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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Jenny Pike, assistant accountant for Blenheim Instruments Ltd, was finalising the balance sheet of the company as at 30 June 2019 with the accountant of the business, Russell Bayer. Although both
Sapphire Ltd’s ending inventory was assigned a cost of $55 200 by way of a physical inventory count on 31 December 2019. An audit of the company’s records revealed the following information.
The inventory of Gordon Ltd contains the following items at 30 June 2019.Required(a) Determine the ending inventory value at 30 June 2019, applying the lower of cost and net realisable value rule to
Value Vehicles is a car dealership. One of its models was used as a demonstrator during the year.Presented below is information relating to the demonstrator as of 30 June 2019, the end of the current
Bristols Bicycles maintains inventory records under the perpetual inventory system. At 30 June 2019, the inventory balance determined by the system showed a value of $300 000. However, on conducting
Soakwell Supplies Ltd manufactures and sells soakwells for use in suburban and light industrial areas of Perth. Over the past year, the cost of manufacturing the soakwells has gradually risen and the
Toowoomba Irrigation Ltd began operations in the south‐east Queensland region in July 2015. During the annual audit for the year ended 30 June 2020, it was discovered that errors had been made in
Brown Brothers’ income statements for the past 3 years are shown below.Because of errors, the 2018 ending inventory is understated by $2000 and the 2019 ending inventory is overstated by $6000. The
Part A Branxton Ltd’s inventory on 1 April 2019 had a cost of $100 000 and a retail value of $170 000.During April, the company’s net purchases cost $216 000 and had a net retail value of $324
Felton Ltd’s inventory transactions for November 2019 were as shown below.Required(a) Using the information shown and assuming no losses of inventory, if Felton Ltd uses the periodic inventory
Weston’s Washers Ltd buys and sells brand‐name washing machines, which are identified by the manufacturer’s initials and model number. Ignore GST.The inventory on 1 July 2019 is as
Redfern Retailers provided the following information for the month of June 2019. The entity uses the retail inventory method for interim reporting purposes. Normal mark‐up on cost is 60%. Ignore
The following information applies to the inventory of Carson’s Camera Store as at 30 June 2019.Required(a) Calculate the ending inventory value as at 30 June 2019, applying the lower of cost and
The information below relates to barrels of oil held in the inventory of Olsen’s Ltd during 2019.Owing to an oil glut, the net realisable value for a barrel of the same grade of oil was $40 per
The following information has been extracted from the records of Steven’s Stationery about one of its popular products. Steven’s Stationery uses the perpetual inventory system. The end of the
Thomas Turnbull, who operates a business as a toy retailer, was concerned about the end‐of‐year physical stocktake and ‘cut‐off’ procedures.The Inventory Control account balance at 30 June
Part A Beyer Ltd balances its accounts at month‐end, uses special journals, and uses the perpetual inventory system with the FIFO cost flow assumption. All purchases and sales of inventory are made
During the year ended 30 June 2019, Laing Ltd sold each unit of its goods at $9. Purchases and sales of the goods are shown below. Ignore GST.Laing Ltd uses a perpetual inventory system.Required(a)
Pet and Produce Ltd balances its books at month‐end, uses special journals, and uses the perpetual inventory system with the moving average cost flow assumption. All purchases and sales of
The income statements for Campbell’s Camping Ltd for the year ended 31 December for 2 years are shown below.The following information has been discovered concerning 2019.1. On 23 December,
During January 2019, Preston’s Personal Computers, a retailer of personal computers, began operations. The transactions for January were as shown below (ignore GST).Other expenses for the month
During an audit of the inventory records of Winthrop Ltd for the year ended 30 June 2019, the auditor discovered that the ending inventory balance was overvalued by $36 000. On further investigation,
The manager of Felicity’s Fashions Ltd, importer and wholesaler of fashion clothing for women, has been investigating the inventory levels of the business at the end of the previous year ended 30
On 2 January 2019, Johnston Ltd purchased a machine with a list price of $234 300 and credit terms of 2/10, n/30. Payment was made within the discount period. Freight costs of $5400 and installation
Hampstead Ltd purchased new equipment on 1 January 2019, at a cost of $590 000. The company estimated that the equipment has a useful life of 5 years and a residual value of $45 000.Ignore
Star Ltd purchased new equipment for $60 000 on 2 July 2019. The equipment was expected to have a $10 000 residual value at the end of its 8‐year useful life. Straight‐line depreciation has been
On 2 January 2019, McGrath Ltd purchased a machine for $36 000 with a useful life of 5 years and a residual value of $6000. In order to keep the machine running properly, the company has performed
At 30 June 2019, the financial statements of McMaster Ltd showed a building with a cost of $300 000 and accumulated depreciation of $152 000. The business uses the straight‐line method to
On 1 July 2019, Chadstone Ltd purchased a motor vehicle which is estimated to have a $6000 residual value and a useful life of 4 years. On 1 July 2021, the company purchased plant and equipment which
Prestige Printing Ltd commenced business on 1 July 2019. On 5 July 2019, a printing machine was purchased for $35 000, payable in two equal instalments due on 1 August and 1 October 2019. Transport
Branson Ltd owns two delivery vehicles (each with a residual value of $5000 and useful life of 4 years) and uses the straight‐line method of depreciation. The business closes its accounting records
Brunswick Ltd operates four types of equipment. Because of their varied functions, management has decided that four different depreciation methods will be used to determine depreciation charges.
Mason’s Manufacturing Ltd began operations during 2019. The company had a building constructed and acquired manufacturing equipment during the first 6 months of the year. Manufacturing operations
Powerhouse Ltd purchased machinery on 2 January 2019, at a cost of $800 000. The machinery is depreciated using the straight‐line method over a useful life of 8 years with a residual value of $80
On 2 January 2019, Powerhouse Ltd purchased, by exchanging $300 000 cash and a $180 000, 12%, 18‐month finance company loan, assets with the following independently determined appraised values.The
Over a 5‐year period, Downton Ltd completed the following transactions affecting non‐current assets in financial years ending 31 December. The company uses straight‐line depreciation on all
Alexander Ltd completed the following transactions during 2019. The company uses sum‐of years’‐digits depreciation and records depreciation to the nearest month. Ignore GST.Required(a) Prepare
Selected transactions of Coromandel Ltd are given below. The company uses straight‐line depreciation and calculates depreciation expense to the nearest whole month. Ignore GST.Required(a) Prepare
Rawsons’ Recycling Ltd commenced business on 31 March 2019 in the recycling industry. The company balances its accounting records at month‐end and the end of its reporting period is 31 December.
At the end of Sovereign Ltd’s financial year, 30 June 2019, the following items must be resolved before adjusting entries and financial statements are prepared. Ignore GST.1. On 1 July 2018,
Your examination of the records of Wilson Ltd, which was established on 1 March 2019, reveals that the accountant debited the Land, Buildings and Equipment account with the following items (ignore
In early July 2019, Masterton Ltd is considering the acquisition of some machinery for $1 200 000 to be used in the manufacture of a new product. The machinery has a useful life of 10 years, during
In groups of four or five, consider the following information. On 1 July 2019, Stevenson Pty Ltd, a proprietary company with three shareholders, acquired some property by issuing 100 000 shares to
Pringles Ltd is a large department store that has used the straight‐line depreciation method since the company was first formed. For the year ended 30 June 2019, the company made a record profit
In September 2019, Niem Duong opened a car hire business. The following transactions occurred during the first month of the business (ignore GST).Use the following account titles and
Read the article ‘New pathways to business success’ from InTheBlack and answer the following questions.Required(a) Compare the entry requirements to become a full member of CPA Australia, CAANZ,
Read the following article from Chartered Accountants and answer the question that follows.Required Discuss the significance of intentional trust to the success of a professional services firm.
Read the article below and address the questions that follow.Required Assume you are a newly graduated marketing student. You recall from your studies that accounting plays a vital role in the
Refer to the latest financial statements of Woolworths Group on its website, www.woolworthsgroup.com.au/page/investors/our-performance/reports/Reports. Browse through the chairman’s and chief
Financial items for George Karatsis IT Services on 31 May 2019 are presented below in alphabetical order.Required(a) Prepare a balance sheet similar to the one in figure 2.2. (b) Reformat the
During the year ended 30 June 2019, Skilled Services, a provider of temporary secretary personnel, had collected receipts from clients for a total value of $250 000. Wages of $136 000 had been paid
Sarah Hodge is a self-employed piano teacher operating her business from home. She keeps her accounting records for business activities completely separate from her records for personal activities.At
Equity balances for Sen Widyaya appearing in the balance sheets of Widyaya’s Window Washing Services as at 30 June 2019, 2018 and 2017 are set out below.During 2017–2018, Sen withdrew $25 000 for
Identify, by letter, the assumption or characteristic of information which best represents the situations given.A. Accounting entity assumption B. Accrual basis assumptionC. Going concern
Month-end balance sheet amounts for the legal practice of Adam Booth, a local lawyer, for 3 consecutive months of 2019 are shown below. The information is complete except for the balance in the
Jones’ Mower Repairs began operations on 1 August 2019 and completed the following transactions during the first month.1. Darren Jones deposited $35 000 of his personal funds in a current account
Toby and Talea McKellar are the joint owners of Beaut Beach Caravan Park, which is near a swimming beach popular during the summer months. The park provides not only camping facilities for caravans
The following events occurred during the month of September 2019 for the business of Eliza’s Webdesign Service.Required(a) Determine the effects of the business transactions on a balance sheet by
Eric Lu began a small business on 1 July 2018 by depositing $250 000 into a business bank account. On 30 June for the next 3 years, the assets and liabilities of the business were as
Financial data for Safety Hire as of 30 June 2019 is shown below.Required(a) Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June
Asset, liability, equity, income and expense amounts for Sadoka’s Interior Decorating at 30 June 2019 are presented below.Required(a) Prepare an income statement for the business for the year ended
During October 2019, Cleo organised a new business, Cleo’s Cafe. After each October transaction, Cleo prepared a balance sheet, as shown below.Required(a) Describe the nature of each of the four
Dawson Industries began operations early in January 2020. On 31 December 2020, records showed the following asset, liability, equity, income and expense amounts.Required(a) Prepare an income
A new business graduate with one subject of accounting prepared the financial statements below for Helen’s Dancing School at the end of the first year of operations.Additional analysis revealed the
The Marketing Store was established as a sole trader business, specialising in providing marketing services, on 1 January 2019. The owner, Jenny Smart, contributed $100 000 in cash to the business
Financial balances for the car hire business of John’s Limos on 31 March 2019 are provided below in a table in accounting equation form similar to the chapter illustrations.During April, the
Financial balances for Ho Ming Wee, Solicitor, on 30 June 2019 are given below in a table in accounting equation form similar to the chapter illustrations.During the early part of July, the business
Emma Lu obtained registration to practise as a naturopath, and spent the month of July 2019 setting up her business — E. Lu, Naturopath.Emma prepared a new balance sheet after each transaction
Tran’s Clothing Alterations began operations on 1 August 2019 and completed the following transactions during the first month.1. Tran deposited $18 000 of her personal funds in a current account at
Baker’s Bread Shop was established on 1 April 2019 with an initial investment of $100 000 by the owner. During the first few weeks of business, the owner employed a part-time accountant (with only
Yamindi was raised on a farm in the Northern Territory. While in high school, he was an active member of the local rural youth club and raised several prize animals that he sold at auction at state
Read the following article and answer the question below.Required(a) Using this framework discuss whether brand names are ‘valuable assets’ of a business, or an expense.(b) Use the definitions of
Read the following article and answer the questions.Required(a) Identify the stakeholders in this situation.(b) Determine the ethical issues (if any) involved.(c) Comment on the ethics of bribing
The following transactions were undertaken by Massenburg Personnel Services during the month of February 2019. Ignore GST.1. Invoiced a client for providing advice on current employment legislation,
The general journal of Lenore Grunweld, Property Adviser, contained the entries below for the month of July 2019. GST is ignored.Required(a) Post the transactions to T accounts. The chart of accounts
The following information relates to the business of Man Ting’s Travel Agency for the month of June 2019.Required (a) Prepare general journal entries to record the above events, as appropriate, in
In December 2019, the following transactions occurred in Macchiato’s Coffee Roasters business that supplies cafés and also sells direct to the public.Required (a) Prepare general journal entries
Kelly’s Cleaning Services T accounts for 30 April 2020 were as follows:Required Analyse the above accounts and describe in chronological order the transactions that have been recorded. 2/4 10/4 9/4
On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).Use the following account titles and numbers: Cash at
The 31 May 2020 trial balance of Amy Wait, Physiotherapist, is shown below. Ignore GST.The following transactions were completed during June.Required (a) Prepare journal entries to record each
Roger’s Repair Services had the following transactions during April and May 2019.Required(a) Assuming that the accounting period is a calendar year, prepare general journal entries for Roger’s
On 1 March 2017, James Taylor decided to open Taylor’s Tailormade that makes suits, trousers and jackets, and repairs and alters clothes. He contributed for this purpose sewing equipment $46 000
Lewis Edwards decides to branch out on his own and set up his own private practice as an accountant. Events occurring in March 2019 are as follows. Ignore GST.Required(a) After analysing the events
On 1 April 2018, Kenny’s Equipment Hire opened for operations. Kenny Kowslowski contributed the capital of the business of $720 000 cash. He has asked you to be record keeper for the business on a
Peter’s Personal Training Service had been in business for several years. In June 2019, as a result of a dispute with the owner, the accountant of the business disappeared and took all the records
In December 2019, Mike Mills opened a miniature golf course to cater for the summer holiday tourists and completed the transactions below during its first month of operations. For the sake of
Your first assignment on your new job was to determine why the 31 December 2018 trial balance did not balance. In your review of the records you uncovered a number of errors described below.1. The
At the end of the first year of operations, Arch Etec, owner of Architect Designs, engaged you to prepare yearly financial statements for the year ended 30 June 2019, on both the cash basis and the
Victoria Holmes registered as a financial adviser several years ago. An income statement for the current period, prepared using cash accounting, is presented below. GST is ignored.Additional data 1.
The income statement of Peter’s Pest Control for the month of August 2019 shows a profit of $6800 based on:In reviewing the statement, you discover:1. depreciation on equipment of $460 was
The following information was extracted from the accounting records of the business of Wendy’s Lawnmowing Services.Payments made during the year ended 30 June 2019 were as follows.Assume that
Kreative Kitchens purchased a 1‐year insurance policy on 1 March 2019. The entire premium of $9000 was recorded by debiting Prepaid Insurance. Ignore GST.Required(a) Give the adjusting entry at 30
Easy Rentals Ltd received 4 months’ rent in advance from tenants on 1 April 2019. The entire amount of $6400 was credited to the Unearned Revenue account at this date. Ignore GST.Required(a) Give
Trev’s Gardening Services purchased a trailer on 1 July 2019 for $26 200. It was estimated to have a useful life of 5 years and a residual value at the end of that time of $2800.Required(a) What is
Investment Guru provides investment advice to customers for fees. On 30 June 2019, it completed its first year of operations. Some of the ledger account balances of the business, before any yearend
Monthly Foodies’ Magazine’s ledger includes the following accounts: Subscription Revenue, Unearned Subscriptions Revenue, Prepaid Insurance, Insurance Expense, Prepaid Rent and Rent Expense.The
The draft accounts for the year ended 30 June 2019 and a balance sheet as at that date for S. Steiner are submitted to you. Towards the end of the financial year her accountant resigned and she
Instant Clothing Alterations is run by Marc Giannopolous in the local shopping centre. The business prepared the following unadjusted and adjusted trial balances at 30 June 2019.RequiredPrepare the
The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2019 was as follows (ignore GST).Required(a) Using the following information, prepare adjusting entries. Use the accounts
JetSki Hire runs a business on the Murray River hiring out jet skis to holiday makers, tour operators and for corporate training sessions. The unadjusted trial balance of JetSki Hire is shown below

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