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business
financial accounting 11th

Questions and Answers of Financial Accounting 11th

Maryburn Imports Ltd has decided to purchase a new office building. It purchased land and a building for $5 250 000 on 1 December 2019. Agreed financing arrangements included payment of an initial
Several potential investors have been studying the affairs of Pelican Corporation to decide whether to invest in the company by purchasing unsecured notes which the company was proposing to issue.
Barrett and Taylor Ltd completed the following selected transactions during 2019 and 2020. The financial year for the company ends on 31 December. (Ignore GST.)Required Show how the above
Tactix Ltd wishes to raise $2 500 000 to carry out construction work as part of a major expansion of its shopping mall operations. The directors decide to issue 10 000 $100 8% debentures, fully
The following information relates to Dunadeal Ltd at 30 June 2020.Additional information During the year ended 30 June 2020:1. directors declared and paid dividends of 5% on the preference shares and
The summarised balance sheet of Magic Cadre Ltd at 30 June 2020 for presentation to management is below.RequiredPrepare the statement of financial position for external reporting purposes of Magic
The following information was obtained for Lisa’s Fashionista Ltd for the year ended 30 June 2020.Required(a) Prepare a statement of profit or loss and other comprehensive income for Lisa’s
The information below relates to Treasure Cove Ltd for the year ended 30 June 2020.Required Prepare a statement of profit or loss and other comprehensive income for external reporting and prepare
The ledger of Elena’s Crystals Ltd at 30 June 2020 contained the following information.(The finance expenses included $12 000 interest expense.)Assume a tax rate of 30%. You discover the following
On 1 July 2019, the equity of Terravista Ltd was as follows.During the year ended 30 June 2020, the following events affecting the company’s equity occurred.Required(a) Prepare journal entries (in
The equity of Instrumental Issues Ltd at 30 June 2020 is as follows.Required Based on the above information, answer the following questions.(a) What is the issue price per share of the ordinary
The following was obtained from the ledger of Valediction Ltd as at 30 June 2020.End-of-year adjustments 1. Income tax expense of $15 400 is to be recognised. The company pays tax in one instalment
The following information relating to the year ending 30 June 2020 for Megathink Ltd has been obtained from the company’s records.There were no shares issued during the year. The revaluation
The equity of Kenselmac Ltd at 14 February 2020 consisted of the following.The following events occurred during 2020.Required (a) Prepare general journal entries for the above transactions.(b) Show
The following information relating to Mount Athos Ltd has been obtained from the balance sheet as at 30 June 2019.In addition to the above, it is noted that during the year ended 30 June 2020:1. a
The equity of Fiorente Ltd at 30 June 2019 was as follows.Additional information During the year ended 30 June 2020, the following transactions occurred.In determining the profit before tax of $1 264
Royal Empire Ltd commenced trading many years ago. Equity at 30 June 2019 comprised the following.During the financial year ended 30 June 2020, the following transactions with respect to capital and
Dandino Ltd was formed on 1 March 2020 for the purpose of purchasing the business of Verama Ltd whose assets and liabilities at that date were as shown below.Additional information 1. Dandino Ltd
Munce and Cassidy, the proprietors of a consulting business, decided to convert their business into a limited company known as Hawkspur Ltd. The following was the balance sheet for internal purposes
The ledger balances of Outback Grande Ltd as at 30 June 2020 are shown below.The following adjustments are yet to be taken into the accounts.1. Inventory on hand at 30 June 2020 valued at $94 250.2.
The following unadjusted trial balance is for the year ended 30 June 2020.Additional information 1. Billy Goat Ltd is involved in the computer services industry. Leased vehicles are used mainly for
Terrific Town Houses Ltd is a large company registered in South Australia for the purpose of constructing blocks of home units and town houses. The company conducts its activities in all states. The
An accounting student asked the following question: ‘Why does the cash on hand balance as at the end of December 2020 in the statement of cash flows not concur with the cash balance shown in
Below is a list of transactions completed by Direct Fashion during 2020. Ignore GST. For each transaction, indicate(a) the section (i.e. operating, investing or financing) of the statement of cash
The information below was taken from the general ledger accounts of Muhria Tran, who uses the accrual basis of accounting.Required(a) Calculate the amount of cash collected from customers during
The simple income statement for Jack’s Blinds is shown below.Additional information 1. Accounts receivable increased by $8250 during the year.2. Accounts payable to suppliers of inventory increased
The following transactions were undertaken by Porschet Ltd during the financial year ended 30 June 2020 (ignore GST):1. issued ordinary shares for cash, $1 000 000 2. purchased land to be held for
Kim Khan has been in business as a sole trader for the past 5 years. The comparative statements of financial position for the years 2019 and 2020 and a summarised income statement for the year ended
The comparative statements of financial position of Hutt Electrical as at 30 June 2019 and 2020 and the income statement for the year ended 30 June 2020 are shown below.Additional information 1.
The financial statements for the business of Trinh’s Nail Supplies for the past two years are presented below.Additional information 1. All purchases and sales of inventories are on credit. All
The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd.Additional information 1. All sales and purchases of inventory are on
The financial statements for the business of Jet’s Ski Equipment are shown below.Additional information 1. All purchases and sales of inventories are on credit.2. On 1 July 2019, J. Waters
Comparative statements of financial position as at 31 December 2020 and 2019 and the income statement for 2020 for W. Yu are set out below.No plant and equipment was sold during the year. W. Yu
The comparative statements of financial position of Cresta Ltd as at 30 June 2019 and 2020, and the income statement and statement of changes in equity for the year ended 30 June 2020 are shown
Some of the most recent financial statements for Hyland Pty Ltd are shown below.Additional information 1. All purchases and sales of inventories are on credit.2. On 1 July 2020, the shareholders
Below are the comparative statements of financial position of Lithium Ltd.Additional information 1. Income statement details were: sales revenue $750 000; cost of sales $603 000; expenses $116 360
The statement of cash flows for Cash4Cars Ltd follows. Ignore GST.Required (a) Explain the information that would be presented in Note 29 of Cash4Cars Ltd’s financial statements.(b) Explain the
Financial figures of the business of C. Wilson for the last 2 years are shown below.The income statement for the business for the year ended 30 June 2021 reveals the following details.Additional
The comparative statement of financial position of the partnership of Murray and Darling as at 30 June 2019 and 30 June 2020 were as follows.Additional information 1. Each partner’s retained
A & L Mechanics is operated by Adrian and Len in partnership. Financial data for the partnership follow.Additional information 1. All profits/losses are shared equally by Adrian and Len who also
The following data relate to Emporium Ltd.Additional information1. Dividends were paid during the year.2. The increases in investments and machinery were from cash purchases.3. The increases in land
Pippa Highton set up a small business from her home by contributing $8000 cash to the business.Ignore GST. For the year ended 30 June 2021, the following transactions occurred.1. Pippa contributed
The comparative statements of financial position of Laguna Ltd as at 30 June 2019 and 2020, the statement of profit or loss and other comprehensive income and the statement of changes in equity for
Comparative information as at 30 June 2020 and 30 June 2021 for Pretentious Ltd is as follows.Additional information 1. Gross profit for the year ended 30 June 2021 was $321 000, and consisted of the
Comparative statements of financial position for Gold Ltd on 30 June 2020 and 2021 are presented overleaf.Examination of the company’s statement of profit or loss and other comprehensive income and
Tulloch Ltd’s comparative statements of financial position and statement of profit or loss and other comprehensive income for the year ended 30 June 2021 are shown below.Additional information 1.
The information below relates to Cascade Ltd.Additional information in relation to the year ended 30 June 2021 1. A loan payable of $45 000 was satisfied by conversion into 45 000 ordinary shares,
The financial statements of Triathlon Ltd are provided below.Additional information During the year ended 30 June 2020, Triathlon Ltd entered into the following transactions relevant to the
The management of Locale Ltd is worried because the bank overdraft has increased by a substantial amount over the financial year ended 30 June 2021 despite a large profit and the introduction of
Niagra Ltd reported the following financial data over a 5-year period.Required(a) Prepare a trend analysis of the data using 2017 as the base year.(b) Graph the trends and discuss if the trends
The asset section of the statement of financial position and notes thereto of Megabus Ltd is shown below.RequiredCalculate the changes in dollar amounts and percentages for the company. Cash assets
Comparative figures from the statement of profit or loss of Misty Ltd are shown below.RequiredPrepare common size statements for the company for both years, and comment on any significant changes.
Comparative figures from the statement of financial position for Border Ltd are shown below.RequiredPrepare common size statements for the company for both years, and comment on what this analysis
The following information has been extracted from the financial statements and the notes of Porcini Ltd.Required(a) Calculate the following for 2020 to one decimal place:i. current ratio ii. quick
The following information has been extracted from the financial statements and notes thereto of Bass and Dide Ltd, consultants.Required(a) Calculate the following ratios for 2020:i. return on
Paul’s Parts Ltd’s statement of financial position (extract only) on 30 June 2020 is set out below.Required(a) Calculate the current and quick ratios.(b) A loan agreement entered into by the
You are provided with the following information from the statement of cash flows for Precedent Ltd.RequiredCalculate the following cash sufficiency ratios for Precedent Ltd for 2020 and 2019:i. cash
Match Ltd and Box Ltd both began operations on 1 January 2020. For illustrative purposes, assume that at that date their statement of financial positions were identical and that their operations
Certain items taken from the financial statements, the notes thereto and other records of Lucky Nine Ltd have been expressed as percentages of net revenue.Net revenue was $600 000 in 2019; it
The following information relates to the business of Chef One. The owner is concerned about the profitability and financial structure of his business at 30 June 2020, especially since the bank is
Financial statements of iPud Ltd are presented below.Additional information 1. Payables include $5620 (2020) and $5730 (2019) trade accounts payable; the remainder is accrued expenses.2. Market
The following values relate to various ratios determined for a sole trader, A. Solve, for the year ended 30 June 2020. At that date, the total assets in the statement of financial position were $1
The comparative financial statements of Stratum Ltd are shown below.Required(a) Calculate the changes in the financial statements from 2019 to 2020 in both dollar amounts and percentages.(b) Prepare
In Australia, banks have performed very well over the course of the last five years. At one point in 2012 Australian banks were worth more than the whole of the European banking sector! Record levels
Needy Ltd has issued convertible notes under an agreement to maintain net assets, defined in the agreement as assets minus all liabilities except the convertible notes, at an amount not less than 2
Find the latest available annual report for a university (preferably your university). Write a report (no more than three pages) and prepare a five-minute oral and visual presentation focusing on the
Read the article below and answer the questions that follow.Charitable organisations by definition aim to do good with the money they receive and spend. But what about the investments they make? What
Kogan: online retailer announces IPO at $1.80 per share, plans to list on ASX by July Online electronics retailer Kogan has announced an initial public offering to raise $50 million, with plans to
Overton’s Outdoor Centre is owned and run by Kym Overton, using the periodic inventory system and balancing her books at month‐end. At 30 April 2019, the balances of the Accounts Receivable
Casey Ltd’s accounting system uses special journals and subsidiary ledgers. The following transactions occurred during October 2019 (GST is ignored). All sales are n/30.Required Ignoring GST,
Ravilero Ltd uses the periodic inventory system and has control accounts and subsidiary ledgers for trade receivables and payables. The general ledger control account balances at 1 June 2019 were as
You are the person responsible for the accounts payable ledger of Cameron Ltd. You are concerned that the statement of account for the month ending 30 June 2019 received from Deveson Ltd does not
Galluzo Ltd uses a sales journal, a cash receipts journal, a general journal and an accounts receivable subsidiary ledger within a periodic inventory system. The terms of all credit sales are 2/10,
Elliott started business on 1 July 2019. The accounting system includes a sales journal, a purchases journal, a cash receipts journal, a cash payments journal and a general journal. The chart of
Zhang Ltd uses sales, purchases, cash receipts, cash payments and a general journal along with subsidiary ledgers for accounts receivable and accounts payable. Zhang Ltd’s financial year ends on 31
James Schroeder uses sales, purchases, cash receipts, cash payments and general journals along with subsidiary ledgers for accounts receivable and accounts payable in the accounts of his business.
Chee Yong Chaw began his business on 1 July 2019. The business balances its books at month‐end and uses special journals and the periodic inventory system. Transactions for July 2019 were as
On 1 June 2020, Aaron Draper began trading as a landscape material supplier. The transactions for the month of June 2020 were as follows (ignore GST).The following additional information is
On 30 June 2019 the following information appeared in the accounting records of Ndung and Mkoka.• Balance of Accounts Receivable Control account, $3725• Total of schedule of accounts receivable,
Salmon Swim Centre uses a sales journal, purchases journal, cash receipts journal, cash payments journal and a general journal. The business also maintains subsidiary ledgers for accounts receivable
The post‐closing trial balance of Raschella Ltd as at 1 November 2019 contained the following normal balances.Subsidiary ledger balances at 31 October 2019 were as follows.Transactions for the
Thomas and James, who were operating separate competing businesses, decided on 1 July 2019 to form a partnership by contributing cash, assets and liabilities of their respective businesses. At that
Godfrey and Taylor formed a partnership on 1 July 2019 with initial capital balances of $90 000 and $60 000 respectively. For the year ended 30 June 2020, the Profit or Loss Summary account disclosed
Penny and Lane formed a partnership on 1 July 2019 with initial capital balances of $200 000 and $220 000 respectively. For the year ended 30 June 2020, the Profit or Loss Summary account disclosed a
Barrett and Pickering run a market stall together as a partnership. On 30 November 2019, Barrett withdrew $12 000 cash. Pickering withdrew $8000 on 20 December 2019. On 31 March 2020 Pickering
Terry and Craig share profits in the proportion of one‐third and two‐thirds respectively. On 1 July 2019, the equity accounts stood as follows.The partners were entitled to 8% interest on
Martin and Brett share profits on a 60:40 basis respectively. On 1 July 2019 the equity accounts were as follows.The partners were entitled to 12% interest on capital. Brett ran the business and
Wendy, William and Wanda are independent website developers who have been trading in active opposition to one another for some years. They decide to form a partnership, WWW Web Developers, as from 1
Paul and Justin began their partnership on 1 July 2019 by contributing $320 000 and $280 000 respectively. During the first year of business, Justin contributed another $40 000 and Paul withdrew $20
Bonnie and Clyde have a partnership to run their human resource management services firm. Account balances related to their equity for the year ended 30 June 2020 are as follows.Profit of $124 000
John Landis and Raymond Oliver formed a partnership on 1 July 2019, agreeing to share profits and losses in the ratio of 2:1. John contributed $30 000 in cash and land with a fair value of $180 000.
Anthony Chu and Adrian Tan formed a partnership on 1 January 2019, agreeing to share profits and losses equally. Anthony contributed $80 000 in cash, plant and equipment with a fair value of $120
On 1 October 2019, Dallas Lucas and Suzanne Foreman formed a partnership. Some business assets and the liabilities of Lucas were assumed by the partnership; these are listed below at both carrying
Francine Steele and Shaun Dunn formed a partnership on 1 July 2019. Some of Steele’s business assets and liabilities were assumed by the partnership, and these are listed below at both carrying
Richards, David and Andrews decided to enter into a partnership agreement as from 1 July 2019, some of the provisions of which were as follows.1. Richards to contribute $20 000 cash, inventory, the
Selected accounts from the trial balance as at 30 June 2020 of the partnership of Amber, Ruby and Gemma are as follows.End‐of‐period adjustments for the financial year ended 30 June 2020 have yet
On 1 July 2019, McGregor and Roberts decided to amalgamate their businesses and to share profits equally. Financial information at that date was as follows.At one July 2019, McGregor’s accounts
Gregory and Simpson share profits in a proportion of 60:40. Gregory is entitled to a salary allowance of $60 000 p.a., and Simpson is entitled to $50 000 p.a. Capitals are fixed at Gregory $72 000
At the end of the financial year ended 30 June 2019, the trial balance of Veronica, Valda and Victoria is as shown below.Victoria made her advance before 1 July 2018. Veronica and Valda each withdrew
Harris, Harmar and Higgins are partners in the consulting firm of Harris and Associates. The balance sheet of the partnership as at 31 March 2019 is set outIt was agreed that all profits would be

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