BSBFIM601 Manage finances

ADVANCED DIPLOMA OF BUSINESS BSB60215 Study Support materials for BSBFIM601 Manage finances STUDENT HANDOUT

ELEMENT Elements describe the essential outcomes. 1 Plan for financial management 2 Establish budgets and allocate funds PERFORMANCE CRITERIA Performance criteria describe the performance needed to demonstrate achievement of the element. 1.1 Review and analyse previous financial data to establish areas which have generated a profit or loss 1.2 Undertake research to review reasons for previous profit and loss 1.3 Review business plan to establish critical dates and initiatives that will require or generate resources in the next financial cycle 1.4 Analyse cash flow trends 1.5 Review statutory requirements for compliance and liabilities for tax 1.6 Review existing software and its suitability for financial management 2.1 Use previous financial data to determine allocations for resources 2.2 Make informed estimates of new items for inclusion in budget 2.3 Prepare budgets in accordance with organisational requirements and statutory requirements 3 Implement budgets 3.1 Circulate budgets and ensure managers and supervisors are clear about budgets, reporting requirements and financial delegations 3.2 Manage risks by checking there are no opportunities for misappropriation of funds and that systems are in place to properly record all financial transactions 3.3 Review profit and loss statements, cash flows and ageing summaries 3.4 Revise budgets, as required, to deal with contingencies 3.5 Maintain audit trails to ensure accurate tracking and to identify discrepancies between agreed and actual allocations 3.6 Ensure compliance with due diligence 4 Report on finances 4.1 Ensure structure and format of reports are clear and conform to organisational and statutory requirements 4.2 Identify and prioritise significant issues in statements, including comparative financial performances for review and decision making 4.3 Prepare recommendations to ensure financial viability of the organisation 4.4 Evaluate the effectiveness of financial management processes

Financial planning and control mechanisms In a financial report three statements are needed these are the balance sheets, cash flow statements and income statements. Examples are provided below for Clearwater Pty Ltd. STANDARD SET OF FINANCIALS Documents include: 1. Profit and Loss as at 30 June 2014 2. Profit and Loss July 2014 to June 2015 3. Profit and Loss June 2015 with YTD 4. Balance Sheet as at 30 June 2015 5. Accounts List 6. General Ledger for June 2015 7. Trial Balance 8. Aged Receivables 9. Aged Payables 1. PROFIT AND LOSS AS AT 20 JUNE 2014

Clearwater Pty Ltd Profit & Loss Statement June 2014 Income Cost Of Sales Gross Profit $0.00 Expenses General & Admin Expenses Accounting Fees $9.09 Payroll Expenses Superannuation $398.08 Wages & Salaries $4,423.08 Total Expenses $4,830.25 Operating Profit ($4,830.25) Other Income Other Expenses Net Profit/(Loss) ($4,830.25)

2. PROFIT AND LOSS JULY 2014 TO JUNE 2015 Clearwater Pty Ltd Profit & Loss Statement July 2014 through June 2015 Income Sales Income Sales - Spring Water $7,397.13 Sales - Carbonated Water $6,194.86 Sales - Water Cooler $38,702.81 Sales - Crock $5,709.10 Sales - Stands $1,334.54 Sales - Other Equip $9,492.73 Service Income Service - Coolers $1,628.90 Service - Other Income $1,890.44 Time Billing Income Travelling Time $312.94 Total Income $72,663.45 Cost Of Sales Purchases Equipment $31,274.64 Total Cost Of Sales $31,274.64 Gross Profit $41,388.81 Expenses General & Admin Expenses Accounting Fees $995.37 Advertising $9,899.36 Bank Charges $115.17 Depreciation $100.00 Office Supplies $1,479.64 Subscriptions $287.25 Operating Expenses Car Expenses $2,827.74 Cleaning $135.01 Electricity $2,102.16 Insurance $815.90 Office Rental $8,031.87 Other Operating Expenses $100.00 Photocopy $154.54 Postage $7.50 Printing $896.81 Telephone $1,663.62 Payroll Expenses Superannuation $6,309.38 Wages & Salaries $70,104.15 Total Expenses $106,025.47 Operating Profit ($64,636.66) Other Income Interest Income $26.80 Miscellaneous Income $62,021.61 Total Other Income $62,048.41

Other Expenses Private Use $146.00 Total Other Expenses $146.00 Net Profit/(Loss) ($2,734.25)

3. PROFIT AND LOSS JUNE 2015 WITH YEAR TO DATE Clearwater Pty Ltd Profit & Loss [With Year to Date] June 2015 Selected Period % of Sales Year to Date % of YTD Sales Income Sales Income Sales - Spring Water $0.00 NA $7,397.13 10.20% Sales - Carbonated Water $0.00 NA $6,194.86 8.50% Sales - Water Cooler $0.00 NA $38,702.81 53.30% Sales - Crock $0.00 NA $5,709.10 7.90% Sales - Stands $0.00 NA $1,334.54 1.80% Sales - Other Equip $0.00 NA $9,492.73 13.10% Service Income Service - Coolers $0.00 NA $1,628.90 2.20% Service - Other Income $0.00 NA $1,890.44 2.60% Time Billing Income Travelling Time $0.00 NA $312.94 0.40% Total Income $0.00 NA $72,663.45 100.00% Cost Of Sales Purchases Equipment $0.00 NA $31,274.64 43.00% Total Cost Of Sales $0.00 NA $31,274.64 43.00% Gross Profit $0.00 NA $41,388.81 57.00% Expenses General & Admin Expenses Accounting Fees $9.09 NA $995.37 1.40% Advertising $0.00 NA $9,899.36 13.60% Bank Charges $0.00 NA $115.17 0.20% Depreciation $0.00 NA $100.00 0.10% Office Supplies $0.00 NA $1,479.64 2.00% Subscriptions $0.00 NA $287.25 0.40% Operating Expenses Car Expenses $0.00 NA $2,827.74 3.90% Cleaning $0.00 NA $135.01 0.20% Electricity $0.00 NA $2,102.16 2.90% Insurance $0.00 NA $815.90 1.10% Office Rental $0.00 NA $8,031.87 11.10% Other Operating $0.00 NA $100.00 0.10% Expenses Photocopy $0.00 NA $154.54 0.20% Postage $0.00 NA $7.50 0.00% Printing $0.00 NA $896.81 1.20% Telephone $0.00 NA $1,663.62 2.30% Payroll Expenses Superannuation $398.08 NA $6,309.38 8.70% Wages & Salaries $4,423.08 NA $70,104.15 96.50% Total Expenses $4,830.25 NA $106,025.47 145.90% Operating Profit ($4,830.25) NA ($64,636.66) -89.00%

Other Income Interest Income $0.00 NA $26.80 0.00% Miscellaneous Income $0.00 NA $62,021.61 85.40% Total Other Income $0.00 NA $62,048.41 85.40% Other Expenses Private Use $0.00 NA $146.00 0.20% Total Other Expenses $0.00 NA $146.00 0.20% Net Profit/(Loss) ($4,830.25) NA ($2,734.25) -3.80%

4. BALANCE SHEET AS AT 20 JUNE 2015 Clearwater Pty Ltd Balance Sheet As of June 2015 Assets Current Assets General Cheque Account 1 $97,272.82 General Cheque Account 2 $150,000.00 Clearwater Provision Account $64,217.19 Clearwater Investment Account $20,000.00 Electronic Clearing Account ($31,954.87) Payroll Cheque Account ($14,953.48) Inventory $22,042.37 Trade Debtors $8,328.24 Total Current Assets $314,952.27 Withholding Credits Voluntary Withholding Credits $560.00 Total Withholding Credits $560.00 Furniture & Fittings F & F - At Cost $1,250.00 Total Furniture & Fittings $1,250.00 Total Assets $316,762.27 Liabilities Current Liabilities Payroll Liabilities PAYG Withholdings Payable $18,087.00 Superannuation Payable $9,755.54 Total Payroll Liabilities $27,842.54 Trade Creditors $31,408.75 Total Current Liabilities $59,251.29 GST Liabilities GST Collected $13,212.23 GST Paid ($7,659.47) Sales Tax Payable $257.51 Voluntary Withholdings Payable $391.00 ABN Withholding Payable $1,291.00 Luxury Car Tax Payable $2,752.96 Total GST Liabilities $10,245.23 Total Liabilities $69,496.52 Net Assets $247,265.75 Equity Current Earnings ($2,734.25) Historical Balancing Account $250,000.00 Total Equity $247,265.75

5. ACCOUNTS LIST Clearwater Pty Ltd Accounts List [Detail] As of 30/06/2015 Account # Account Type Dr/Cr Header/Detail Level Balance Tax Code 1-0000 Assets Asset Debit Header 1 $316,762.27 1-1000 Current Assets Asset Debit Header 2 $314,952.27 1-1110 General Cheque Account 1 Bank Debit Detail 3 $97,272.82 N-T 1-1120 General Cheque Account 2 Bank Debit Detail 3 $150,000.00 N-T 1-1150 Clearwater Provision Account Bank Debit Detail 3 $64,217.19 N-T 1-1160 Clearwater Investment Bank Debit Detail 3 $20,000.00 N-T Account 1-1190 Electronic Clearing Account Bank Debit Detail 3 -$31,954.87 N-T 1-1200 Payroll Cheque Account Bank Debit Detail 3 -$14,953.48 N-T 1-1400 Inventory Other Debit Detail 3 $22,042.37 N-T Asset 1-1700 Trade Debtors Accounts Debit Detail 3 $8,328.24 N-T Receivable 1-1950 Withholding Credits Asset Debit Header 2 $560.00 1-1960 Voluntary Withholding Credits Other Debit Detail 3 $560.00 N-T Asset 1-2100 Furniture & Fittings Asset Debit Header 2 $1,250.00 1-2110 F & F - At Cost Other Asset Debit Detail 3 $1,250.00 N-T 2-0000 Liabilities Credit Header 1 $69,496.52 2-1000 Current Liabilities Credit Header 2 $59,251.29 2-1500 Payroll Liabilities Credit Header 3 $27,842.54 2-1510 PAYG Withholdings Payable Other Credit Detail 4 $18,087.00 N-T 2-1530 Superannuation Payable Other Credit Detail 4 $9,755.54 N-T 2-2000 Trade Creditors Accounts Credit Detail 3 $31,408.75 N-T Payable 2-3000 GST Liabilities Credit Header 2 $10,245.23 2-3010 GST Collected Other Credit Detail 3 $13,212.23 N-T 2-3030 GST Paid Other Credit Detail 3 -$7,659.47 N-T 2-3050 Sales Tax Payable Other Credit Detail 3 $257.51 N-T 2-3070 Voluntary Withholdings Other Credit Detail 3 $391.00 N-T Payable 2-3080 ABN Withholding Payable Other Credit Detail 3 $1,291.00 N-T 2-3090 Luxury Car Tax Payable Other Credit Detail 3 $2,752.96 N-T 3-0000 Equity Equity Credit Header 1 $247,265.75 3-9000 Current Earnings Equity Credit Detail 2 -$2,734.25 N-T 3-9999 Historical Balancing Account Equity Credit Detail 2 $250,000.00 N-T 4-0000 Income Income Credit Header 1 $72,663.45 4-1000 Sales Income Income Credit Header 2 $68,831.17 4-1100 Sales - Spring Water Income Credit Detail 3 $7,397.13 GST 4-1200 Sales - Carbonated Water Income Credit Detail 3 $6,194.86 GST 4-1300 Sales - Water Cooler Income Credit Detail 3 $38,702.81 GST

4-1400 Sales - Crock Income Credit Detail 3 $5,709.10 GST 4-1500 Sales - Stands Income Credit Detail 3 $1,334.54 GST 4-1600 Sales - Other Equip Income Credit Detail 3 $9,492.73 GST 4-2000 Service Income Income Credit Header 2 $3,519.34 4-2100 Service - Coolers Income Credit Detail 3 $1,628.90 GST 4-2200 Service - Other Income Income Credit Detail 3 $1,890.44 GST 4-5000 Time Billing Income Income Credit Header 2 $312.94 4-5200 Travelling Time Income Credit Detail 3 $312.94 GST 5-0000 Cost Of Sales Cost of Sales 5-1000 Purchases Cost of Sales 5-1100 Equipment Cost of Sales Debit Header 1 $31,274.64 Debit Header 2 $31,274.64 Debit Detail 3 $31,274.64 N-T 6-0000 Expenses Expense Debit Header 1 $106,025.47 6-1000 General & Admin Expenses Expense Debit Header 2 $12,876.79 6-1100 Accounting Fees Expense Debit Detail 3 $995.37 GST 6-1110 Advertising Expense Debit Detail 3 $9,899.36 GST 6-1130 Bank Charges Expense Debit Detail 3 $115.17 GST 6-1140 Depreciation Expense Debit Detail 3 $100.00 GST 6-1180 Office Supplies Expense Debit Detail 3 $1,479.64 GST 6-1200 Subscriptions Expense Debit Detail 3 $287.25 GST 6-2000 Operating Expenses Expense Debit Header 2 $16,735.15 6-2100 Car Expenses Expense Debit Detail 3 $2,827.74 GST 6-2110 Cleaning Expense Debit Detail 3 $135.01 GST 6-2120 Electricity Expense Debit Detail 3 $2,102.16 GST 6-2130 Insurance Expense Debit Detail 3 $815.90 GST 6-2140 Office Rental Expense Debit Detail 3 $8,031.87 GST 6-2150 Other Operating Expenses Expense Debit Detail 3 $100.00 GST 6-2160 Photocopy Expense Debit Detail 3 $154.54 N-T 6-2170 Postage Expense Debit Detail 3 $7.50 GST 6-2180 Printing Expense Debit Detail 3 $896.81 GST 6-2190 Telephone Expense Debit Detail 3 $1,663.62 GST 6-3000 Payroll Expenses Expense Debit Header 2 $6,309.38 6-3120 Superannuation Expense Debit Detail 3 $6,309.38 N-T 6-5100 Wages & Salaries Expense Debit Detail 2 $70,104.15 N-T 8-0000 Other Income Other Income 8-1000 Interest Income Other Income 8-1110 Miscellaneous Income Other Income 9-0000 Other Expenses Other Expense 9-3000 Private Use Other Expense Credit Header 1 $62,048.41 Credit Detail 2 $26.80 N-T Credit Detail 2 $62,021.61 N-T Debit Header 1 $146.00 Debit Detail 2 $146.00 N-T

6. GENERAL LEDGER FOR JUNE 2010 Clearwater Pty Ltd General Ledger [Summary] 1/06/2015 To 30/06/2015 Acct# Account Name Beginning Balance Total Debit Total Credit Net Activity Ending Balance 1-1110 General Cheque Account 1 $97,272.82 $0.00 $0.00 $0.00 $97,272.82 1-1120 General Cheque Account 2 $150,000.00 $0.00 $0.00 $0.00 $150,000.00 1-1140 Petty Cash $0.00 $0.00 $0.00 $0.00 $0.00 1-1150 Clearwater Provision Account $64,217.19 $0.00 $0.00 $0.00 $64,217.19 1-1160 Clearwater Investment $20,000.00 $0.00 $0.00 $0.00 $20,000.00 Account 1-1180 Undeposited Funds $0.00 $0.00 $0.00 $0.00 $0.00 1-1190 Electronic Clearing Account $29,069.79cr $0.00 $2,885.08 $2,885.08cr $31,954.87cr 1-1200 Payroll Cheque Account $14,953.48cr $0.00 $0.00 $0.00 $14,953.48cr 1-1310 Less Prov'n for Doubtful $0.00 $0.00 $0.00 $0.00 $0.00 Debts 1-1400 Inventory $22,042.37 $0.00 $0.00 $0.00 $22,042.37 1-1500 Prepaid Insurance $0.00 $0.00 $0.00 $0.00 $0.00 1-1600 Deposits with Suppliers $0.00 $0.00 $0.00 $0.00 $0.00 1-1700 Trade Debtors $8,328.24 $0.00 $0.00 $0.00 $8,328.24 1-1960 Voluntary Withholding $560.00 $0.00 $0.00 $0.00 $560.00 Credits 1-1970 ABN Withholding Credits $0.00 $0.00 $0.00 $0.00 $0.00 1-2110 F & F - At Cost $1,250.00 $0.00 $0.00 $0.00 $1,250.00 1-2120 F & F - Accum Dep'n $0.00 $0.00 $0.00 $0.00 $0.00 1-2210 P & E - At Cost $0.00 $0.00 $0.00 $0.00 $0.00 1-2220 P & E - Accum Dep'n $0.00 $0.00 $0.00 $0.00 $0.00 1-2310 M V - At Cost $0.00 $0.00 $0.00 $0.00 $0.00 1-2320 M V - Accum Dep'n $0.00 $0.00 $0.00 $0.00 $0.00 1-2410 Computer Equipment $0.00 $0.00 $0.00 $0.00 $0.00 Original 1-2420 Computer Equipment Accum $0.00 $0.00 $0.00 $0.00 $0.00 Dep'n 2-1110 American Express $0.00 $0.00 $0.00 $0.00 $0.00 2-1120 Bank Card $0.00 $0.00 $0.00 $0.00 $0.00 2-1130 Master Card $0.00 $0.00 $0.00 $0.00 $0.00 2-1140 Visa Card $0.00 $0.00 $0.00 $0.00 $0.00 2-1510 PAYG Withholdings Payable $16,939.00cr $0.00 $1,148.00 $1,148.00cr $18,087.00cr 2-1520 Payroll Deductions Payable $0.00 $0.00 $0.00 $0.00 $0.00 2-1530 Superannuation Payable $8,957.46cr $0.00 $798.08 $798.08cr $9,755.54cr 2-1540 Union Fees Payable $0.00 $0.00 $0.00 $0.00 $0.00 2-1550 Workers Compensation $0.00 $0.00 $0.00 $0.00 $0.00 Payable 2-1600 Deposits Collected $0.00 $0.00 $0.00 $0.00 $0.00 2-2000 Trade Creditors $31,408.75cr $0.00 $0.00 $0.00 $31,408.75cr 2-2100 Bank Loans $0.00 $0.00 $0.00 $0.00 $0.00 2-2110 Other Long Term Liabilities $0.00 $0.00 $0.00 $0.00 $0.00 2-3010 GST Collected $13,212.23cr $0.00 $0.00 $0.00 $13,212.23cr 2-3030 GST Paid $7,658.56 $0.91 $0.00 $0.91 $7,659.47 2-3050 Sales Tax Payable $257.51cr $0.00 $0.00 $0.00 $257.51cr 2-3060 Import Duty Payable $0.00 $0.00 $0.00 $0.00 $0.00 2-3070 Voluntary Withholdings $391.00cr $0.00 $0.00 $0.00 $391.00cr Payable 2-3080 ABN Withholding Payable $1,291.00cr $0.00 $0.00 $0.00 $1,291.00cr 2-3090 Luxury Car Tax Payable $2,752.96cr $0.00 $0.00 $0.00 $2,752.96cr

2-5000 Payroll Liabilities $0.00 $0.00 $0.00 $0.00 $0.00 3-8000 Retained Earnings $0.00 $0.00 $0.00 $0.00 $0.00 3-9000 Current Earnings $2,096.00cr $0.00 $0.00 $0.00 $2,096.00cr 3-9999 Historical Balancing Account $250,000.00cr $0.00 $0.00 $0.00 $250,000.00cr 4-1100 Sales - Spring Water $7,397.13cr $0.00 $0.00 $0.00 $7,397.13cr 4-1200 Sales - Carbonated Water $6,194.86cr $0.00 $0.00 $0.00 $6,194.86cr 4-1300 Sales - Water Cooler $38,702.81cr $0.00 $0.00 $0.00 $38,702.81cr 4-1400 Sales - Crock $5,709.10cr $0.00 $0.00 $0.00 $5,709.10cr 4-1500 Sales - Stands $1,334.54cr $0.00 $0.00 $0.00 $1,334.54cr 4-1600 Sales - Other Equip $9,492.73cr $0.00 $0.00 $0.00 $9,492.73cr 4-1700 Freight $0.00 $0.00 $0.00 $0.00 $0.00 4-2100 Service - Coolers $1,628.90cr $0.00 $0.00 $0.00 $1,628.90cr 4-2200 Service - Other Income $1,890.44cr $0.00 $0.00 $0.00 $1,890.44cr 4-5100 Consultancy Income $0.00 $0.00 $0.00 $0.00 $0.00 4-5200 Travelling Time $312.94cr $0.00 $0.00 $0.00 $312.94cr 4-5300 Secretarial Income $0.00 $0.00 $0.00 $0.00 $0.00 4-5400 Km Travelled $0.00 $0.00 $0.00 $0.00 $0.00 4-5500 Photocopying Income $0.00 $0.00 $0.00 $0.00 $0.00 5-1100 Equipment $31,274.64 $0.00 $0.00 $0.00 $31,274.64 5-1200 Water $0.00 $0.00 $0.00 $0.00 $0.00 5-2100 Discounts Given $0.00 $0.00 $0.00 $0.00 $0.00 5-2200 Inventory Adjustment $0.00 $0.00 $0.00 $0.00 $0.00 5-2300 Purchase Returns & $0.00 $0.00 $0.00 $0.00 $0.00 Allowance 6-1100 Accounting Fees $986.28 $9.09 $0.00 $9.09 $995.37 6-1110 Advertising $9,899.36 $0.00 $0.00 $0.00 $9,899.36 6-1120 Bad Debts $0.00 $0.00 $0.00 $0.00 $0.00 6-1130 Bank Charges $115.17 $0.00 $0.00 $0.00 $115.17 6-1140 Depreciation $100.00 $0.00 $0.00 $0.00 $100.00 6-1150 Discounts Taken $0.00 $0.00 $0.00 $0.00 $0.00 6-1160 Freight Paid $0.00 $0.00 $0.00 $0.00 $0.00 6-1170 Late Fees Paid $0.00 $0.00 $0.00 $0.00 $0.00 6-1180 Office Supplies $1,479.64 $0.00 $0.00 $0.00 $1,479.64 6-1190 Other General Expenses $0.00 $0.00 $0.00 $0.00 $0.00 6-1200 Subscriptions $287.25 $0.00 $0.00 $0.00 $287.25 6-1210 Repair & Maintenance $0.00 $0.00 $0.00 $0.00 $0.00 6-2100 Car Expenses $2,827.74 $0.00 $0.00 $0.00 $2,827.74 6-2110 Cleaning $135.01 $0.00 $0.00 $0.00 $135.01 6-2120 Electricity $2,102.16 $0.00 $0.00 $0.00 $2,102.16 6-2130 Insurance $815.90 $0.00 $0.00 $0.00 $815.90 6-2140 Office Rental $8,031.87 $0.00 $0.00 $0.00 $8,031.87 6-2150 Other Operating Expenses $100.00 $0.00 $0.00 $0.00 $100.00 6-2160 Photocopy $154.54 $0.00 $0.00 $0.00 $154.54 6-2170 Postage $7.50 $0.00 $0.00 $0.00 $7.50 6-2180 Printing $896.81 $0.00 $0.00 $0.00 $896.81 6-2190 Telephone $1,663.62 $0.00 $0.00 $0.00 $1,663.62 6-3100 Wages & Salaries $0.00 $0.00 $0.00 $0.00 $0.00 6-3110 Other Employment Expenses $0.00 $0.00 $0.00 $0.00 $0.00 6-3120 Superannuation $5,911.30 $398.08 $0.00 $398.08 $6,309.38 6-3130 Penalties $0.00 $0.00 $0.00 $0.00 $0.00 6-3140 Sub-Contractors $0.00 $0.00 $0.00 $0.00 $0.00 6-3150 Workers Compensation $0.00 $0.00 $0.00 $0.00 $0.00 6-5100 Wages & Salaries $65,681.07 $4,423.08 $0.00 $4,423.08 $70,104.15 6-5200 Employment Expenses $0.00 $0.00 $0.00 $0.00 $0.00 8-1000 Interest Income $26.80cr $0.00 $0.00 $0.00 $26.80cr 8-1110 Miscellaneous Income $62,021.61cr $0.00 $0.00 $0.00 $62,021.61cr 9-1000 Interest Expense $0.00 $0.00 $0.00 $0.00 $0.00 9-2000 Income Tax Payable $0.00 $0.00 $0.00 $0.00 $0.00 9-3000 Private Use $146.00 $0.00 $0.00 $0.00 $146.00 $4,831.16 $4,831.16

7. TRIAL BALANCE Clearwater Pty Ltd Trial Balance June 2015 Account Debit Credit YTD Debit YTD Credit General Cheque Account 1 $0.00 $97,272.82 General Cheque Account 2 $0.00 $150,000.00 Clearwater Provision Account $0.00 $64,217.19 Clearwater Investment Account $0.00 $20,000.00 Electronic Clearing Account $2,885.08 $31,954.87 Payroll Cheque Account $0.00 $14,953.48 Inventory $0.00 $22,042.37 Trade Debtors $0.00 $8,328.24 Voluntary Withholding Credits $0.00 $560.00 F & F - At Cost $0.00 $1,250.00 PAYG Withholdings Payable $1,148.00 $18,087.00 Superannuation Payable $798.08 $9,755.54 Trade Creditors $0.00 $31,408.75 GST Collected $0.00 $13,212.23 GST Paid $0.91 $7,659.47 Sales Tax Payable $0.00 $257.51 Voluntary Withholdings Payable $0.00 $391.00 ABN Withholding Payable $0.00 $1,291.00 Luxury Car Tax Payable $0.00 $2,752.96 Historical Balancing Account $0.00 $250,000.00 Sales - Spring Water $0.00 $7,397.13 Sales - Carbonated Water $0.00 $6,194.86 Sales - Water Cooler $0.00 $38,702.81 Sales - Crock $0.00 $5,709.10 Sales - Stands $0.00 $1,334.54 Sales - Other Equip $0.00 $9,492.73 Service - Coolers $0.00 $1,628.90 Service - Other Income $0.00 $1,890.44 Travelling Time $0.00 $312.94 Equipment $0.00 $31,274.64 Accounting Fees $9.09 $995.37 Advertising $0.00 $9,899.36 Bank Charges $0.00 $115.17 Depreciation $0.00 $100.00 Office Supplies $0.00 $1,479.64 Subscriptions $0.00 $287.25 Car Expenses $0.00 $2,827.74 Cleaning $0.00 $135.01 Electricity $0.00 $2,102.16 Insurance $0.00 $815.90 Office Rental $0.00 $8,031.87 Other Operating Expenses $0.00 $100.00 Photocopy $0.00 $154.54 Postage $0.00 $7.50 Printing $0.00 $896.81 Telephone $0.00 $1,663.62 Superannuation $398.08 $6,309.38 Wages & Salaries $4,423.08 $70,104.15 Interest Income $0.00 $26.80 Miscellaneous Income $0.00 $62,021.61 Private Use $0.00 $146.00 Total: $4,831.16 $4,831.16 $508,776.20 $508,776.20

8. AGED RECEIVABLES Clearwater Pty Ltd Aged Receivables [Summary] 30/06/2015 Name Total Due 0-30 31-60 61-90 90+ A-Z Stationery Supplies $1,736.23 $0.00 $20.25 $0.00 $1,715.98 James Cameron $2,067.60 $0.00 $0.00 $0.00 $2,067.60 Cash Sales ($269.50) $0.00 $0.00 $0.00 ($269.50) Chelsea Mosset ($162.50) $0.00 $0.00 $0.00 ($162.50) Chris Davis $240.00 $0.00 $0.00 $0.00 $240.00 Footloose Dance Studio $577.97 $0.00 $0.00 $0.00 $577.97 Island Way Motel $2,351.83 $0.00 $0.00 $0.00 $2,351.83 Leisure Landscape Nursery $699.00 $0.00 $0.00 $0.00 $699.00 My Town Reality $262.10 $0.00 $0.00 $0.00 $262.10 The Motor Company $825.51 $0.00 $0.00 $825.51 $0.00 Total: $8,328.24 $0.00 $20.25 $825.51 $7,482.48 Ageing Percent: $0.00 $0.00 $0.10 $0.90 9. AGED PAYABLES Clearwater Pty Ltd Aged Payables [Summary] 30/06/2015 Name Total Due 0-30 31-60 61-90 90+ Clear & Bright Filters $531.51 $0.00 $0.00 $0.00 $531.51 Curbys Super Stands $825.00 $0.00 $0.00 $0.00 $825.00 Huston & Huston Packaging $335.20 $0.00 $0.00 $0.00 $335.20 Mojo Advertising $1,059.30 $0.00 $0.00 $0.00 $1,059.30 Mountain Spring $8,526.33 $0.00 $0.00 $0.00 $8,526.33 Underwater Springs Pty Ltd $20,131.41 $0.00 $0.00 $0.00 $20,131.41 Total: $31,408.75 $0.00 $0.00 $0.00 $31,408.75 Ageing Percent: $0.00 $0.00 $0.00 $1.00