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ACCOUNTING (JB HI-FI)

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 ACCOUNTING (JB HI-FI)

Introduction

JB Hi-Fi is one of the largest Australian companies working in the retail industry the annual report has also provided with the details of the firm’s working location and financial summary including the homeland and in the New Zealand. The annual report of the firm has also evidence the fact that the firm is working in the consumer goods along with the industry of Blu rays and video gaming industry of both the region (jbhifi.com.au, 2017). With the help of following assignment the financial statement of one of the largest Australian retail company will be analyzed based on the outlining the ledger balance of consolidated statement and items of balance sheet and revenue generated from the consolidated group (jbhifi.com.au, 2017).

Part A

1)      Evaluating the total value of consolidated financial statements

a). Cash and cash equivalents

As per the details provided by the firm’s annual report of 2014 it has been noticed that the firm is having the net cash and cash equivalents amounting to $43,445 million as compared to that of 2013 it has been observed that in the current year the firm has lowered down the value (annualreports.com, 2014).   

b). Inventories

For the year of 2014 the firm is having the inventory balance in the company amounting to $458,625 million compared to that of 2013 it has been observed that the amount had went up and this is the amount of finished goods (annualreports.com, 2014).  

c). Other income

As pet the 2014’s annual report it has been observed that this head includes the amount of interest received from loans and other income amounting to $402 million and $118 million (jbhifi.com.au, 2017).

d). Plant and equipments

The annual report of the firm has witnessed the fact that in the year of 2014 the firm is having the total balance in the plant and equipments amounting to $181,564 million (jbhifi.com.au, 2017). Comparing same to the 2013 it has been observed that in the current the firm has increased such value.

e). Interest expenses (finance cost)

The details regarding the interest expenses has been gathered from the annual report of the firm shows that in the current year the firm is having the expenses of interest amounting to $1.3 million (annualreports.com, 2014).

f). Sale and marketing expenses

From the income statement of the firm it has been noticed that the firm is having the sales and expenses of $3.48 billion and the sales and marketing expenses amounting to $355,694 million (annualreports.com, 2014).  

g). Occupancy expenses

2014’s annual report of the firm shows that in the current year the ledge balance of occupancy expenses is amounted to $148,969 million compared to that of prior year it is geared up by $8 million (jbhifi.com.au, 2017).  

h). Trade and other payables

In 2014 the firm is having the net trade payable amounting to $244,436 million and that of other accruals and payables amounting to $13,429 million (annualreports.com, 2014).

i). Borrowings (non-current)

The borrowings of the firm includes the amounts bank loan (unsecured) amounting to $179,653 million in the current year compared to that of 2013 the firm has increased the same balance (jbhifi.com.au, 2017).

2)   Understanding the normal balance of the above items

a). Cash and cash equivalents  

2014’s annual report has highlighted the fact that by the end of the financial year the firm is having the net balance is $ 43,445 million (annualreports.com, 2014). As opined by Umoren and Enang (2015), by increasing the debit balance of the ledger will increase the amount.  

b). Inventories

For the year of 2014 the firm is having the inventory balance in the company amounting to $458,625 million (jbhifi.com.au, 2017). According to Müller (2014), by increasing the debit side of the inventory ledger balance will increase the balance.  

c). Other income

Firm’s 2014 annual report has evidenced that this head includes the amount of interest received from loans and other income amounting to $402 million and $118 million (annualreports.com, 2014). With the process of increasing the credit balance of the ledger will increase the left over balance.  

d). Plant and equipments

JB Hi-Fi’s 2014’s annual report has witnessed that the ledger balance of plant and equipment that in the year of 2014 amounting to $181,564 million (annualreports.com, 2014). As per the accounting theory by increasing the debt balance of the ledger will increase such amount.

e). Interest expenses (finance cost)

2014’s annual report has reflected that in the current year the firm is having the interest expense from the loan given amounting to $1.3 million (jbhifi.com.au, 2017). This cost ledger balance can be increased by increasing the credit balance of the entity.

f). Sale and marketing expenses

2014’s income statement as provided in the annual report for the same year shows that in the year of 2014 the firm is having such expenses amounting to  $355,694 million over $3.48 billion sales proceeds (annualreports.com, 2014). As commented by Grabinskia, Kedziora and Krasodomska (2014), increasing the credit balance of the firm will increase such ledger balance.

g). Occupancy expenses

Annual report of the firm highlights that the occupancy expenses of the firm for the current year is amounting to $148,969 million and geared up by $8 million (jbhifi.com.au, 2017). As mentioned by Zeff, Van and Camfferman (2016), increasing the credit balance of the occupancy expense will increase such balance.   

h). Trade and other payables

Trade payables and other accruals for the year of 2014 are amounting to $244,436 million and $13,429 million respectively (annualreports.com, 2014). Increasing the credit balance of the ledged will increase the leftover balance.    

i). Borrowings (non-current)

2014’s annual report has evidenced that the fact that the balance of borrowings is amounting to amounting to $179,653 million for bank loan (unsecured) (jbhifi.com.au, 2017). With the process of increasing the debit balance will increase the net borrowings balance. 

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