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ACC 20013 Company Accounting

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Question:

The following adjustments are required before preparation of Paradise Ltd’s financial statements for the year:
 (i) Depreciation to be provided on a straight-line basis on buildings at 5% p.a. and on office furniture and equipment at 10% p.a. The sale of office furniture occurred at the beginning of the current financial year.
 (ii) Goodwill is considered not to be impaired.
 (iii) Management was informed that a particular debtor had become bankrupt and the full account of $12 000 needs to be written off.
 (iv) The Allowance for Doubtful Debts account needs to be adjusted to 8% of accounts receivable,after considering the adjustment in item iii above.
 (v) Current income tax expense (and tax liability) for the year is estimated to be $8000.
 (vi) Accrued wages to staff: sales $1500, administrative $2000.
 (vii) Vehicle rental paid in advance at 30 June 2017 amounted to $30 000.
 (viii) Shares with calls in arrears are to be forfeited, any reserve being retained by the company.
 (ix) A dividend of 3c per share is declared on shares remaining after considering item viii.
 (x) Land is to be revalued upwards to its fair value of $250 000.
 (xi) Transfer $10 000 from the general reserve to retained earnings.

Required
In preparing the financial statements for this assignment, you are advised to comply with AASB standards and the
requirements in the Australian Corporations Legislation when determining the structure and presentation requirements for the financial reports.
A. Prepare the journal entries required by items i to xi above. 
B. Prepare the adjusted trial balance as at 30 June 2017. 
C. Prepare the statement of profit or loss and other comprehensive income with expenses classified by function for the year ended 30 June 2017.
 (Everything required to be presented on the face of the financial statements, no notes required)
D. Prepare the statement of change in equity for the year ended 30 June 2017.
E. Prepare the company’s statement of financial position as at 30 June 2017. 
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