Global Motor Manufacturers Australia Pty Ltd Financial Statement Audit 2018-19

Variance Analysis

Account
Name No. Financial Statement Classification
Bank - Main Operating Account 1001 Balance sheet Current assets
Bank - Term Deposit 1002 Balance sheet Current assets
Petty cash account 1003 Balance sheet Current assets
Accounts receivable 1004 Balance sheet Current assets
Allowance for doubtful debts account 1005 Balance sheet Current assets
Raw materials 1006 Balance sheet Current assets
Work in progress 1007 Balance sheet Current assets
Finished goods 1008 Balance sheet Current assets
Other receivables 1009 Balance sheet Current assets
Prepayments 1010 Balance sheet Current assets
Land 1101 Balance sheet Non current assets
Property 1102 Balance sheet Non current assets
Property Depreciation 1103 Balance sheet Non current assets
Plant 1104 Balance sheet Non current assets
Plant depreciation 1105 Balance sheet Non current assets
Equipment 1106 Balance sheet Non current assets
Equipment depreciation 1107 Balance sheet Non current assets
Accounts payable 2001 Balance sheet Current liabilities
Interest payable 2002 Balance sheet Current liabilities
Accrued expenses 2003 Balance sheet Current liabilities
Payroll tax payable 2004 Balance sheet Current liabilities
Income tax payable 2005 Balance sheet Current liabilities
Provision for recall 2008 Balance sheet Non current liabilities
Bank Loans 2101 Balance sheet Non current liabilities
Retained earnings 3001 Balance sheet Equity
Sales 4001 Income Statement Income
Interest revenue 4002 Income Statement Income
Discounts allowed 4003 Income Statement Income
Grant income 4004 Income Statement Income
Materials purchased 5001 Income Statement Cost of sales
Packaging 5002 Income Statement Cost of sales
Opening inventory 5003 Income Statement Cost of sales
Closing inventory 5004 Income Statement Cost of sales
Production line labour 5005 Income Statement Cost of sales
Sales commissions 5101 Income Statement Expense
Sales promotion 5102 Income Statement Expense
Advertising 5103 Income Statement Expense
Gifts & samples 5104 Income Statement Expense
Marketing expenses 5105 Income Statement Expense
Payroll 5201 Income Statement Expense
Superannuation 5202 Income Statement Expense
Payroll benefits 5203 Income Statement Expense
Payroll taxes 5204 Income Statement Expense
Recruitment expenses 5206 Income Statement Expense
Rent 5301 Income Statement Expense
Utilities (water, electricity, gas) 5106 Income Statement Expense
Travel costs 5107 Income Statement Expense
Entertainment 5108 Income Statement Expense
Telephone 5109 Income Statement Expense
Office stationery 5110 Income Statement Expense
Legal fees 5111 Income Statement Expense
Audit & accountancy fees 5112 Income Statement Expense
Consultancy fees 5113 Income Statement Expense
Repairs & maintenance 5114 Income Statement Expense
Cleaning 5115 Income Statement Expense
Bad debt expense 5116 Income Statement Expense
Insurance 5117 Income Statement Expense
Provision for recall expenses 5118 Income Statement Expense
Property depreciation 5401 Income Statement Expense
Plant depreciation 5402 Income Statement Expense
Equipment depreciation 5403 Income Statement Expense
Interest expense 5501 Income Statement Expense
Bank fees 5502 Income Statement Expense
Income tax expense 5601 Income Statement Expense

Ammount (in $)
300,000,000
267,941,250
250,000,000
217,00
200,000,000

150,000,000
106,000,000
100,000,000

50,000,000 40,000,000
20,085,000
0
Current Assets Current Liability Non-Current Assets Non-Current Liability Inco

ANALYSIS : It is considered as a good balancesheet. Diversification of funds is very clear and wel
Similarly, non-current is also less than Non-current assents. company has $21,47,50,100 of retai
expenses rate is only 21.15% of Income.
Sub-Classification Natural Balance 2019 Balance 2018
Cash and cash equivalents Debit $ 114,000,000 $ 120,000,000
Cash and cash equivalents Debit $ 65,000,000 $ 5,000,000
Cash and cash equivalents Debit $ 100 $ 100
Accounts receivable Debit $ 26,491,150 $ 25,000,000
Accounts receivable Credit -$ 600,000 -$ 550,000
Inventory Debit $ 15,000,000 $ 14,000,000
Inventory Debit $ 25,000,000 $ 26,000,000
Inventory Debit $ 22,000,000 $ 17,000,000
Other current assets Debit $ 800,000 $ 750,000
Other current assets Debit $ 250,000 $ 180,000
Property, plant and equipment Debit $ 16,000,000 $ -
Property, plant and equipment Debit $ 24,000,000 $ 24,000,000
Property, plant and equipment Credit -$ 9,500,000 -$ 8,500,000
Property, plant and equipment Debit $ 75,000,000 $ 25,000,000
Property, plant and equipment Credit -$ 4,000,000 -$ 3,000,000
Property, plant and equipment Debit $ 7,000,000 $ 6,000,000
Property, plant and equipment Credit -$ 2,500,000 -$ 1,000,000
Accounts payable Credit -$ 18,000,000 -$ 25,000,000
Other current liabilities Credit -$ 120,000 -$ 50,000
Accrued expenses Credit -$ 175,000 -$ 120,000
Other current liabilities Credit -$ 190,000 -$ 160,000
Other current liabilities Credit -$ 1,600,000 -$ 1,800,000
Non-current trade and other payables Credit -$ 22,000,000 $ -
Bank Loans Credit -$ 18,000,000 -$ 8,000,000
Retained earnings Credit -$ 214,750,100 -$ 46,702,838
Revenue Credit -$ 220,700,000 -$ 226,700,000
Revenue Credit -$ 1,300,000 -$ 100,000
Revenue Debit $ 10,000,000 $ 5,000,000
Other revenue Credit -$ 5,000,000 $ -
Cost of sales Debit $ 70,000,000 $ 50,000,000
Cost of sales Debit $ 4,000,000 $ 3,000,000
Cost of sales Debit $ 75,000,000 $ 80,000,000
Cost of sales Credit -$ 85,000,000 -$ 90,000,000
Cost of sales Debit $ 8,000,000 $ 9,000,000
Administration expenses Debit $ 1,000,000 $ 2,000,000
Administration expenses Debit $ 80,000 $ 65,000
Administration expenses Debit $ 1,000,000 $ 1,000,000
Administration expenses Debit $ 2,000,000 $ 190,000
Administration expenses Debit $ 450,000 $ 600,000
Employee benefits Debit $ 9,000,000 $ 8,500,000
Employee benefits Debit $ 900,000 $ 807,500
Employee benefits Debit $ 100,000 $ 90,000
Employee benefits Debit $ 495,000 $ 465,375
Employee benefits Debit $ 150,000 $ 180,000
Occupancy expenses Debit $ 15,262,500 $ 15,000,000
Administration expenses Debit $ 1,500,000 $ 1,700,000
Administration expenses Debit $ 80,000 $ 85,000
Administration expenses Debit $ 1,000,000 $ 400,000
 Administration expenses Debit $ 50,000 $ 40,000
Administration expenses Debit $ 8,000 $ 6,000
Administration expenses Debit $ 850,000 $ 60,000
Administration expenses Debit $ 150,000 $ 150,000
Administration expenses Debit $ 1,000,000 $ 1,200,000
Administration expenses Debit $ 7,000,000 $ 5,000,000
Administration expenses Debit $ 80,000 $ 75,000
Administration expenses Debit $ 120,000 $ 140,000
Administration expenses Debit $ 180,000 $ 175,000
Administration expenses Debit $ 22,000,000 $ -
Depreciation Debit $ 1,000,000 $ 500,000
Depreciation Debit $ 1,000,000 $ 600,000
Depreciation Debit $ 1,500,000 $ 1,000,000
Finance costs Debit $ 800,000 $ 500,000
Finance costs Debit $ 9,000 $ 4,000
Income tax expense Debit -$ 22,870,650 -$ 38,780,137

(in $)
Particulars
Current Assets
Current Liability
217,000,000
Non-Current Assets
Non-Current
Liability
Income
Expenses

40,000,000 45,893,850

s Non-Current Liability Income Expenses

ds is very clear and well managed. Current liability is less than current assets.
$21,47,50,100 of retained eraning. On the other hand, In Income statement
 Greater than materiality
Movement % Movement (Y/N) Threshold Met (Y/N/Other)
-$ 6,000,000 -5%
$ 60,000,000 92%
$ - 0%
$ 1,491,150 6%
-$ 50,000 8%
$ 1,000,000 7%
-$ 1,000,000 -4%
$ 5,000,000 23%
$ 50,000 6%
$ 70,000 28%
$ 16,000,000 100%
$ - 0%
-$ 1,000,000 11%
$ 50,000,000 67%
-$ 1,000,000 25%
$ 1,000,000 14%
-$ 1,500,000 60%
$ 7,000,000 -39%
-$ 70,000 58%
-$ 55,000 31%
-$ 30,000 16%
$ 200,000 -13%
-$ 22,000,000 100%
-$ 10,000,000 56%
-$ 168,047,262 78%
$ 6,000,000 -3%
-$ 1,200,000 92%
$ 5,000,000 50%
-$ 5,000,000 100%
$ 20,000,000 29%
$ 1,000,000 25%
-$ 5,000,000 -7%
$ 5,000,000 -6%
-$ 1,000,000 -13%
-$ 1,000,000 -100%
$ 15,000 19%
$ - 0%
$ 1,810,000 91%
-$ 150,000 -33%
$ 500,000 6%
$ 92,500 10%
$ 10,000 10%
$ 29,625 6%
-$ 30,000 -20%
$ 262,500 1.7%
-$ 200,000 -13%
-$ 5,000 -6%
$ 600,000 60%
 $ 10,000 20%
$ 2,000 25%
$ 790,000 93%
$ - 0%
-$ 200,000 -20%
$ 2,000,000 29%
$ 5,000 6%
-$ 20,000 -17%
$ 5,000 3%
$ 22,000,000 100%
$ 500,000 50%
$ 400,000 40%
$ 500,000 33%
$ 300,000 38%
$ 5,000 56%
$ 15,909,487 -70%

Ammount (in $)
267,941,250
20,085,000
106,000,000
40,000,000
217,000,000
45,893,850
Notes Explained (Y/N)