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ACC2CRE Corporate Accounting

tag 0 Download3 Pages / 620 Words
  • Course Code: ACC2CRE
  • University: La Trobe University

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Question:

Salaries not paid at 30th June amounted to $8,000.Unpaid power account for June totalled $4,000.Prepaid insurance attributable to current year is 10,000.Star Ltd. uses the periodic inventory system. The stock-take of 30thJune shows closing inventory of $110, 000 (valued at lower of cost and market value).Interest on bank mortgage is 10% per annum and is payable twice yearly on 31stDecember and 30th June. The amount due at 30 June has not been recognised.

Depreciation rates on the straight line basis are as follows:

                                              Plant & Machinery                    10%

                                              Furniture & Fittings                   5%

                                              Buildings                                     5%.

The current market value of marketable securities is $42,000. Marketable securities are valued at lower of cost and market value.On 21stJune 2017, Star Ltd was notified of an impending legal suit for $25,000 against the company for breach of contract. The case was settled 15th July 2017.Tax expense was calculated to be $40,000. A final dividend of 5% of paid-up-capital was declared and approved in 30thJune 2017.On 15 August 2017, Robert Ltd, a major customer of star Ltd, indicated that it had found an alternative supplier. At that date Robert Ltd owed no amount to Star Ltd.

Required:

Prepare the necessary adjusting journal entries required by items 1 to 10 (narrations are not required). 

Prepare a Statement of Comprehensive Income, a Statement of Financial Position and a Statement of Changes in Equity for Star Ltd for the year ended 30th June 2017 in accordance with the requirements of AASB 101. 

Prepare at least fifteen (15) notes to the financial statements according to comply with relevant accounting standards.

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