assignment 408 bai giai
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8/8/2019 Assignment 408 Bai Giai.
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BUSINESS ADMINISTRATION
Assignment ADM408A
Prepare Financial Reports
BSBADM408A
Activity Pass Comment
Part A: Prepare
Financial Statements:
Task 1 Y / N
Task 2 Y / N
Task 3 Y / N
Task 4 Y / N
Task 5 Y / N
Task 6 Y / N
Part B: Depreciation
& Deposal
Task 1 Y / N
Task 2 Y / N
Task 3 Y / N
Task 4 Y / N
STUDENT NAMEFACILITATOR
DATE
UNIVERSITY
Assessment Conditions: Closed Book, Calculator Allowed, NO MOBILESRecommended time: 3 hours pluss 15 minutes reading time
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ADM408A Assessment
This is a (CLOSED BOOK) assessment of a maximum of 3 hours with 15minutes reading time.
You are allowed a calculator, but mobile phones are NOT to be used andmust beswitched off during the entire the assessment.
There are TWO PARTS and both must be attempted and satisfactorilycompleted in orderto pass the unit ADM408.
If you do not successfully complete apart(S), you may be permitted tpattempt a resit in the week allowed by your lecturer. however, a resit isconditipon upon you making areasonable first attempt, and this is determined by the lecturer. Studentsmust achieve at
least 40% in their first attempt to quatify for resit. No exception to thisprinciple is given.
Student please read and sign the following declaration:-
I certify that the answers in this assessment are my our work and that I amaware of Tafe South Australias policy concerning plagirism,
and
I accept the conditions under which this assessment is set.
Student signature_________________
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ADM408A Assessment
PART A PREPARE FINANCIAL STATEMENTS
The trial balance on the attached Sheet was axtracte from ledger of CStanston on30 June 0X.
Required:
1. open the ledger accounts with their unjusted entries as at 30 June0X from the
Trial Balance.2. Journalise and post the Ajusting Entries.3. Journalise and post the Closing Entries.4. Prepare the Income and Profit Statement.5. Prepare Owner Equity Statement.6. Prepare the Balance Sheet Statement.
Addition information:
(a)Supplies on hand at year-end, $3 500.(b)Depreciation on Furniture an Fixtures, $32 000.(c) Depreciation on Building, $27 000.(d)Salaries Owed but not yet paid, $3 000(e)Accrued Service revenue, $23 000.(F) Of the $95 000 balance of Unearned Service Revenue $ 31 000 was
earned during 0X.
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ADM408A Assessment
Trial BalanceOf S Stanston
At 30/6/
Debit CreditCash at bank 201 000Accounts Receivable 505 000Stock 9800Furnitures and Fixtures 230 000Accuminated Depreciation Furnitures andFixtures
62 000
Building 440 000Accuminated Depreciation - Building 370 800Accounts Payable 236 000
Salary PayableUnearned Service Revenue 95 000Capital 506 000Drawings 55 000Service RevenueSalary Expense 241 000Stock ExpenseDepreciation Expense Furnitures andFixturesDepreciation Expense - Building
Accrued Revenue (Work in Progress)Miscellaneous Expense 30 000Total $ 1,756,800 $ 1,756,800
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1. Post Entries2. Post Ajust Entries3. Closing Entries
cash at bank stock
201000 9800201000 6300
3500
Acc receivable furnitures and fix tures
550000 230000
550000 230000
Acc dep furnitures and fixtures building62000 440000
32000 44000094000
ACCDEP - BUILDING ACCPAYABLE
370800236000
27000236000
397800
SALARYPAYABLE UNEARNEDSERVICEREVENUE
3000 950003000
31000 64000
CAPITAL DRAWINGS
506000 55000506000 55000
201700 55000550000 0652700
SERVICESREVENUE DEPEXPENSE
487000 2700023000 27000
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31000541000 541000
0
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SALARYEXPENSEACCRUED
241000 230003000 23000
244000 2440000
STOCKEXPENSE MISCELLANEOUSE6300 30000
6300 30000 300006300 0
0
DEPEXPENSEPURNITUREFIXTURES INCOMESUMMARY32000 541000
32000 339300
32000 2017000
0
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Ajusting General journal EntriesDate Ledger Accounts Debit Credit30/6 Stock expense 6300
stock 6300Supplies on hand at year end
Depreciation exp fur.. and fix 32000Accum Dep 32000Depreciation on fur.. and fixDepreciation exp building 27000
Accum Dep 27000Depreciation on buldingSalary exp 3000
Salary payable 3000Salary owned but not yetpaidAccrued service revenue 23000
service revenue 23000Accrued service revenueUnearned service revenue 31000
service revenue 31000Service revenue earedduring 20xx
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Post Closing EntriesDate Ledger Accounts Debit Credit
Services revenue 541000
Income summary 541000To record the closing entryforthe service revenue accountIncome summary 339300
Salary expense 244000Stock expense 6300Dep-exp-fur and fix 32000Dep-exp-building 27000Miscellaneous exp 30000
To record the cloding entryfor drawing accountIncome summary 201700
capital 201700The record the tranferynet profit into capitalCapiatal 55000
drawing 55000To record the closing entryfor the drawing account
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4. Prepare the Income and Profit Statement.5. Prepare Owner Equity Statement.6. Prepare The Balance Sheet Statement.
C Stanston
Profit and loss statementOn 30 June 0xServices revenue 541000Expense
Salary exp 244000Stock exp 6300Dep-exp-fur and fix 32000Dep-exp-building 27000Miscellaneeous exp 30000
Detail expense 334300Net profit 201700
C Stanstonowners equity statement
on 30 June 0x
opening capital 506000
plus net profit 201700
707700
Less drawing 55000
Closing capital 652700
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C stanstonBalance SheetAt 30 June 0x
Assets
Current assetsCach at bank 201000Account receivable 550000Stock 3500Accruied receivable 23000
Total current asset 777500
Non current assetFurniture & fixtures 23000Accum dep furniture & fixture94000Buiding 440000Accum dep buiding 397200
Total non current asset 178200Total asset 955700Liabilities
Current liabilitiesAccount payable 236000Salary payable 3000Unearned service revenue 64000
Total current liabilities 303000Net asset 652700
Owner EquityCapital 652700
Total owner equity 652700
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PART B DEPRECIATION AND DISPOSAL OF ASSETS1. Explain what is meant by the following accounting terms:
Non current assets:Non current assets are assets which cannot be classified as current,which usually means they will be help in their present form for morethan a year from balance date. The two broad categories of non
current assets are tangible(having physical existence andtangible).tangible assets include the categories: long terminvestments, nutural resourse, fixed assets and other assets.Intangible assets are those assets that do not have physical existence,but rather derive their value from the rights that possessions confers totheir owners,Depreciation:
The portion of the cosst of a noncurrent asset that is assigned to anexpense over time.It is important to note that recording depreciation is a process of
location, not of evaluation; it really represents no more than the usedup part of a fixed asset. A fixed asset can be used up in the sense thatits future economic benefits decline, due to wear and tear, or due totechnical or commercial obsolescence, the standard says depreciationexpense means an expense recognised sydtematically for the purposeof allocating the depreciable amount of a deprecible asset over itsuseful life.
2. Using the straight line method of depreciation, calculate the annualdepreciation charge on Contruction Equipment purchased $ 113,000cash plus GST. The expected life of the epuipment is 9 Years andresidual value is $4,500. shows your calculations.
Depreciation change on construction equitmentDepreciation exp=11300-54500/9= $12055
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3. Asset name: CompressorDate purchased: 31 Dec 2004Purchased price: $ 25,300Depreciation rate: 12%Purchased from: Barrett and Barrett ContructionFreight costs: $1,200 Paid on: 31 Dec 2004Date deposed of: 30 June 2008Deposal price: $9,200
The asset was sold for cash to: Add- on Builders(i) Using the above information:
Calculate the preciation charge for the asset usingthe reducing method of depreciation.
Depreciation change on construction equitment anded 30June 2005Dep exp 2005=(25300-1200)x12%/2=$ 1590
Depreciation change on construction equitment anded 30June 2006Dep exp 2006=(26500-1590)x12%=$ 2989Depreciation change on construction equitment anded 30June 2007Dep exp 2007=(24910-2989)x12%=$ 2631Depreciation change on construction equitment anded 30June 2008Dep exp 2008=(21921-2631)x12%=$ 2315
Total accum dep1590+2989+2631+2315=$9525End value26500-9525=16975Net profit & lossProfit(loss) = 9200-16975= 7775 loss
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(ii) Record
Assume that the finacial your
DATE LEDGER ACSOUNT DEBIT CREDIT04/05 Dep Exp 1590
Accum Dep 1590Depreciation exp of compresor04/05 financial year
05/06 Dep Exp 2989Accum dep 2989
Depreciation exp of compresor05/06 financial year
06/07 Dep Exp 2631Accum dep 2631
Depreciation exp of compresor
06/07 financial year07/08 Dep Exp 2315
Accum depCash at bank 9200
Profit and loss on saleAccum dep 9525
Profit and lossProfit and loss on sale 26500compressor
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