OCT	NOV	DEC	TOTAL	Extend border
		RECEIPTS
		CROPS SALES
		Oranges											$7,710	$11,568	$19,278
		LIVESTOCK SALES
		Cattle	$2,310							$1,250	$17,494	$30,791	$25,090		$76,935
		Sheep			$5,720	$504		$15,400				$16,687	$28,413	$40,950	$107,674
		WOOL SALES											$58,596		$58,596
		ACCOUNT RECEIVABLE
		Western Wool Buyers			$25,650										$25,650
		OTHER RECEIPTS
		Interest			$413			$413			$550			$550	$1,926
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 1,925, 
but the total is 1,926
		Machinery				$5,200				$17,800					$23,000
		fixed deposit
		GST COMPONENT	$231	$0	$3,137	$570	$0	$1,540	$0	$1,905	$1,749	$4,748	$11,981	$5,252	$31,113
		GST REFUND
		TOTAL RECEIPTS	$2,541		$34,920	$6,274		$17,353		$20,955	$19,793	$52,226	$131,790	$58,320	$344,172	$344,172
			JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
		PAYMENTS
		CROP AND PASTURE 
		Orange	$654	$156	$42	$441	$48		$17			$5,106		$2,373	$8,837
		Pasture			$14,560	$1,560					$689				$16,809
		LIVESTOCK
		Cattle	$390	$127	$2,750		$3,146			$1,085	$324		$530	$440	$8,792
		Sheep	$200	$850	$12,000	$121		$179			$9,290	$1,354	$1,248	$1,992	$27,234
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 27,233
but the total is 27,234
		OTHER CASH COSTS
		Fuel & oil	$215	$196	$182	$154	$124	$490	$165	$152	$124	$125	$345	$385	$2,657
		Repiars & Maint.
		Plant and Machinery	$245	$452	$750	$985	$354	$201	$230	$150	$85	$540	$210	$189	$4,391
		Structures	$230	$350			$720	$550		$240	$320			$110	$2,520
		Permanent labour	$2,390	$2,390	$3,625	$2,390	$2,390	$2,390	$3,625	$2,390	$2,390	$2,390	$2,390	$2,390	$31,150
		Rent & rates			$2,650				$450						$3,100
		Regn & Insurance			$720					$890			$1,220		$2,830
		Tele,Post,Travel	$35	$75	$65	$45	$30	$72	$52	$45	$80	$38	$62	$195	$794
		Accountant					$1,550								$1,550
		Bank Charges	$12	$15	$25	$10	$8	$16	$17	$10	$9	$18	$13	$17	$170
		Interest-loan			$325			$318			$311			$304	$1,258
		Interest-overdraft															Overdraft interest needs to be calculated with a formula
		Miscellaneous
		TOTAL OP. CASH COSTS	$4,371	$4,611	$37,694	$5,706	$8,370	$4,216	$4,556	$4,962	$13,622	$9,571	$6,018	$8,395	$112,092	$   112,092	Good to see check cells being used.
			JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL
		CAPITAL COSTS
		Livestock Purchases			$6,500	$22,660									$29,160
		Plant, Machinery & Vehincles				$25,560				$55,000					$80,560
		Fixed Improvements	$5,500				$12,190								$17,690
		Investments						$10,000							$10,000
		Loan Repayments			$830			$830			$830			$830	$3,320
		Acount payable	$11,865												$11,865
		Miscellaneous														$152,595
		PERSONAL COSTS
		Drawings	$1,153	$1,058	$985	$1,150	$1,054	$940	$850	$1,103	$1,120	$990	$1,420	$1,850	$13,673
		GST
		GST Component	$1,933	$221	$4,022	$5,153	$1,816	$149	$91	$5,756	$1,091	$716	$362	$568	$21,879
		GST paid	$12,730												$12,730
		TOTAL PAYMENTS	$37,552	$5,890	$50,031	$60,229	$23,430	$16,135	$5,497
Taiwo Dada: Taiwo Dada:
The real total is 5,497
not 5,498 as calculated in the case study pdf	$66,821	$16,663	$11,277	$7,800	$11,643	$312,969	$312,969
		SURPLUS/DEFICIT	-$35,011	-$5,890	-$15,111	-$53,954
Taiwo Dada: Taiwo Dada:
REAL TOTAL IS 53, 955	-$23,430	$1,218
Taiwo Dada: Taiwo Dada:
THE REAL CALCULATION IS 1,218	-$5,497
Taiwo Dada: Taiwo Dada:
THE REAL ANSWER IS 5,497						
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 1,925, 
but the total is 1,926	-$45,866	$3,130
Taiwo Dada: Taiwo Dada:
THE REAL ANSWER IS 3,130				
Taiwo Dada: Taiwo Dada:
The calculation from the print out is 27,233
but the total is 27,234	
Taiwo Dada: Taiwo Dada:
REAL TOTAL IS 53, 955						$40,949	$123,990	$46,676	$31,203
		BALANCE IN BANK
		Opening Balance															-$0
		$   11,000	-$   24,011	-$   29,901	-$   45,012	-$   98,966	-$   122,396	-$   121,179	-$   126,676	-$   172,542	-$   169,412	-$   128,463	-$   4,473	$   42,203
		GST RECONCILIATION	Jan -  March 2017			April -  June 2017			July -  Sept. 2017				Oct -  Dec 2017
			1ST QUARTER			2ND QUARTER 			3RD QUARTER 			4TH QUARTER
			Received	$3,368		Received	$2,110		Received	$3,654		Received	$21,981
			Paid	$6,176		Paid	$7,118		Paid	$6,939		Paid	$1,646
			Refundable	-$2,808		Refundable	-$5,008		Refundable	-$3,284		Refundable	$20,334		These refunds need to be included as income in the month after the end of the quarter, eg April July and October.
												Payable
	
		PLEASE NOTE
		- The GST Component in the receipts section represents 10% of the amounts received (except for interest, fixed deposit, and GST Refunds) during that month.
		- The GST Component in the payments section represents 10% of the amounts paid (except for permanent labour, bank charges, interest,capital repayments, investments, personal 
		  costs, and GST paid) during that month.
		- The $20,334 GST payable for the final quarter of the current year will be due to be paid to the Taxation Office in the first month of the next year.
		   As this is an amount owing at the end of the current year it will represent a current liability at the end of the year.
		Graph showing receipts, payments and monthly cash flow
		FOR THE PERIOD    1-JAN- 17  to 31-DEC-17
	Table shows the total reciepts, cash flow and payment for Cooee
			JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC
		TOTAL RECEIPTS	$2,541		$34,920	$6,274		$17,353		$20,955	$19,793	$52,226	$131,790	$58,320
		TOTAL OP. CASH COSTS	$4,371	$4,611	$37,694	$5,706	$8,370	$4,216	$4,556	$4,962	$13,622	$9,571	$6,018	$8,395
		TOTAL PAYMENTS	$37,552	$5,890	$50,031	$60,229	$23,430	$16,135	$5,497	$66,821	$16,663	$11,277	$7,800	$11,643
																	receipt should be plural -  receipts. 
																	The account balance should be graphed as it is most important for decision making purposes. 
Bar chart Graph showing the total receipt, payments and cashflow for the period of Jan 1st 2017 to Dec 31 2017
TOTAL RECEIPTS	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	2541	34920	6274.4	17353	20955	19793.400000000001	52225.8	131789.9	58319.8	TOTAL OP. CASH COSTS	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	4371	4611	37694	5706	8370	4216	4556	4962	13622	9571	6018	8395	TOTAL PAYMENTS	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	37552.400000000001	5889.6	50030.9	60228.6	23430.2	16135.2	5497.4	66821.2	16663.2	11277.3	7799.5	11643.4	
Line Graph showing to illustrate the total receipt, payments and cashflow for the period of Jan 1st 2017 to Dec 31 2017
TOTAL RECEIPTS	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	2541	34920	6274.4	17353	20955	19793.400000000001	52225.8	131789.9	58319.8	TOTAL OP. CASH COSTS	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	4371	4611	37694	5706	8370	4216	4556	4962	13622	9571	6018	8395	TOTAL PAYMENTS	JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	37552.400000000001	5889.6	50030.9	60228.6	23430.2	16135.2	5497.4	66821.2	16663.2	11277.3	7799.5	11643.4	
QrtCFS
			CASH FLOW STATEMENT FOR COOEE
			FOR THE PERIOD    1-JAN- 17  to 31-DEC-17
				QUATERLY
			  1ST QRT	  2ND QRT	  3RD QRT	  4TH QRT	  TOTAL
		RECEIPTS	
							
		CROP SALES					
		Oranges	$0.00	$0.00	$0.00	$19,278.00	$19,278.00
		LIVESTOCK SALES					
		Cattle	$2,310.00	$0.00	$18,744.00	$55,881.00	$76,935.00
		Sheep	$5,720.00	$15,904.00	$0.00	$86,050.00	$107,674.00
							
		WOOL SALES	$0.00	$0.00	$0.00	$58,596.00	$58,596.00
		ACCOUNTS RECEIVABLE
		Western Wool Buyers	$25,650.00	$0.00	$0.00	$0.00	$25,650.00
		OTHER RECEIPTS					
		Interest	$413.00	$413.00	$550.00	$550.00	$1,926.00
		Machinery	$0.00	$5,200.00	$17,800.00	$0.00	$23,000.

Task is to prepare one year of management accounts for a farm business. Assessment 1 is completed (statement of financial position -opening balance sheet, cash flow report,quarterly GST...

Answer To: Task is to prepare one year of management accounts for a farm business. Assessment 1 is completed...

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