Solved Assignments

ACC106 ATMC Task 2 Assignment – Nellys Saddlery is a proprietorship of Ms Nelly Gee

Nelly’s Saddlery – Business Background   1.1 Introduction Nelly’s Saddlery is a proprietorship of Ms Nelly Gee who established this new business on 1st June 2018. Nelly’s Saddlery is a GST-registered horse tack and supplies business that is beginning with just a small range of saddles and horse rugs. The business also provides some basic saddlery repairs and maintenance services. The business sources its products from a number of suppliers.   The business currently sells two types of saddles: All Purpose Saddles, Suede Seat Saddles, and one type of rug: Top Tack DELUXE Rug   Nelly Gee, sole proprietor, has established a reputable and growing business with and has employed two staff members. Being an astute businessperson, Nelly is using Microsoft…

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ACC00146 MANAGEMENT ACCOUNTING – Sunny Days manufactures swimwear and beach accessories for men and women

Sunny Days manufactures swimwear and beach accessories for men and women.  They operate out of rented premises in Currumbin Creek Road where the factory is split into a manufacturing and storage area and a retail space. The business produces 4 products: One-piece swimsuits for women Board shorts for men Beach Towels Beach Umbrellas   You, as the management accountant for the firm, have been asked to prepare a range of budgets for the 2019 year.  The following information has been gathered: Sales One-piece swimsuits Board short Towel Beach Umbrellas January 2019 1,800 1,600 400 200 February 2019 1,400 1,100 300 180 March 2019 1,300 1,160 260 160 April 2019 1,000 1,000 140 120 May 2019 400 600 80 60 June 2019 400…

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BUACC 5930, Accounting Concepts and Practices – Dural Trade Ltd

The final accounts of Dural Trade Ltd are provided below:   Dural Trade Ltd   Balance Sheet (Statement of financial position) as at:   2017 $ 2018 $ Assets Bank 71,760 92,400 Accounts receivable 115,200 131,760 Inventory 130,320 152,520 Investments 108,000 – Land – 122,400 Equipment 396,000 501,200 Accumulated depreciation – equipment (171,360) (204,560) TOTAL ASSETS 649,920 795,720 Liabilities and Shareholders’ Equity Accounts payable 73,200 82,680 Operating expenses accrued 6,000 7,320 Dividend payable 14,400 17,280 Share capital (Ordinary shares @ $2 each) 360,000 432,000 Share premium 17,280 31,680 Retained earnings 179,040 224,760 TOTAL LIABILITIES AND EQUITY 649,920 795,720   Dural Trade Ltd Income statement for the year ended 31st December 2018 $ $ Sales 1,432,800 Less: Cost of sales 850,680 Gross…

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BUSN9117 Management and Cost Accounting – Hilda Ltd manufactures and sells two products: ThingOne and ThingTwo

QUESTION Hilda Ltd manufactures and sells two products: ThingOne and ThingTwo. With the recent downturn in the market, Hilda experienced a decline in financial performance. The management team is in the process of preparing the 2018 budget and put together the following budgeted information.   Annual sales are expected to be 5,000 units. Budgeted sales for the month of October and November 2018 are provided below (Table 1). All sales are on credit. Hilda Ltd expects to collect 40 percent of accounts receivable in the month of sale, 59% are collected the following month and 1% are never collected and are written off as bad debts. Hilda Ltd recorded sale revenue of $74,100 for ThingOne and $105,000 for ThingTwo during the…

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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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