Solved Assignments

ACT501 Accounting Principles – Kargil P/L began operations

Q. 1   Kargil P/L began operations and completed the following transactions during July 2018 as follows:   July 1 Sold ordinary shares for cash for $25,000 2 Set up a petty cash for $200, to be managed by the receptionist. 2 Paid quarterly office rent, $3,300 3 Paid cash for office computers, $4,400. This equipment is expected to remain in service for 5 years. 3 Employed a full-time draftsman at the rate of $800 per fortnight. 3 Purchased milk, coffee, sugar, tissues etc for office amenities for $49.25. This total amount included GST of $13.74. 4 Purchased office furniture on credit for $3,960. The furniture should last for 7 years. 4 Purchased supplies on credit, $990, terms 2/20 net 30…

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ACC202 – Ronald Lim incorporated a private limited company, Kool Komfort Pte Ltd

  On 1 July 2018, Ronald Lim incorporated a private limited company, Kool Komfort Pte Ltd to provide, air-conditioner repairs and maintenance services.   The following are the transactions that occur during the first month of operations.   Jul 1    Lim received shares for investing $100,000 cash, a $80,000 van and a $8,000 service equipment.   Jul 3 The company hired Linda as a part-time office assistant for $150 per day, as needed and a service technician for $4,000 per month.   Jul 4 The company rented a furnished office and paid $4,500 cash for July’s rental and another $4,500 for the rental deposit which is refundable.   Jul 6    The company purchased $10,000 of supplies on credit from…

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Corporate Reporting (ACC2CRE) The summarised general ledger trial balance of Simrex Ltd

Question 1 The summarised general ledger trial balance of Simrex Ltd, a manufacturing entity for the year ended 30 June 2018 is detailed below.  Debit $ Credit $ Sales Revenue 990,000 Interest Revenue 98,500 Cost of Goods Sold 290,000 Distribution Expenses 93,000 Sales and Marketing Expenses 95,000 Administration Expenses 55,000 Interest Expense 55,000 Dividends Paid 32,000 Cash at bank 97,000 Inventories – 30 June 2018 123,000 Accounts Receivable 192,500 Provision for Doubtful Debts 8,000 Term deposit – due 30th September, 2018 337,000 Buildings 360,000 Motor Vehicles 340,000 Land 85,000 Goodwill 50,000 Warranty Provisions 25,000 Deferred Tax Liability 10,000 Accounts Payable 82,000 Accumulated Depreciation – Motor Vehicles 54,000 Accumulated Depreciation – Buildings 36,000 Bank Mortgage secured over buildings, due 1st May, 2019…

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ACC5213 MANAGEMENT ACCOUNTING – Perpetual Clocks is a manufacturer of clocks

Part A Perpetual Clocks is a manufacturer of clocks. It makes two products: Homeware Clocks— medium wall clocks made from Plastics. Custom Clocks— large free-standing clocks made from Tasmanian oak   The budgeted direct cost inputs for each product in 2018 are:   Homeware line Custom line Plastic framing 4 square metres 0 Tasmanian oak framing 0 10 square metres Plastic links 8 0 Tasmanian oak links 0 8 Direct manufacturing labour 6 hours 10 hours   Unit data pertaining to the direct materials for March 2018 are: Actual beginning direct materials inventory (1 March 2018) Homeware Line Custom Line Plastic framing (square metres) 80  0 Tasmanian oak framing (square metres)   0 60 Plastic links 200  0 Tasmanian oak links   …

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ACC508 – Informatics and Financial Applications – Task 2 – In Australia, permanent employees get given 20 days holiday pay

In Australia, permanent employees get given 20 days holiday pay (they get paid at their normal rate while on holiday) and ten days sick pay (they get paid at their normal rate while sick) in each year that they are employed.  This means that they get paid even though they are away from work.  Superannuation is calculated as a percentage of the Gross pay and taxed at 15%.  Overtime is calculated at time and a half.   The task 2 starting workbook consists of two worksheets, named Employee Information and Payroll Calculator.   Task 1 Format the two worksheets to create professional looking work sheets for each of these two worksheets. At this stage, none of the data in the two…

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ACCT209 CORPORATE ACCOUNTING: Lotus Limited and its 100% owned subsidiary, Troy Limited

Financial Information for Lotus Limited and its 100% owned subsidiary, Troy Limited, for the period ended 31 December 2018 is shown in the table below:   Lotus Limited Troy Limited $ $ Sales Revenue 50000 47200 Dividend Revenue 2000 0 Gain On Sale of Property, Plant and Equipment 2000 4000 Other Income 2000 4000 Total Income 56000 55200 Cost of Sales 42000 36000 Other Expenses 6000 2000 Total Expenses 48000 38000 Profit Before Income Tax 8000 17200 Income Tax Expense 2700 3900 Profit for the Period 5300 13300 Retained earnings ( 1 January 2018) 12000 6000 17300 19300 Interim Dividend Paid 5000 2000 Retained earnings (31 December 2018) 12300 17300 ADDITIONAL INFORMATION:   Lotus Limited acquired the shares in Troy Limited…

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MAA261: Financial Accounting – The company began operations as a retailer on 1 July 2016

Company Name: Abcde Pty Ltd The company began operations as a retailer on 1 July 2016. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June. It uses the Weighted Average cost allocation method and the perpetual inventory recording method. The company uses the straight-line depreciation method for office furniture and computers and the reducing balance method for motor vehicles. The company employs two people who are rostered over a seven-day working week. The employees are paid fortnightly up to and including the day of payment. There are no penalty wages. The company has one…

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ACT305 – Small Ltd bought a 30% interest in a joint venture, Fry Ltd.

Q1.        Small Ltd bought a 30% interest in a joint venture, Fry Ltd, for $50 000, on 1 July 2017. The equity of Fry Ltd at the acquisition date was: Share Capital $ 30,000 Retained Earnings $ 120,000   All the identifiable assets and liabilities of Fry Ltd were recorded at amounts equal to their fair values. Profits and dividends for the years ended 30 June 2018 to 2020 were as follows: Profit before tax Income tax expense Dividends Paid 2018 $80,000 $30,000 $80,000 2019 $70,000 $25,000 $15,000 2020 $60,000 $20,000 $10,000 REQUIRED (a)Prepare journal entries in the records of Small Ltd for each of the years ended 30 June 2018 to 2020 in relation to its investment in Fry…

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ACC 512 – Lake Surf Company uses an automated process

Question 1: Process costing (20 marks in total) Lake Surf Company uses an automated process to clean and polish its merchandise items. Normal spoilage is 5% of the goods units and is detected at the end of the process.   For March 2017, the company conducted the following activities:   Units     Beginning work in process inventory: 3,000 Items       [Direct material – 100%]   [Conversion costs – 25%]     Units placed in production 12,000 units   Unites Completed 9,000 units    Ending work in process inventory: 5,000 units     [Direct material – 100%]     [Conversion costs – 60%]   Costs     Cost of beginning work in process:     Direct materials $ 2,100…

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Computer Accounting Assignment – MYOB Case Study – The Athlete’s Store

This case study is designed to introduce you to using double entry computer accounting software for a small business. It covers many of the common transactions of everyday business, including GST. It is not meant to be a data entry exercise, but you are required to carefully record each transaction, understand how the software records these transactions in both the general and subsidiary ledgers and create reports. The Athlete’s Store The Athlete’s Store is a sports store located within the grounds of the Bundoora Sports & Aquatic Centre. The centre boasts an 8 lane Olympic size lap pool, an international standards athletic track as well as 6 Plexicushion tennis courts (official surface of the Australian Open). The centre also encompasses a…

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ACG 11 (Accounting for Business) SP3 2018 – Hal Apeenyo is the sole proprietor of “Cocina De La Madre”

QUESTION 1: General Journal, General Ledger, Trial Balance Part A Hal Apeenyo is the sole proprietor of “Cocina De La Madre”, a restaurant specialising in quality, authentic Mexican cuisine. Required: Below is a list of transactions that took place during the month of June 2018. Record each of the following transactions (where required), using the blank General Journal provided on the following pages. Journals must be correctly formatted and include a narration (explanation) for each entry. June 1                Cocina De La Madre paid the June water bill of $475 in cash. June 3                  Cocina De La Madre purchased 20 hand-painted dinner settings at a cost of $375 each. The purchase was paid in cash. June 4                 Cocina De La Madre catered a…

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On 1 July 2018, Ghostbusters Ltd acquired all the shares of Bat Ltd

On 1 July 2018, Ghostbusters Ltd acquired all the shares of Bat Ltd for $330 000 on an ex-div. basis. On this date, the equity and liabilities of Bat Ltd included the following balances:   Share capital $ 200 000 General reserve 25 000 Retained earnings 45 000 Dividend payable 10 000 Provisions 169 500   At acquisition date, all the identifiable assets and liabilities of Bat Ltd were recorded at amounts equal to fair value except for:   Carrying amount Fair value Plant and equipment (cost $300 000) $186 000 $190 000 Trademark 100 000 110 000 Inventories 70 000 80 000 Land 50 000 70 000 Goodwill 25 000 55 000 Machinery (cost $18 000) 15 000 16 000…

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