Accounting Principles and Practices HA1020 Assessment Task

Assessment Agriculturistiness
Unit Code: HA1020
Unit Name: Representationing Principles and Practices
Assignment: (Individual)
Due: Week 13- Thursday, 15th October 2020 (11:30pm)
This enactment is planned to assess your flatten of acquirements of the explanation topics familiar in this unit
Unit Learning Outcomes Assessed:
• Understand the logic and assumptions of representationing procedures;
• Proceedings employment transactions in the narratives and ledgers that construct up a employment representationing plan;
• Prepare financial statements; and
• Analyse and declare financial statements.
Each week students were supposing with three tutorial inquirys of varying degrees of inaptitude.
The tutorial inquirys are advantageous in the Tutorial Folder, control each week, on Blackboard. The Interactive Tutorials are planned to help students with the course, skills and acquirements to solution the supposing tutorial inquirys. Your agriculturistiness is to solution a adoption of tutorial inquirys from weeks 1 to 11 comprehensive and yield these solutions in a unique muniment.
The inquirys to be solutioned are:
Inquiry 1 :
(Note this inquiry is from the Week 5 Tutorial)
Sandox Retail has the aftercited unadjusted purposeeavor redress as at 30 June 2020 in the table:
Accounts Debit ($) Praise ($)
Accounts Receivable
Prepaid Insurance
Insurance Charge
Accumulated Deterioration
Other Property
Wages Payable
Accounts Payable
Income Toll Payable
Share Principal (3000 shares ungathered perfect year)
Retained Profit
Sales Revenue
Wages Charge
Supplies Charge
Income Toll Charge
Inquiry 1 (Cont’d)
a) Prepare an Income Statement control Sandox Retail control the financial year 2019-2020.
b) Prepare a Redress Sheet as of 30 June 2020.
c) Prepare the closing narratives control Sandox Retail.
Inquiry 2 :
(Note this inquiry is from the Week 6 Tutorial)
Beacon Limited had the aftercited purposeeavor redress as at 1 January 2019, as shown in the table adown:
Representation Debit $ Praise $
Capital 250 000
Accounts receivable 600 000
Catalogue 730 000
Prepaid insurance 60 000
Prepaid laceration 50 000
Equipment 1 500 000
Amercement control dubious claims 20 000
Accumulated deterioration 500 000
Accounts payable 700 000
Revenue accepted in walk 120 000
Income toll payable 530 000
Loan 600 000
Share principal 400 000
Retained receipts 320 000
3 190 000 3 190 000
You are fond the aftercited appended counsel control the year purposeed 31 December 2019:
a) Bad claims of $14,380 were written impromptu.
b) It was ruled that perfectowance control dubious claims should be 5 per cent of representations receivable.
1) Prepare narrative entries control these transactions.
2) State the redress of the aftercited representations via T-ledger control the year purposeed 31 December 2019: a) Representations receivable
b) Perfectowance control dubious claims
Inquiry 3:
(Note this inquiry is from the Week 7 Tutorial)
The aftercited counsel has been extracted from the registers of Kakadu Ltd, which sells appropriate camping tents. The aggregation uses the eternal catalogue plan to proceedings accumulation. Its monthly reporting date is 31 May. Kakadu Ltd uses the FIFO Method.
Date Transaction Quantity $ Unit require
1/05 Beginning redress 6 720
6/05 Purchases (850/unit) 4 600
16/05 Sold @1700/unit 8 ?
17/05 Purchases 6 650
29/05 Sold @ 1500/unit 2 ?
30/05 Sales Return from 29/03 Sales 1 ?
a) Ignoring GST and narrations, constitute and full the catalogue accumulation proceedings shown aloft control transactions during the month of May.
b) Calculate the require of catalogue on workman as at 31 May and the require of sales as at 31 May.
Inquiry 4:
(Note this inquiry is from the Week 8 Tutorial)
Transactions and redresss control Diana Wonder are supposing adown:
• 31 Jul 2020 Bank Statement redress $ 78,495
• 31 Jul 2020 redress per Diana’s registers $ 77,370
• Diana accepted a capital acquittal that she has not attributable attributable attributable attributable attributable attributable deposited $ 380
• Diana issued a cheque payable to Michael Hill Enterprises that has not attributable attributable attributable attributable attributable attributable been presented to the bank $ 1,499
• Bank mandible control the month of July were $10
• Interest on bank redress praiseed to Diana’s representation $ 16
Perform a bank amity.
a) Reconcile Diana Wonder’s month purpose capital redress as of 31 Jul 2020.
b) Fixed on your separation, purpose the adjusting entries (if any).
Inquiry 5:
(Note this inquiry is from the Week 9 Tutorial)
Greyhound Ltd purchased a strange agriculturist control $280,000. The aggregation expects the agriculturist to be used control trips among Sydney and Melbourne control 8 years, or 400,000 miles, with an estimated residual appreciate of $40,000 at the purpose of that era. During the third (3rd) year, the agriculturist was driven 60,000 miles.
Calculate the deterioration charge control the 3rd year using each of the deterioration methods: a), b) and c) customary adown. (Show ALL of your workings and calculations)
a) Straight-line
b) Diminishing redress at 20% p.a.
c) Units-of-activity
Inquiry 6:
(Note this inquiry is fixed on the Week 11 and Week 12 Tutorials)
Safeway Inc. had the aftercited relatively curlaceration property and curlaceration liabilities, as shown adown:
Curlaceration Property 31 Dec 2019 31 Dec 2018
Capital $ 65,000 $ 25,000
Marketable securities 30,000 15,000
Accounts receivable 42,000 80,000
Catalogue 120,000 90,000
Prepaid charges 35,000 20,000
Total Curlaceration Property
Curlaceration Liabilities $292,000 $230,000
Accounts payable $145,000 $130,000
Salaries payable 40,000 30,000
Income toll payable 20,000 15,000
Total Curlaceration liabilities $205,000 $175,000
Appended Counsel
During 2019 allure praise sales were $680,000 and the associated require of movables sold was $365,000. Allure capital supposing by bounteous activities control 2019 was $142,000.
Inquiry 6 (Cont’d)
Fixed on the relatively curlaceration property and curlaceration liabilities of Safeway Inc., as shown aloft, calculate the aftercited pertinencys:
1. Curlaceration pertinency control twain 2018 and 2019.
2. Quick pertinency control twain 2018 and 2019.
3. Curlaceration capital claim coverage pertinency control 2019.
4. Receivables turnover control 2019.
5. Catalogue turnover control 2019.

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