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BSBFIA401 Prepare Financial Reports

tag 0 Download 8 Pages / 1,959 Words tag 21-09-2021
  • Course Code: BSBFIA401
  • University: Victoria University
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  • Country: Australia

Question:

  1. Explain the Accounting Entity Assumption.
  2. What is Fixed Asset register and whydoes a company need to maintain an assets register 
  1. Explain the function of a journal in the accounting process.
  1. What is the journal entryusedif the company sold an asset with a loss.
  1. Explain unearned income withan example. When should a company recognize income
  2. Givetwo more examples of the balance day adjustments a company should record before issuing the final financial report at end of accounting periods
  3. Why would a business determine an amount for “Doubtful Debts” and outline the steps that could be taken to calculate the allowance. 
  4. Preparethe adjustment entry as of 30/06/2012 under the following
  5. A. On 27 ofJune2012, the company paid last week’s wag Wages that are due and not paid:
  • 28thofJune 1200
  • 29th  ofJune 1450
  • 30thofJune weekend, no wages
  1. B. Rentpaidon 1/12/11 for one year $12,000 net of GST, the company accountant recorded all payment as expense on 1/12/1
  2. C. The companyis requiredto issue a bank guarantee for one year, bank withheld $20,000 on 31/12/2011 from the company bank account with interest of 4.5% that will be calculated monthly and will be paid at the maturity date.
  1. D. On 30/04/12,thecompany signed a monthly maintenance service contract for $500 each month; the company policy is to receive the 1st six months in adva The company received $3000 on 30th of April 2012. Company accountant recorded the following entry on the 30th of April:

Date

Details

Dr

Cr

30/04/12

Cash at Bank

$3000

 

  1. E. Accordingtothe balance sheet, the inventory was $223,500. At the end of the financial year stock take, you have been advised that the inventory value is only $210,000.
  2. F. On 30/06/2012,the company aged receivables whichhave a total of $306, The company estimated 2% of 90 days receivable and 10% of over 90 days will not be able to be collected.

Aged Receivable Summary

30/6/2013

Total Due

0-30 days

31-60 days

61-90 days

91-120 days

$311,400

$220,000

$60,000

$18,000

$16,400

Q 9. Prepare journal entries for disposal of fixed assets  

  • Company sold Equipmentworth $120,000 for $50,000. Depreciation recorded at the rate of 20% yearly for 3 years.
  • Motorvehicle purchased for $80,000 was sold for $20,000 after usage of 2 years at rate of 25% yearly 

On 1/12/ 2011, a company purchased a machine costing $1,750. It is expected to have 5 years estimated useful life and value of $250 at the end of the 5th year.

  • Preparethe deprecation schedulefor the life of the asset.
  • Recordthedepreciation journal entries at the end of financial year for year 1 only.

A business purchased cleaning equipment in 2008 for $8,500 and is depreciated by the double declining method for an expected life of 12 years. Original salvage value was estimated to be $2,500 at the end of 12 years.

  • Preparethe deprecation schedulefor the life of the asset.
  • What is the book value of the cleaning equipment at the end of 2014

A machine costing $5,000 was purchased on 01/07/2011. The expected resale value at the end of its five-year useful life is $1,000.

  • Prepare the depreciation schedule for the life of the asset.
  • Recordthedepreciation journal entries at the end of financial year 30/06/2012.
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My Assignment Help. (2021). Prepare Financial Reports. Retrieved from https://myassignmenthelp.com/free-samples/bsbfia401-prepare-financial-reports/accounting-book.html.

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[Accessed 15 August 2022].

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My Assignment Help. Prepare Financial Reports [Internet]. My Assignment Help. 2021 [cited 15 August 2022]. Available from: https://myassignmenthelp.com/free-samples/bsbfia401-prepare-financial-reports/accounting-book.html.


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