prepare financial reports fir corporate entities

FNSACC514 - Prepare Financial Reports for Corporate Entities Gary and Anita Holt currently operate a partnership business named Holt Trading and want to convert their business to a private company business structure. They have requested your accounting firm, Get It Right (Suite5, 20 Correct Ave. Kew, Victoria, 3195, ph. 09 1234 4321) to proceed with the documentation to register their company with the following information. name) Business name and address: Holt Pty Ltd. (this is not identical to any other business (Registered Office & Occupied by Holt Pty Ltd) 45 Industrial Avenue Braeside, Victoria Type of company required: Private (limited by shares) Owners and directors: Gary Holt Anita Holt (nee Sing) 12 The Esplanade 12 The Esplanade Carrum. Victoria, 3197 Carrum, Victoria, 3197 Born 16 July 1966. Born 21 May 1970, Delhi, Sydney India Company Secretary: Paula Banks 455 The Highway Berwick, Victoria, 3806 Born 1 September 1974, Melbourne Australian Business 62 458 788 897 Number: Size of business: Gross Assets S15m Sales S1 20m +65 employees Share capital: Gary and Anita have determined that they will each hold 100,000 $1.00 ordinary shares in the company which must be paid for in cash immediately ASIC Replaceable rules to apply Constitution: Your instructions: The senior accountant of your accounting firm (Your assessor) has requested you to undertake the following tasks which must be presented for appraisal before lodgement with the ASIC Obtain an Application for Registration of a Company (Form 201) from the ASIC website and complete it on behalf of the clients using today's date and the information provided by Gary and Anita. You are to complete the form as the representative of your accounting firm, however the senior accountant with sign the form on behalf of the firm (after the information has been checked and any errors or omissions corrected). Prepare journal entries to record the incorporation of the company using today's date and the costs of establishment which are to include your firms fee of $3 000 (plus GST) plus the lodging fee). Prepare the journal entry in Holy Pty. Ltd.'s books to account for the acquisition of Holt Trading