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

Variance Analysis

Account Financial
Name No. Statement
Bank - Main Operating Account 1001 Balance sheet
Bank - Term Deposit 1002 Balance sheet
Petty cash account 1003 Balance sheet
Accounts receivable 1004 Balance sheet
Allowance for doubtful debts account 1005 Balance sheet
Raw materials 1006 Balance sheet
Work in progress 1007 Balance sheet
Finished goods 1008 Balance sheet
Other receivables 1009 Balance sheet
Prepayments 1010 Balance sheet
Land 1101 Balance sheet
Property 1102 Balance sheet
Property Depreciation 1103 Balance sheet
Plant 1104 Balance sheet
Plant depreciation 1105 Balance sheet
Equipment 1106 Balance sheet
Equipment depreciation 1107 Balance sheet
Accounts payable 2001 Balance sheet
Interest payable 2002 Balance sheet
Accrued expenses 2003 Balance sheet
Payroll tax payable 2004 Balance sheet
Income tax payable 2005 Balance sheet
Provision for recall 2008 Balance sheet
Bank Loans 2101 Balance sheet
Retained earnings 3001 Balance sheet
Classification Sub-Classification
Current assets Cash and cash equiv
Current assets Cash and cash equiv
Current assets Cash and cash equiv
Current assets Accounts receivable
Current assets Accounts receivable
Current assets Inventory
Current assets Inventory
Current assets Inventory
Current assets Other current assets
Current assets Other current assets
Non current assets Property, plant and
Non current assets Property, plant and
Non current assets Property, plant and
Non current assets Property, plant and
Non current assets Property, plant and
Non current assets Property, plant and
Non current assets Property, plant and
Current liabilities Accounts payable
Current liabilities Other current liabilit
Current liabilities Accrued expenses
Current liabilities Other current liabilit
Current liabilities Other current liabilit
Current liabilities Non-current trade a
Non current liabilitieBank Loans
Equity Retained earnings

Sales 4001 Income Statement Income Revenue

Interest revenue 4002 Income Statement Income Revenue
Discounts allowed 4003 Income Statement Income Revenue
Grant income 4004 Income Statement Income Other revenue
Materials purchased 5001 Income Statement Cost of sales Cost of sales
Packaging 5002 Income Statement Cost of sales Cost of sales
Opening inventory 5003 Income Statement Cost of sales Cost of sales
Closing inventory 5004 Income Statement Cost of sales Cost of sales

Production line labour 5005 Income Statement Cost of sales Cost of sales
Sales commissions 5101 Income Statement Expense Administration expe
Sales promotion 5102 Income Statement Expense Administration expe
Advertising 5103 Income Statement Expense Administration expe
Gifts & samples 5104 Income Statement Expense Administration expe
Marketing expenses 5105 Income Statement Expense Administration expe

Payroll 5201 Income Statement Expense Employee benefits

Superannuation 5202 Income Statement Expense Employee benefits
Payroll benefits 5203 Income Statement Expense Employee benefits
Payroll taxes 5204 Income Statement Expense Employee benefits
Recruitment expenses 5206 Income Statement Expense Employee benefits
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
Production line operations 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
Occupancy expenses
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Administration expe
Depreciation
Depreciation
Depreciation
Finance costs
Finance costs
Income tax expense
 Greater than
Natural Balance 2019 Balance 2018 Movement % Movement materiality (Y/N)
Debit $ 114,000,000 $ 120,000,000 -$ 6,000,000 -5% Y
Debit $ 65,000,000 $ 5,000,000 $ 60,000,000 92% Y
Debit $ 100 $ 100 $ - 0%
Debit $ 26,491,150 $ 25,000,000 $ 1,491,150 6%
Credit -$ 600,000 -$ 550,000 -$ 50,000 8%
Debit $ 15,000,000 $ 14,000,000 $ 1,000,000 7%
Debit $ 25,000,000 $ 26,000,000 -$ 1,000,000 -4%
Debit $ 22,000,000 $ 17,000,000 $ 5,000,000 23% Y
Debit $ 800,000 $ 750,000 $ 50,000 6%
Debit $ 250,000 $ 180,000 $ 70,000 28%
Debit $ 16,000,000 $ - $ 16,000,000 100% Y
Debit $ 24,000,000 $ 24,000,000 $ - 0%
Credit -$ 9,500,000 -$ 8,500,000 -$ 1,000,000 11%
Debit $ 75,000,000 $ 25,000,000 $ 50,000,000 67% Y
Credit -$ 4,000,000 -$ 3,000,000 -$ 1,000,000 25%
Debit $ 7,000,000 $ 6,000,000 $ 1,000,000 14%
Credit -$ 2,500,000 -$ 1,000,000 -$ 1,500,000 60%
Credit -$ 18,000,000 -$ 25,000,000 $ 7,000,000 -39% Y
Credit -$ 120,000 -$ 50,000 -$ 70,000 58%
Credit -$ 175,000 -$ 120,000 -$ 55,000 31%
Credit -$ 190,000 -$ 160,000 -$ 30,000 16%
Credit -$ 1,600,000 -$ 1,800,000 $ 200,000 -13%
Credit -$ 22,000,000 $ - -$ 22,000,000 100% Y
Credit -$ 18,000,000 -$ 8,000,000 -$ 10,000,000 56% Y
Credit -$ 214,750,100 -$ 46,702,838 -$ 168,047,262 78% Y

Credit -$ 220,700,000 -$ 226,700,000 $ 6,000,000 -3% Y

Credit -$ 1,300,000 -$ 100,000 -$ 1,200,000 92%
Debit $ 10,000,000 $ 5,000,000 $ 5,000,000 50% Y
Credit -$ 5,000,000 $ - -$ 5,000,000 100% Y
Debit $ 70,000,000 $ 50,000,000 $ 20,000,000 29% Y
Debit $ 4,000,000 $ 3,000,000 $ 1,000,000 25%
Debit $ 75,000,000 $ 80,000,000 -$ 5,000,000 -7% Y
Credit -$ 85,000,000 -$ 90,000,000 $ 5,000,000 -6% Y

Debit $ 8,000,000 $ 9,000,000 -$ 1,000,000 -13%

Debit $ 1,000,000 $ 2,000,000 -$ 1,000,000 -100%
Debit $ 80,000 $ 65,000 $ 15,000 19%
Debit $ 1,000,000 $ 1,000,000 $ - 0%
Debit $ 2,000,000 $ 190,000 $ 1,810,000 91%
Debit $ 450,000 $ 600,000 -$ 150,000 -33%

Debit $ 9,000,000 $ 8,500,000 $ 500,000 6%

Debit $ 900,000 $ 807,500 $ 92,500 10%
Debit $ 100,000 $ 90,000 $ 10,000 10%
Debit $ 495,000 $ 465,375 $ 29,625 6%
Debit $ 150,000 $ 180,000 -$ 30,000 -20%
Debit $ 15,262,500 $ 15,000,000 $ 262,500 1.7%
Debit $ 1,500,000 $ 1,700,000 -$ 200,000 -13%
Debit $ 80,000 $ 85,000 -$ 5,000 -6%
Debit $ 1,000,000 $ 400,000 $ 600,000 60%
Debit $ 50,000 $ 40,000 $ 10,000 20%
Debit $ 8,000 $ 6,000 $ 2,000 25%
Debit $ 850,000 $ 60,000 $ 790,000 93%
Debit $ 150,000 $ 150,000 $ - 0%
Debit $ 1,000,000 $ 1,200,000 -$ 200,000 -20%

Debit $ 7,000,000 $ 5,000,000 $ 2,000,000 29%

Debit $ 80,000 $ 75,000 $ 5,000 6%
Debit $ 120,000 $ 140,000 -$ 20,000 -17%
Debit $ 180,000 $ 175,000 $ 5,000 3%
Debit $ 22,000,000 $ - $ 22,000,000 100% Y
Debit $ 1,000,000 $ 500,000 $ 500,000 50%
Debit $ 1,000,000 $ 600,000 $ 400,000 40%
Debit $ 1,500,000 $ 1,000,000 $ 500,000 33%

Debit $ 800,000 $ 500,000 $ 300,000 38%

Debit $ 9,000 $ 4,000 $ 5,000 56%
Debit -$ 22,870,650 -$ 38,780,137 $ 15,909,487 -70% Y
Threshold Met
(Y/N/Other) Notes Explained (Y/N)

Y
Y
Y

Other movement
Other movement
Y
Y
Y

Other movement

Other movement
Other movement

Other movement

Other movement