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ACCT5014 Intermediate Corporate Accounting-Flossies Pty Ltd Financial Statement

Case Study

Flossies Spa and Salon was registered as a company on 1 July 2015 under the name Flossies Pty Ltd and is involved in the day spa service industry with a small range of exclusive retail products for sale as well. The spa/salon is located in Western Australia (WA) at premises in Subiaco, while the Office is located in West Perth. The company has been operating for 2 years. Supplies and Inventory are sourced locally and some speciality products are imported from overseas.

The Managing Director (MD) of Flossies is Mrs Florence Courtier. She is the majority shareholder, holding 70% of the shares.  The remaining 30% is held by her husband Mr Scott Courtier (10%) and her two children Ms Iris Courtier (10%) and son Mr Benjamin Courtier (10%).  Mrs Florence Courtier is listed as the only director of the company. All shares are classified as ordinary shares and dividends are determined at the end of each year by the MD. The MD is also paid a salary of $100,000 per annum.   

Flossies Spa and Salon Pty Ltd is classified as a small proprietary company under the requirements of the Corporations Act 2001, as evidenced by operating revenue being less than $25 million, gross assets are less than $25 million and they employ less than 50 staff. [4 full time staff including the MD and 4 part time staff are currently employed].  Being classified as small, they are not required to prepare financial statements in accordance with Australian Accounting Standards.  However they are required to keep sufficient records for financial statements to be prepared and audited if required.  

Mrs Florence Courtier has contracted ABC Accounting Services to assist her in keeping better financial records.   She has decided she wants to use the Xero accounting system.  She is going to pay $5,000 for ABC Accounting Services to 1) set-up her accounts and 2) provide a report as at 30/6/2017 outlining the financial performance of Flossies Spa and Salon and suggestions for improvement.

Assignment requirements 

Using Xero (online trial account), Microsoft Excel and Word students are required to:

  • Set-up Flossies Spa and Salon Pty Ltd in XERO commencing 1 June 2017 with opening conversion balances as provided on 31stMay 2017.
  • Process all the transactions listed for the month of June 2017 in Xero.
  • When entering transactions for to ensure students/groups are completing the work themselves each group must do the following as a part of data entry (or upload file if applicable);
    1. The organisation name when set-up should include ONE students ID in the title [EG: Flossies Spa and Salon Pty Ltd  (1853365) ]
    2. Each new transaction for June must include the student ID in either the “Reference, Notes, Description, or Narration” sections to the transactions as outlined in the Week 7 accounting technologies lecture and tutorials. Any student ID is acceptable as long as it is an ID of a member of the same group.
    3. IMPORTANT: Failure to comply with a) and b) above will result in a grade reduction of a minimum of 20% for failing to follow instructions. Further, students will be closely reviewed for collusion.
  • Prepare a concise report for the managing director explaining the financial performance of Flossies Spa and Salon Pty Ltd. The report should follow the format of an Executive Summary and should be no more than 2 pages (using 1½ spacing and size 11 font).   Financial statements must be included in the report and shown in an Appendix to support the Executive Summary. The Appendix is in addition to the 2 pages.

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