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ACCTING 2501 Financial Accounting II

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Question:

1. a. Describe the nature of this event and explain how it should be accounted for in the financial statements of the company for the year ended 30 June 20X6. 
 
2. a.Describe the nature of this event and explain how it should be accounted for in the financial statements of the company for the year ended 30 June 20X6.
 
b. Specify any journal cringes) and or disclosures that may be required to account for this event in the financial statements prepared by the company for the years ended 30 June 20X6 and 30 June 20X7. Support your answers with adequate and appropriate explanation. justification and referencing from relevant Australian accounting pronouncements (including paragraph numbers). 
 
3. a. Explain how the sale and lease back of the planes would improve the company's cash flow in the short term. 

b. Briefly explain how the accounting treatment would differ if the leases were accounted for as operating leases in the company's financial statements rather than finance leases. 
 
c. Identify and briefly explain two reasons why the consultant has recommended that the new leases be accounted for as operating leases rather than finance leases in the company's financial statements. Support your answer with adequate and appropriate justification and referencing from relevant Australian accounting pronouncements (including paragraph numbers). 
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