Adjusted Trial Balance Another Company Ltd - for period 01/04/2013 to 31/03/2014

Transcription

1 Adjusted Trial Balance Another Company Ltd - for period 01/04/2013 to 31/03/2014 Account Quantity Client bal. DR CR Final Last Period Status Accounts 10+ *** FARM LIVESTOCK ACCOUNTS [ ] *** - Livestock calculation - closing stock In 200 Sales (277,659.56) (277,659.56) (277,659.56) - Generic Income Template (multiple GL codes) In 210 Purchases 24, , , Purchases 15, , , Fuel Costs 4, , , Light Power & Heating 1, , , Motor Vehicle expenses Generic Expense Template In 248 Wages 49, , , Opening Stock 5,00 5,00 5, Opening Stock 2,50 2,50 2, Closing Stock (4,50) (4,50) (4,50) 261 Closing Work In - Work in Awaiting Approval 262 Closing Stock (3,125.00) (3,125.00) (3,125.00) 271 Professional fees (4,079.11) 1 (4,089.11) (4,079.11) - Generic Template In 272 Dividends Received (1,786.00) (1,786.00) (1,80) - Dividends Received In - Dividends Received - Gross In 1

2 Account Quantity Client bal. DR CR Final Last Period Status - Dividends Received - Net In 273 Grants Received (5,777.78) (5,777.78) (5,777.78) - Generic Income Template In 274 Interest Received (925.00) (925.00) (925.00) - Interest Received In 275 Overhead Recovery (25.78) (25.78) (25.78) 277 Rent Received (9,482.67) (9,482.67) (9,482.67) - Rent Received reconciliation In 279 Sundry Income - Schedular Income with GST reconciliation In 287 Accountancy Fees Admin Fees (Prior period) Audit Fees Bank Charges Commissions Computer Expenses Directors' Fees 2,20 2,20 2, Donations - Donations In 327 Entertainment - Entertainment In - Entertainment - 50% GST claimed In - Entertainment - Adjustment required In 329 Freight & Courier Insurance 1, , , Interest - Overdraft 6, , ,

3 Account Quantity Client bal. DR CR Final Last Period Status 359 Interest - Interest Paid In 376 Legal Expenses Light Power & Heating Loan Fees Materials Motor Vehicle Expenses FBT Contribution on Motor Vehicles In 412 Motor Vehicle Allowance Office Expenses - Home Office Expenses In 429 Postage Rent - Carparking - Generic Expense Template (multiple GL codes) In 444 Rent - Office 5,20 5,20 5, Repairs & Maintenance Telephone, Tolls & Internet Wages & Salaries 23, , , Wages Reconciliation In 477 Depreciation as per Schedule 477/02 Buildings 1,00 1,00 1,00 477/04 Motor Vehicles /06 Furniture & Fittings /08 Office Equipment /10 Plant & Equipment Tax Adjustments 480/01 Tax Provision 11,00 11,00 11,00 - Provision for Income Tax In 3

4 Account Quantity Client bal. DR CR Final Last Period Status 480/04 Taxation adjustments prior years - Carried Forward Losses In 501 John Smith - Current Account - interest on overdrawn In - Current Account Rec - non-company In - Current Account Rec - shareholders In - Current Account Rec - shareholders (multiple GL codes) 501/01 Opening Balance (6,00) (6,00) (6,00) 502 Mary Smith 502/01 Opening Balance 2,10 2,10 2, Inter Company Current Account 1 591/01 Opening Balance 7,50 7,50 7,50 591/05 Cash Deposits In - Intercompany Loans In 592 Inter Company Current Account 2 592/01 Opening Balance (5,275.00) (5,275.00) (5,275.00) 600 Bank - Cheque Account 148, , , Bank Reconciliation In - Bank Reconciliation (simple) In - Bank Reconciliation Foreign Currency In 601 Bank - Savings account - Investments - interest bearing In - Term Deposit In 630 GST 4

5 Account Quantity Client bal. DR CR Final Last Period Status - GST Reconciliation In 630/00 GST Ledger Adjustments 10, , , /01 GST Outputs (37,128.10) (37,128.10) (37,128.10) 630/02 GST Inputs 7, , , Taxation - Income Tax Calculation In - Income Tax Expense In 631/01 Tax Provision (26,00) (26,00) (26,00) 635 Accounts Receivable 98, , , Other Debtors In - Trade Debtors In - Trade Debtors Listing (simple) In - Trade Debtors Reconciliation In 640 Payments in Advance (1,257.45) - Prepayments In - Prepayments with rollover In 720 Stock on Hand - Raw Materials 4,50 4,50 4, Stock on Hand - Finished Goods 3, , , Stock on Hand In 731 Land 731/01 B/Fwd Cost 44, , , Buildings 732/01 B/Fwd Cost 88, , , /04 Accumulated Depreciation (2,00) (2,00) (2,00) 734 Motor Vehicles 5

6 Account Quantity Client bal. DR CR Final Last Period Status - Fixed Assets In - Generic Asset Template In - Mixed Use Asset Calculation - Days In 734/01 B/Fwd Cost 35, , , /04 Accumulated Depreciation (1,10) (1,10) (1,10) 734/08 Accumulated Impairment Losses (1,00) (1,00) (1,00) 736 Furniture & Fittings 736/01 B/Fwd Cost 4, , , /02 Purchases 2,00 2,00 2,00 736/04 Accumulated Depreciation (272.00) (272.00) (272.00) 738 Office Equipment 738/01 B/Fwd Cost 5, , , /04 Accumulated Depreciation (243.00) (243.00) (243.00) 740 Plant & Equipment 740/01 B/Fwd Cost 19, , , /04 Accumulated Depreciation (928.00) (928.00) (928.00) 750 Listed Shares - Accounting for Investments In - Accounting for Investments (Cost) In - Dividend Paid - Net In - Investments - shares In 750/01 - Fisher & Paykel 2,50 2,50 2, *** INVESTMENT PROPERTY [ ] *** - Investments - summary In North Road, Penrose - Rental Property In 6

7 Account Quantity Client bal. DR CR Final Last Period Status - Rental Property analysis In 780/01 B/Fwd Cost 66, , , Goodwill Preliminary Expenses Accounts Payable - Trade Creditors In 810 Current Loan 1 - Hire Purchase In 810/01 Opening Balance (50,00) (50,00) (50,00) 810/02 Advance (11,00) (11,00) (11,00) 811 Current Loan 2 811/01 Opening Balance (100,00) (100,00) (100,00) 837 Provision for Holiday Pay 837/00 - Opening Balance for the year (1,00) (1,00) (1,00) 838 Provision for Sick Pay 838/00 - Opening Balance for the year (89) (89) (89) 849 Current Portion Term Loans etc 849/01 HP No 1 ex 901/05 (2,00) (2,00) (2,00) 849/02 HP No 2 ex 902/05 (3,00) (3,00) (3,00) 850 Term Loan No 1 - Bank Loan analysis In - Bank Loans In - Generic Liability Template In - Intercompany Loans Reconciliation In - Loan Reconciliation In 850/01 Opening Balance (40,00) (40,00) (40,00) 7

8 Account Quantity Client bal. DR CR Final Last Period Status 851 Term Loan No 2 851/01 Opening Balance (5,00) (5,00) (5,00) 890 Provision for Holiday Pay 890/00 - Opening Balance for the year (1,158.00) (1,158.00) (1,158.00) 891 Provision for Sick Pay 891/00 - Opening Balance for the year (75) (75) (75) 901 HP No 1 901/01 Opening Balance (6,50) (6,50) (6,50) 901/05 Tfr Current Portion to 849/01 2,00 2,00 2, HP No 2 902/01 Opening Balance (21,50) (21,50) (21,50) 902/05 Tfr Current Portion to 849/02 3,00 3,00 3, Issued Capital 910/01 2,000 A Ordinary Shares (10,00) (10,00) (10,00) 949 Retained Earnings (78,479.69) (78,479.69) (78,479.69) 990 Adjustment for Cash Flow Statement 990/01 GST on Rent /11 GST on Asset Purchases /52 GST Input adjustments (90) (90) (90) 994 Unearned Interest - Term Loans, Finance Leases, HPs 994/01 Unearned interest < 1 yr /03 Unearned interest 1-5 yrs 1, , , /05 Unearned interest > 5 yrs /21 Unearned interest < 1 yr 2, , , /23 Unearned interest 1-5 yrs 7, , , /99 Unearned interest clearing balance (12,378.00) (12,378.00) (12,378.00) 996 Reporting Flags 996/80 Imputation Credit Account - Imputation Credit Account In Trial balance total

9 Account Quantity Client bal. DR CR Final Last Period Status Profit 146, , Loss

10 Journal Listing Another Company Ltd - for period 01/04/2013 to 31/03/2014 Code Account Name Gross Amount Tax Code Tax Amount Net Amount 31/03/2014 Journal Note : journal for greg 271 Professional fees -1 None Bank Charges 1 None 1 31/03/2014 Journal Note : JOURNAL FOR GREG 410 Motor Vehicle Expenses None Motor Vehicle Allowance None

11 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Assets - GL reconciliation Assets values are calculated based on: Control group Cost Accumulated depreciation Closing WDV Account GL balance Asset balance Variance Account GL balance Asset balance Variance GL balance Asset balance Variance Depreciation expense Account Asset balance Ledger Variance ed account 11

12 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Carried Forward Issues No. Issue Action ed account 12

13 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Foreign Currency Asset or Liability valuation Foreign currency used:... Exchange rate at period end date Details Foreign currency amount Local currency amount... Is amount a liability (balance is a credit)? Balance to reconcile to GL Balance as per... Variance... ed account 13

14 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- General... ed account 14

15 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Issues for Client Attention No. Issue Action ed account 15

16 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Issues for Partner Attention No. Issue Action ed account 16

17 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Job Review Checklist Quality matters Yes No N/A Comments Do all balance sheet items have supporting WP... (incl balances with no movement)? Are you able to explain: Variations in gross profit ratios?... Material variations in profit and loss items?... Has imputation credit account been reconciled to tax paid... and to retained earnings? Do attribution rules apply?... Is a FBT adjustment required (e.g. for loans to shareholders)?... Have correct adjustments been made for private use of... business assets? Have you correctly analysed non-deductible items... (e.g. entertainment, penalties)? Have queries been neatly and adequately recorded... and cleared? Are all accounting policies correct?... Is compilation report correct? Does it refer to all... statements in the financial report? Is client eligible for Working for families tax credits?... Updating documents Is there an engagement letter on file?... If not, prepare one or advise how terms have been... recorded. If yes, what is date of last update?... Does engagement letter need updating? Are statutory records up to date and correct,... and agree with our database? Companies office?... Charities register?... Share register?... Other registers?... Are minutes/resolutions up to date?... Are any additional forms or documents required?... Dividend withholding tax?... LTC election?... Tax purchase (tax pooling)?... Other?... Feedback to client Have adjusting journal entries been forwarded to client?... Have GST adjustments been documented and advised to client?... Are there areas with client accounting procedures that can... be improved? Any tax planning suggestions/recommendations?... Any other action for client?... Partner to complete: Yes No N/A Comments 17

18 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Job Review Checklist Other services client could benefit from? (eg. Cashflow,... budgeting, business plan) Are the client s insurance/licencing requirements... adequate? Property... Consequential loss/business interruption insurance... Indemnity insurance... Life insurance... Income protection... Should the client s financing arrangements be restructured?... Is investment advice required?... Retirement/succession planning does client have a will?... Client visit?... Other issues ed account 18 Page 2

19 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Ratio Analysis Ratio type Value Calculation Liquidity Current ratio times Current assets / current liabilities Quick ratio times (Current assets - inventory) / current liabilities Efficiency Average collection period days 365 X average trade debtors / sales Inventory turnover times COGS / average inventory Total asset turnover times Sales / average assets Leverage Debt ratio times Total liabilities / total assets Debt to equity ratio times Total liabilities / equity Times interest earned times EBIT / interest expense Profitability Gross profit margin % (Sales - COGS) / sales Net profit margin % (Sales - COGS - operating expenses ) / sales Return on investment % (Sales - COGS - operating expenses ) / average assets Return on equity % (Sales - COGS - operating expenses ) / average equity Assets / equity Times Total assets / equity Account data This year balances Last year balances Fields in blue are derived from the ledger. These values can be manually updated. Profit and loss information: Sales Total sales COGS Total COGS Operating expenses Total operating expenses EBIT (Calculation: EBIT = Sales - COGS - operating expenses) Interest expense 19

20 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Ratio Analysis Total interest expense Assets information: Trade debtors Total trade debtors Inventory Total inventory Current assets Total current assets Total assets Total assets Liabilities information: Current liabilities Total current liabilities Total liabilities Equity information: Total liabilities Equity (calculation: equity = total assets - total liabilities) Page 2 20

21 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Ratio Analysis ed account Page 3 21

22 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date Review Points No. Account Issue Action Cleared Missing Workpaper?? ed account 22

23 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Livestock calculation - closing stock As per stock take: General journals: Opening stock Ledger Ledger balance Quantity Valuation Balance Quantity Balance quantity method 130/01 Ewe Lambs /09 Breeding Rams /04 Mixed Age Ewes Purchases Ledger quantity Ledger balance Quantity Average cost Balance Quantity Balance

24 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Livestock calculation - closing stock Sales Ledger Ledger balance Quantity Average cost Balance Quantity Balance quantity 160/01 Ewe Lambs Natural increase Ledger Quantity Quantity quantity Killed for rations Ledger Quantity Quantity quantity Deaths Ledger Quantity Quantity quantity Page 2

25 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Livestock calculation - closing stock Closing stock Ledger Ledger balance Quantity Valuation Balance Quantity Balance quantity method 160/01 Ewe Lambs /04 Mixed Age Ewes /09 Breeding Rams Stock on hand Balance Closing stock reconciliation: Opening stock 13 Purchases 0 Sales 5 Natural increase 0 Killed for rations 0 Deaths 0 Closing stock 15 Variance 33 Page 3 25

26 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Livestock calculation - closing stock ed account Page 4 26

27 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Generic Income Template (multiple GL codes) Date Gross amount GST % GST Net amount Drinks 52, , , Food 200, , , hireage 45, , , ,50 38, , Amount to reconcile to ledger (credit balance) -258, Sales -277, Variance -277, , ed account 27

28 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Generic Expense Template Date Gross amount GST % GST Net amount Rego Service Oil Balance as per 240 Motor Vehicle expenses Variance ed account 28

29 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Work in Details Ref Valuation method Amount Widgets Balance as per 261 Closing Work In Variance Checklist Does work in progress include overhead amount?... ed account 29

30 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date Generic Template Date Amount 27/03/2014 Business advisory fee's 3, , Balance as per 271 Professional fees -4, Variance 7, Scanned Document from Client Name: Scanned Document from Client Location: Document Manager ed account 30

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34 Practice Name: ABC Consulting Client Name: Another Company Ltd Period End: 31/03/2014 Prepared By: McCormack,Anna Prepared Date: 19/04/2017 Approved By: Approved Date: Dividends Received Date Gross Dividend Imputation Credits Net Dividend Withholding Tax Net Amount Received Total Credit Balance Total as per 272 Dividends Received -1, Variance 1, Document s 34

35 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Dividends Received - Gross Date Gross dividend Imputation credits Net dividend Withholding tax Net amount received Dividend from XXX 01/01/2014 1, Dividend from YYY 01/01/ , , , Total gross dividends (credit is -ve) -1,98 Total as per 272 Dividends Received -1, Variance ed account 35

36 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Dividends Received - Net Date Gross dividend Imputation credits Net dividend Withholding tax Net amount received dividend from XXX 01/01/2014 1,01 1 1, Dividend from YYY 01/01/ ,00 2 1,98 2 1,96 Total to reconcile (credit blance) -1,98 Total as per 272 Dividends Received -1, Variance ed account 36

37 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Generic Income Template Date Gross amount GST % GST Net amount Amount to reconcile to ledger (credit balance) Balance as per 273 Grants Received -5, Variance 5, ed account 37

38 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Interest Received Name of payer Gross interest Withholding tax Net interest Resident withholding tax (%) Company Total gross interest (credit balance) -90 Balance as per 274 Interest Received Variance ed account 38

39 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date Rent Received reconciliation GST rate: % Details No payments Rate Gross amount GST? GST Net amount 0 Total rent received (credit is negative) Balance as per 277 Rent Received -9, Variance 9, Document s Account s ed account 39

40 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Schedular Income with GST reconciliation GST rate: % Details Gross amount (ex GST) W/tax rate Withholding tax GST Payment received... Total gross schedular income (credit is negative) Balance as per 279 Sundry Income Variance... ed account 40

41 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Donations Name Deductible Non-deductible Total Balance as per 326 Donations Variance ed account 41

42 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Entertainment Gross paid Deductible % Non-deductible Deductible Less : GST 15.00% Net deductible entertainment Balance as per 327 Entertainment Non-deductible portion Calculated above Variance: Immaterial rounding Adjusted variance ed account Variance 42

43 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Entertainment - 50% GST claimed This workpaper is for when at the original coding of the transaction only 50% of the GST was claimed on entertainment. Gross paid Deductible Non-deductible Deductible %... Less : GST 15.00% Net deductible entertainment Balance as per 327 Entertainment Non-deductible portion Calculated above... Variance: Immaterial rounding Adjusted variance... ed account Variance 43

44 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Entertainment - Adjustment required This workpaper is for when at the original coding of the transaction 100% of the GST was claimed on entertainment and an adjustment is required GST Rate: Gross paid GST rate Net paid Deductible % Net deductible Balance as per 327 Entertainment Variance Non-deductible portion Non-deductible net per above GST adjustment for box 9 Total non-deductible entertainment Check balance coded to non-deductible: Variance: Immaterial rounding Adjusted variance Document s ed account 44

45 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Interest Paid Amount paid Private % Amount claimed... Plus accrual Less reversal Total interest expense General ledger accounts Amount... Variance... ed account 45

46 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date FBT Contribution on Motor Vehicles of vehicle Cost (ex GST) GST % Cost (incl GST) Fringe benefit value % Days not available for private use Net amount Contribution by employee Contribution required Mazda 21, , , , Nissan Amount to reconcile to ledger (credit balance) Balance as per 410 Motor Vehicle Expenses Variance 6.24 Is the client GST registered Total for shareholder to contribute: Contribution required per above: GST on contribution Total shareholder contribution: Check balance coded to current account: 501/05 Cash Deposits Total: Variance: ADD A COMMENT LINK A DOCUMENT Name: Scanned Document from Client Location: Document Manager ed account 46

47 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Home office percentage calculation Area of office 1 Total area of house 18 Business use percentage 5.56 % Total home office expenses claimed $2, Home Office Expenses Expenses - business use %: Claimable Gross Gross claimable GST claimable Net amount % amount amount GST rate Amount claimed Insurance Rates , Mortgage interest ,00 1, , Utility , Repairs and maintenance , Rent 5.56 Other Items , ,90 2, , Expenses - specific rate %: Claimable Gross Gross claimable GST claimable Net amount % amount amount GST rate Amount claimed Depreciation , , Total home office claim $2, Balance from account 425 Office Expenses 2, leave notes that are printed with workpapers ed account 47

48 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Generic Expense Template (multiple GL codes) Date Gross amount GST % GST Net amount 31/03/2014 Rent Paid 5, , , , Rent - Carparking 443 Rent - Conference Facility 444 Rent - Office 5, Rent - Plant & Equipment Variance 5, ed account 48

49 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date Wages Reconciliation Gross wages per IRD employer returns Gross earnings PAYE Kiwisaver employer ESCT April May June July August September October November December January February March Total wages per IRD Total wages per payroll Variance Gross wages Employers' kiwisaver contributions ESCT Total wages to reconcile with general ledger General ledger reconcilation Gross wages per payroll records Non-taxable amounts paid, and recorded as wages in general ledger Holiday pay accrual at end of year 1,00 Holiday pay accrual at beginning of year (enter as a negative number) -80 Other adjustments: Reconcile to: Account Amount 475 Wages & Salaries 23, Total wages 20 Total wages per general ledger accounts 23, Variance -22,

50 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date ed account Wages Reconciliation 50 Page 2

51 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Provision for Income Tax Opening balance per last year's workpaper (negative number = tax to pay, positive number = refund due) Add: Prior year income tax refunds received Less: Prior year income tax paid Balance of prior year income tax Add: Current year income tax expense Other Net tax payable Less: Overseas tax paid claimable Imputation credits received Note: The amount of Overseas Tax paid and / or Imputation Credits received that is claimable will be limited to a maximum of the amount of net tax payable. Interest withholding tax paid (linked from Interest received) Dividend withholding tax paid (linked from Dividends received - gross) Provisional tax instalment 1 - Provisional tax instalment 2 - Provisional tax instalment 3 - Other Closing balance Closing balance per 480/01 Tax Provision 11,00 Variance -11,00 (negative number = tax to pay, positive number = refund due) Closing balance represented by: Tax year Amount outstanding Total Variance 11,00 Checklist Agreed to trial balance Agreed to income tax return 51

52 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Provision for Income Tax ed account 52 Page 2

53 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Carried Forward Losses Carry forward revenue account losses Income year Opening balance Recouped Current year loss Closing balance Carry forward capital account losses Income year Opening balance Recouped Current year loss Closing balance... ed account 53

54 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Current Account - interest on overdrawn Tick to compound interest monthly Name of person: Date Details Drawings Other Contributions Balance Interest Credit/(debit) Debit Rate % * Credit Rate % * 01-Apr Opening bal Salary Other opening adjustments Interest 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep 31-Oct 30-Nov 31-Dec 31-Jan 29-Feb 31-Mar * Check that the interest rates are those prescribed by Inland Revenue for the current year. Tick YES if workpaper linked to equity code, cross NO if linked to revenue code Amount to reconcile to ledger Interest per linked account (credit)/debit 501 John Smith -6,00 Variance 6,00 Loan summary Opening (debit)/credit Salary Other opening adjustments Drawings Other Contributions Interest Closing Loan account (credit)/debit: Variance 54

55 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Current Account - interest on overdrawn Interest for linking ed account 55 Page 2

56 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Current Account Rec - non-company Name of account holder:... (eg. Partner/beneficiary name) Opening balance Add: Share of income/loss Funds introduced Other:... Less: Regular drawings Other drawings Income tax paid Other:... Closing balance Ledger balance should be (Debit +ve, Credit -ve) Balance as per 501 John Smith -6,00 Variance 6,00... ed account 56

57 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Name of shareholder: Current Account Rec - shareholders Opening balance Add: Shareholder salary Dividend credited Interest credited Funds introduced Other: Less: Regular drawings Other drawings Adjustment for personal use of company assets Interest charged (linked from Current account - interest on overdrawn) Income tax paid FBT contributions (linked from FBT contribution on motor vehicles) Other: Closing balance Ledger balance should be (debit +ve, credit -ve) Balance as per 501 John Smith -6,00 Variance 6,00 ed account 57

58 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Current Account Rec - shareholders (multiple GL codes) Name of shareholder: Opening balance Add: Shareholder salary Dividend credited Interest credited Funds introduced Other: Less: Regular drawings Other drawings Adjustment for personal use of company assets Interest charged (linked from Current account - interest on overdrawn) Income tax paid FBT contribution (linked from FBT contribution on motor vehicles) Other: Closing balance Ledger balance should be (debit +ve, credit -ve) Variance ed account 58

59 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Intercompany Loans Intercompany loan balances Entity name Entity A Entity B Entity C Entity D Entity E Entity F Entity G Entity H Entity I Entity J Total Entity A Entity B Entity C Entity D Entity E Entity F Entity G Entity H Entity I Entity J Total Variance for entity Variance for loans Entity A Entity B Entity C Entity D Entity E Entity F Entity G Entity H Entity I Entity J... ed account 59

60 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date Bank account 600 Bank - Cheque Account Bank Reconciliation Closing balance 148, Bank reconciliation statement Balance per bank statement Add: Undeposited funds Date Amount Less: Outstanding cheques Date Cheque No. Amount Closing balance Variance -148, Checklist Verified closing bank balance on bank statement. Copy of balance date bank statement on file. Reviewed outstanding deposits for reasonableness. Reviewed outstanding cheques for stale cheques. Balance agreed to trial balance. bank statement Name: Bank Statement Location: Document Manager ed account 60

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62 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Bank account 600 Bank - Cheque Account Bank Reconciliation (simple) Balance per ledger 148, Bank reconciliation statement Balance per attached bank reconciliation Variance -148, Checklist Verified closing bank balance on bank statement. Copy of balance date bank statement on file. Reviewed outstanding deposits for reasonableness. Reviewed outstanding cheques for stale cheques. Balance agreed to trial balance. ed account 62

63 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Bank Reconciliation Foreign Currency Bank account 600 Bank - Cheque Account Balance per ledger NZD 148, Bank reconciliation statement Foreign currency Balance per attached bank statement/(reconciliation) in foreign currency Add: Undeposited funds Date Amount Less: Outstanding cheques Date Cheque No. Amount Closing balance Exchange rate as at year end - expressed as cents/nzd NZD closing balance per bank statement Variance -148, Checklist Verified closing bank balance on bank statement. Copy of balance date bank statement on file. Reviewed outstanding deposits for reasonableness. Reviewed outstanding cheques for stale cheques. Balance agreed to trial balance. ed account 63

64 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Investments - interest bearing Principal sum Interest rate % Maturity date. Opening balance Interest received Additional investment Funds withdrawn RWT on interest Closing balance Balance as per 601 Bank - Savings account Variance ed account 64

65 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Term Deposit Term deposit details details go here Reconciliation Closing balance per bank 1 Closing balance per ledger 601 Bank - Savings account Variance 1 Calculation of interest accrual Interest rate for next 12 months 6.05 % Last date interest was paid 12/10/2014 Balance date 31/03/2014 Number of days to accrue 195 notes to be included on the WorkSheet go here... ed account Interest accrued to balance date

66 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date GST Reconciliation GST returns outstanding at balance date: Details Period ended GST collected GST paid Net GST due GST collected / paid since last return to balance date: Total GST outstanding at balance date Timing adjustment (use for payment basis only): GST on accounts receivable (linked from Trade debtors listing (simple)) GST on accounts receivable (if other workpaper used) GST on cash on hand GST on accounts payable (linked from Trade creditors) GST on unpresented cheques (if not included in last return) Other timing adjustments Total timing adjustments Net GST due before other adjustments Other adjustments: GST on expenses (linked from Home office expenses - business use %) GST on expenses (linked from Home office expenses - specific rate %) GST on expenses (linked from Entertainment - adjustment required) Total other adjustments Net GST due (negative amount = GST payable) Balance as per 630 GST -19, Other accounts (if not in group) Amount Total other accounts Total balance per ledger -19, Variance 19, ed account 66

67 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date GST Reconciliation 67 Page 2

68 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Income Tax Calculation Tax rate of 3 % (last year 3 %) This year Last year Profit/(loss) per accounts Add: Non-deductible items... Less: Allowable deductions and non-assessable income... Taxable profit/loss Tax payable Checklist... Agreed to trial balance Agreed to income tax return Reviewed accounts for all non deductible items Reviewed accounts for all allowable deductions & non assessable income Completed "Provision for Income Tax" workpaper ed account 68

69 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Income Tax Expense Income tax rate % Income % Net profit before taxation Deferred tax at beginning of year Deferred tax at end of year... Subtotal Add: Non-deductibles... Less: Non-assessible income... Subtotal Less: Losses brought forward Taxable income Tax on taxable income Plus/minus deferred tax Tax expense per profit and loss Immaterial rounding variance Tax expense per profit and loss - rounded Tax expense per general ledger -26,00 Variance: 26,00 Journal to be created Dr/(cr) amount Tax expense Tax effect of permanent differences Tax effect of prior year losses Tax effect of deferred tax Deferred tax liability Provision for tax... 69

70 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- ed account Income Tax Expense 70 Page 2

71 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Other debtors Other Debtors Detail Closing balance... Balance per ledger account: 98, Variance -98, Checklist... Agreed other debtors to trial balance Compare other debtors to prior year and review for omissions ed Account 71

72 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Trade Debtors Trade debtors 100,00 Less provision for doubtful debts 12,00 Trade debtors per balance sheet 88,00 Balance as per 635 Accounts Receivable 98, Trade debtors reconciliation Balance per debtors ledger 90,00 Bad debts written off 3,25 Credit balances transferred to creditors 50 Credit notes issued after year end 5,00 Other adjustments... Trade debtors per balance sheet 98,75 Variance Summary of bad debts Name of debtor Amount A Debtor 3,00 Another Debtor ,25 Checklist... Is a debtors ledger maintained? If no debtors ledger maintained, document how debtors calculated (eg. invoices, post balance date bankings) Has a debtors reconciliation been prepared? Have bad debts and credits given subsequent to year end been considered? Has client maintained adequate records to substantiate bad debts written off? Is the provision for doubtful debts adequate? ed account 72

73 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Trade Debtors Listing (simple) Invoice date Date paid GST % GST Net Gross Balance as per 635 Accounts Receivable 98, Variance -98, Checklist Is a debtors ledger maintainted? If no debtors ledger maintained, document how debtors calculated (eg. invoices, post balance date bankings) Have bad debts and credits given subsequent to year end been considered? Has client maintained adequate records to substantiate bad debts written off? ed account 73

74 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Trade Debtors Reconciliation Balance sheet reconciliation (only required when there is a provision for doubtful debts) Trade debtors Account: Less provision for doubtful debts Account: Trade debtors per balance sheet Balance as per 635 Accounts Receivable 98, Trade debtors reconciliation Balance per debtors ledger Bad debts written off Credit balances transferred to creditors Credit notes issued after year end Other adjustments Trade debtors per balance sheet Variance -98, Bad debts Account: Summary of bad debts Name of debtor Amount Summary of doubtful debts Name of debtor Amount Checklist Is a debtors ledger maintained? If no debtors ledger maintained, document how debtors calculated (eg. invoices, post balance date bankings) Has a debtors reconciliation been prepared? Have bad debts and credits given subsequent to year end been considered? Has client maintained adequate records to substantiate bad debts written off? Is the provision for doubtful debts adequate? ed account 74

75 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by Approved date Prepayments Prepayment details : Prepayment amount Beginning date of prepayment End date of prepayment Days in prepayment 1 Amortisation start date Period end date Days this period 1 Expense this period Prepayment reconciliation per 640 Payments in Advance Opening balance Add: Payments this period Less: Expense this period Total Closing balance Variance ed account 75

76 Another Company Ltd Prepared by McCormack,Anna Prepared date 31/01/2018 Approved by Approved date Prepayments with rollover Period start date: Period end date: 01/04/ /03/2014 Cost Start date End date Prepayment period (days) Current year (days) Opening balance Expensed this year Closing balance..insurnace 10 01/11/ /10/ ed account Total closing balance Account value: 640 Payments in Advance Variance: Document 76

77 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Stock on Hand Details Ref Valuation method Amount... Balance as per 722 Stock on Hand - Finished Goods 3, Variance -3, Checklist... Consider whether any write-down is justified (eg. obsolete stock) Consider whether valuation method can be changed ed account 77

78 Another Company Ltd Prepared by McCormack,Anna Prepared date 30/10/2017 Approved by Approved date Fixed Assets Fields in blue are derived from the ledger. These values can be manually updated. Opening book value 29,50 Add: Purchases (see schedule below) 10,00 Depreciation recovered Capital gain on disposal of asset 10,00 Less: Disposals (see schedule below) 5,00 Depreciation Loss on disposal of assets 5,00 Closing book value 34,50 Closing book value as per: 734 Motor Vehicles 33, , Immaterial variance Variance 1, Purchases Date Asset Cost (excl) 21/07/2013 Van 10,00 10,00 Disposals Date Asset Cost (excl) 22/07/2013 Car 5,00 5,00 ed account 78

79 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Generic Asset Template Date Amount --/--/ Balance as per 734 Motor Vehicles 33, Variance -33, ed account 79

80 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Mixed Use Asset Calculation - Days Income earning days 0 Counted days (private) 0 Income earning days + counted days 0? Deductible expenses? Non-deductible - tax adjustment? Expenses to portion and non-deductible codes to reclassify them to:... Check balance coded to non-deductible tax adjustment codes:... Total: Variance:?... ed account 80

81 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments Cost summary Opening balance Add: Purchases Cost adjustments Less: Sales Cost adjustments Closing balance Account linked to workpaper (if any): 750 Listed Shares 2,50 or select accounts to reconcile:... Variance -2,50 Mark to market profit/(loss) Closing market value Add: Net sale proceeds Cost adjustment (decrease) Less: Opening market vlaue Purchases Cost adjustment (increase) Mark to market profit/(loss) Select accounts to reconcile:... Variance Realised profit/(loss) Realised profit/(loss) Select accounts to reconcile:... Variance 81

82 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments Investment data Investment:... Prior year market price at year end Current year market price at year end Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Value Units Cost Units Cost Units Cost Units Cost Value Sale proceeds Realised profit/loss --/--/ Investment:... Prior year market price at year end Current year market price at year end Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Value Units Cost Units Cost Units Cost Units Cost Value Sale proceeds Realised profit/loss --/--/---- Investment:... Prior year market price at year end Current year market price at year end Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Value Units Cost Units Cost Units Cost Units Cost Value Sale proceeds Realised profit/loss --/--/---- Investment:... Prior year market price at year end Current year market price at year end Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Value Units Cost Units Cost Units Cost Units Cost Value Sale proceeds Realised profit/loss --/--/---- Investment:... Prior year market price at year end Current year market price at year end Opening balance Buy Sell Cost/unit adjustment Closing balance Page 2 82

83 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments Purchase date Units Cost Value Units Cost Units Cost Units Cost Units Cost Value Sale proceeds Realised profit/loss --/--/---- Report totals Opening balance Buy Sell Cost/unit adjustment Closing balance Cost Value Cost Cost Cost Cost Value Sale proceeds Realised profit/loss... ed account 83 Page 3

84 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments (Cost) Cost summary Opening balance Add: Purchases Cost adjustments Less: Sales Cost adjustments Closing balance Account linked to workpaper (if any): 750 Listed Shares 2,50 or select accounts to reconcile:... Variance -2,50 Realised profit/(loss) Realised profit/(loss) Select accounts to reconcile:... Variance 84

85 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments (Cost) Investment data :... Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Page 2 85

86 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments (Cost) Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Page 3

87 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Accounting for Investments (Cost)... Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Opening balance Buy Sell Cost/unit adjustment Closing balance Purchase date Units Cost Units Cost Units Cost Units Cost Units Cost Sale proceeds Realised profit/loss --/--/ Report totals Opening balance Buy Sell Cost/unit adjustment Closing balance Cost Cost Cost Cost Cost Sale proceeds Realised profit/loss... ed account Page 4 87

88 Another Company Ltd Prepared by Cotton,Hannah Prepared date 30/06/2017 Approved by... Approved date --/--/---- Dividend Paid - Net Date of dividend Total # shares in company * Total gross dividend Total imputation credits Net dividend Withholding tax rate % Withholding tax Net amount paid --/--/ Total 0 * Enter the number of shares in the the total field. All dividends paid in this workpaper are based on the same shareholding. Shareholder # Shares held Gross dividend Imputation credits Net dividend Withholding tax rate % Withholding tax Net amount paid... 0 Total 0 Variance 0 Net dividend Immaterial rounding Rounded payment... ed account 88