Professional Services Review Annual Report 2004–05

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Appendixes

Appendix 1: Financial statements

Note 6–Financial Assets

Note 6A–Cash
2004–2005 $ 2003–2004 $
Departmental (other than special accounts)* 1,216,697 5,710,818
Total Cash 1,216,697 5,710,818

*   During 2003-2004 an amount of $1,606 remained in a clearing account as at 30 June 2004. An erronous journal was posted overstating suppliers expenses and GST receivable by $1,460 and $146 respectively and cash was understated by $1,606. Consequently, the comparative figures for cash, GST receivables and supplier expenses have been adjusted to reflect the correct balances.

Note 6B–Receivables
2004–2005 $ 2003–2004 $
Goods and services - 8,492
Less: Provision for doubtful debts - -
- 8,492
GST receivable from the Australian Taxation Office * 198,462 151,645
Appropriations receivable:
- for additional outputs - -
- undrawn 5,045,000 -
Total Receivables (Net) 5,243,462 160,137
Receivables is represented by:
Current 5,243,462 160,137
Non-current - -
Total Receivables (Net) 5,243,462 160,137
All receivables are with entities external to the Commonwealth. Credit terms are net 30 days (2004: 30 days).
Receivables (gross) are aged as follows:
Current 5,243,462 160,137
Overdue by: - -
Less than 30 days - -
30 to 60 days - -
61 to 90 days - -
More than 90 days - -
Total receivables (gross) 5,243,462 160,137
The provision for doubtful debts is aged as follows:
Current - -
Overdue by: - -
Less than 30 days - -
30 to 60 days - -
61 to 90 days - -
More than 90 days - -
Total provision for doubtful debts - -

*   During 2003-2004 an amount of $1,606 remained in a clearing account as at 30 June 2004. An erronous journal was posted overstating suppliers expenses and GST receivable by $1,460 and $146 respectively and cash was understated by $1,606. Consequently, the comparative figures for cash, GST receivables and supplier expenses have been adjusted to reflect the correct balances.

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