Acc104 accounting for decisions 2

Part 1

There are indelicate financial assertions – weigh subterfuge, pay assertion,

assertion of coin flows, and assertion of changes in equity. Briefly picture the counsel conveyed by the weigh subterfuge referring-to to that conveyed by the pay assertion. (3 Marks)

Part 2 - End of Period Adjustments and Closings and Financial Statements (17 Marks)

The unadjusted essay weigh of ABC’s Financial Consultant, contains the aftercited representation weighs as at 30 June 2017:

ABC FINACIAL CONSULTAT

Unadjusted Essay Balance, as at 30 June 2017

Account

Debit

Credit

Cash at Bank

Accounts Receivable

GST Receivable

Office Supplies

Land

Building

Accumulated Deterioration – Building

Office Equipment

Accumulated Deterioration – Duty Equipment

Accounts Payable

Unearned Consulting Fees

GST Payable

Mortgage Payable

C. Delaney, Capital

C. Delaney, Drawings

Consulting Fees Revenue

Insurance Expense

Salaries Expense

Electricity Expense

Interest Expense

Telecommunications Expense

$ 5 200

9 260

920

1 140

60 000

152 000

23 400

52 780

1 660

87 940

760

2 090

1 740

$ 64 000

6 420

7 960

1 560

2 000

88 600

71 490

156 860

Total

$398 890

$398 890

The aftercited affixed representation titles are moderate in the chart of representations:

Preremunerated Insurance

Telecommunications Expense Payable

Office Arrangement Expense

Depreciation Expense – Buildings

Depreciation Expense – Duty Equipment

Interest Payable

Salaries Payable

ACC104 Accounting for Decisions 2

Group Assignment

Date Due: Week 10

Marks: 20%

The aftercited counsel is to-boot available:

1. A material number of duty arrangement reveals that arrangement totalling $420 are on laborman at 30 June.

2. The weigh in the Unearned Consulting Fees representation includes $1200 earned for services rendered in the conclusive week of June.

3. Estimated deterioration on the duty equipment is $2140. Deterioration on the erection is $8760.

4. A 12-month security plan was purchased on 1 April for $780 plus GST.

5. The June monthly mortgage reimbursement of $900 has not been remunerated or chronicled. In each reimbursement, $220 is attributable to curiosity-behalf.

6. The June telecommunications costs for $320 are parole. No tax invoice has been ordinary.

7. Salaries of $980 were due to employees at 30 June 2017.

Required:

1. Prepare a 6-shaft laborsubterfuge for the year ended 30 June 2017. Use the identical format of the shaft laborsubterfuge supposing.

(8 marks)

2. Prepare the pay assertion, weigh subterfuge (Narrative Format) and assertion of changes in equity (7 marks)

3. Minutes of meetings cultivated by order members must be kept and component retinue, labor allocations, problems and resolutions to problems (Use template life supposing 2 marks

All labor must be manufactured among the order and a chronicles of meetings and labor allocations must be kept. Any non-performance by order members get be eminent and marks get be prorated according to the sum of labor manufactured by the students.

ABC Financial Consultant - Worksubterfuge for the year ended 30 June 2017 Unadjusted essay weigh Adjustments Adjusted essay weigh Representation Title Debit Credit Debit Credit Debit Credit

Cash at Bank

Accounts Receivable.

GST Receivable…

Office Supplies

Land

Building

Accumulated Deterioration – Building…….

Office Equipment………

Accumulated Deterioration – Duty Equipment…….

Accounts Payable……………

Unearned Consulting Fees

GST Payable…………

Mortgage Payable……….

C. Delaney, Capital

C. Delaney, Drawings

Consulting Fees Revenue

Insurance Expense

Salaries Expense

Electricity Expense

Interest Expense

Telecommunications Expense

398 890

398 890

ACC104 Accounting for Decisions 2

Group Assignment

Date Due: Week 10

Marks: 20%

- Pay Statements, - Weigh Subterfuge (Narrative Format) - Statements of Changes in Equity

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