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ACC101 Fundamentals Of Accounting

tag 0 Download 3 Pages / 593 Words tag 22-04-2021

Question:

Assuming that the accounting period is a calendar year, prepare general journal entries for ABC Constructions Ltd during April and May 2014. Ignore GST.  

A.Using the following information, make the necessary adjusting entries. (12 mark)

  1. Rent of office premises of $1,216 for the 4-month period ending 30 August is due to be paid in July.
  2. The Supplies account had a $600 debit balance on 1 July of the preceding year. Supplies costing $1,400 were purchased during the year, and $400 of supplies are on hand as at 30 June.
  3. The telephone expense of $400 is unpaid and unrecorded at 30 June.
  4. Annual depreciation on equipment is estimated to be $14,000. The balance in Accumulated Depreciation at the beginning of the financial year was $18,000.
  5. Newcastle Retail Services borrowed $60 000 from ABC Bank on 15 April. The principal, plus 8% interest, is payable on 15 August. Accrued interest on 30 June has not been recorded.
  6. The office assistant earns $280 a day. He will be paid in July for the 5-day period ending 2 July.
  7. Newcastle Retail Services purchased a 6-month insurance policy for $1,134 on 1 December. A 24-month policy was purchased on 30 May for $2,544. Both purchases were recorded by debiting Prepaid Insurance.
  8. On 1 June, Newcastle Retail Services received 4 months’ rent in advance, totalling $1,792. This was recorded by a credit to Unearned Rental Revenue.
  9. As you know, all adjusting entries affect one balance sheet account and one income statement account. Based on your adjusting entries prepared in requirement A
  10. Calculate the increase or decrease in profit. (2 mark)
  11. Calculate the increase or decrease in total assets, total liabilities and total equity. (4 mark)

Explain the difference between accounting standards, interpretations and the accounting framework. (7 marks)

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