Required: Prepare general journal entries for the above and then, assuming for simplicity that there were no other transactions, prepare a statement of financial position as at 31 October 20X8.

Problem #1 Question The statement of financial position of Newcastle Pty Ltd as a 30 June 20X8 appeared as follows Newcastle Pty Ltd Statement of Financial Position as at 30 June 20X8 Assets Current assets Bank Accounts receivable Inventories 45 000 35 000 48 000 128 000 Total current assets Non-current assets Plant and equipment 500 000 120 000 Less Accumulated depreciation 380 000 Motor vehicles 120 000 80 000 Less Accumulated depreciation 40 000 Land 300 000 Buildings 300 000 60 000 Less Accumulated depreciation Total Non-Current Assets 240 000 960 000 Less Current liabilities Accounts payable 88 000 88 000 1 000 000 Total Current Liabilities Net assets Shareholders' equity Contributed capital 40 000 7% cumulative preference shares at $5 each 1 000 000 ordinary $1 shares 200 000 1 000 000 Less uncalled capital of 50 cents per shares (500 000)500 000 300 000 1 000 000 Retained earnings Total equity The following resolutions have been passed at the Annual General Meeting of Newcastle On 1 August 20X8, the declaration of a final dividend of 4% on the preference shares which, together with an interim dividend of 3% paid on 25 February 20X8, made a total of 7% for the year On 1 August 20X8, the declaration of a final dividend of 6% on the paid-up value of the ordinary shares which, together with an interim dividend of 4% paid on 25 February 20X8 made a total of 10% for the year On 1 August, there was a call of 25 cents per share on all the ordinary shares to be paid by 10 September 20X8. All amounts due were paid except for 5 000 shares, so these shares were forfeited on 30 September 20X8 The issue of a debenture of 10 000 units at $100 payable in full on application by 30 September 20X8. All amounts were received On 10 October 20X8, the purchase of land ($200 000) and buildings ($800 000) for cash a. b" c. d. e