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Question 1 - Downtown Industries (8 marks) Wendy Walker owns and operates Downtown Industries. The following transactions relate to the purchase of a van. 01/11/21 Wendy borrowed $30 000 from AMP Bank. Wendy will make quarterly loan repayments of $1 000 starting on 15 July. 01/11/21 Wendy used cash purchase a van from The Van Man for $27 500 [including GST). This amount includes 12 months of VicRoads registration of $560 [plus GST). 02/11/21 Wendy paid Sally's Signwriting $880 including GST to paint the business' name, logo and contact details on the van with cheque 75. Prepare the General Journal entries required to record each of the above transactions. Narrations are not required. 8 marks Question 2 - Pip's Plumbing (8 marks) Pip Pipes owns and operates Pip's Plumbing, a small business that prepares reports on an annual basis on 30 June. On 30 June 2021 Pip traded-in a Van that originally cost $42 000 [plus GST]. As at 30 June 2021 the carrying value of the Van was $8 900. The Van Man agreed to a trade-in allowance of $8 500 on the cash purchase of a new Van with a selling price of $56 100 [including GST). a. Explain what the carrying value of $8 900 reported on the Balance Sheet of Pip's Plumbing represents. 2 marks b. Complete the Disposal of Van account in the General Ledger as at 30 June 2021. 4 marks c. With reference to your answer in part b., explain why a Profit or Loss on the trade-in of the Van can occur. 2 marks Question 3 - Music Mayhem (7 marks) Fran Festive runs a Music business and the Accounting Reports are prepared each year on 31 December. On 1 August, 2020, she decided to deposit $15,000 with the 'Best Bank' for a period of one year. The conditions of the deposit were that she could not make withdrawals from the account over that period, and that the principal and interest, at the rate of 4%, would be paid to Fran in one year. a. Prepare the journal entry required on 31 December, 2020 A narration is not required. 2 marks b. Record the deposit from Best Bank received on July 31, 2021, at the end of the term. A narration is not required. 4 marks c. How is Accrued Revenue reported in the Balance Sheet. 1 mark Question 4 - Kathy's Kitchens (5 marks) Kathy's Kitchens is a small business that applies a fixed mark-up of 150%. On 23 September 2021 an order was received for 20 'Dish Washers' from New Home Appliances. The total price quoted to New Home Appliances was $39 600 [including GST). New Home Appliances was issued with receipt 875 for the $4 000 deposit paid when they placed the order. On 4 October 2021 the 20 Dish Washers were delivered and an invoice issued. Prepare the journal entry required on 4 October 2021. A narration is not required. Question 5 - Cold Store (7 marks) Wally Winter owns Cold Store, a small business that prepares reports annually. Wally has provided you with the following Pre- Adjustment Trial Balance extract as at 30 June 2021. Cool Store Pre-Adjustment Trial Balance (extract) as at 30 June 2021. Account Debit Credit Allowance for Doubtful Debts 640 Accounts Receivable 9900 Cash Sales 16 500 Credit Sales 22 000 Accounts Payable 18 300 Sales Returns 3 000 Rent Expense 13 800 Additional information as at 30 June 2021 The debt of $550 (inc. GST) of one of the Accounts Receivable needs to be written off. . Based on historical data, Wally has a policy to report 4% of Net Credit Sales as a doubtful debt for each period. a. Referring to one Accounting Assumption, explain why it is necessary to record balance day adjustments. 3 marks b. Show how the Allowance for Doubtful Debts account would appear in the General Ledger after all adjusting and balancing entries have been posted. 4 marks Question 6 - Summer Sports (3 marks) The owner of Summer Sports operates a store in a suburban shopping centre. reports on a quarterly basis ending 31 March, 30 June, 30 September and 31 December. During September 2021, the owner negotiated a rental agreement based on a monthly payment of $12,000 (plus GST]. The first payment was made on October 1 as the payments will made on the first day of the month of the rental period. The rate will increase to $14 000 [plus GST] for each month starting on December 1, 2021. a. Calculate rent expense for the quarter ended 31 December 2021. 1 marks b. Record the Balance Day Adjustment in the General Journal on 31 December, 2021. Narrations are not required. 2 marks Question 7 - Deep End Gear (7 marks) On 1 March 2019 the business, purchased new computer equipment from IT Pros. The owner has been advised to calculate annual depreciation on either 25% straight line or 40% reducing balance. The tables below show the amounts on 30 June for each method. Straight Line Method Depreciation Accumulated Carrying Value Expense Depreciation 2019 700 700 7700 2 100 2021 4 900 3 500 2020 2 800 5 600 2 100 Carrying Value Depreciation Expense 1 400 Reducing Balance Accumulated Depreciation 1 400 4 200 5 880 2019 2020 2021 2 800 7 000 4 200 2 520 1 680 a. b. Explain the effect on the Income Statement if the Reducing Balance Method of depreciation is used in preference to the straight line method in 2020 1 mark Explain the effect on the Balance Sheet if the Reducing Balance Method of depreciation is used in preference to the straight line method in 2021. 2 marks Explain how owner should determine the appropriate method of depreciation for the Computer Equipment. Refer to alternative methods of depreciation in your answer. 4 marks c. Question 8 - PE Sports (5 marks) PE Sports a small business that reports annually on 30 June each year. On 1 January 2015 the business purchased a new Van for $60 000 plus GST. The following graph was prepared to demonstrate the Van's Carrying Value at the end of each year over its useful life using alternative depreciation methods. Tami has decided to select Series 1 to depreciate the Van. a. Calculate the estimated residual value of the Van at the end of its useful life. 1 mark b. Explain the conflict that exists between the qualitative characteristics of relevance and verifiability in terms of whether depreciation should be included in reports. 4 marks