$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

BSBFIA401 Prepare Financial Reports

tag 0 Download5 Pages / 1,014 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

 Research each of the following areas of law (or pieces of legislation) and provide a brief overview of the purpose of the particular law. Your response should be approximately 150 – 200 words for each

  • Occupational Health & Safety Act 2004 (Vic)  / WHS Codes of practice
  • The Australian Consumer Law (ACL)

Chose one each from the given list of accounting principlesor qualitative characteristics and illustrate them with an example. Your response should be approximately 150 – 250 words for each. You will be required to present/ explain your example to another student in class. You will then swap roles and also you can pose questions to the presenter in order to clarify their understanding of the chosen principle or characteristic.

Accounting principles Qualitative characteristics

Matching principle Relevance

Historic Cost Principle Disclosure

Comparability Materiality

Consistency Principle Reliability

Rodney has been providing demolition and excavation service for the past seven years. On the 1 October 2012, Rodney bought a new excavatorfor $88,000 including GST from Farm Machinery P/L. Its registration number was JDH 123 and he decided to keep the excavator in shed number 1.

Additional costs associated with this purchase included:

Cab air conditioning $990 (inc GST)

Delivery fee $1,100 (inc GST

Registration $600 (GST free)

Insurance $550 (inc GST)

He made a deposit of $10,000 and financed the remainder by negotiating a loan from the Farmer’s Union.  The balance of the loan was due on the1 March 2013.Because the efficiency of excavator reduces over time it was decided to depreciate the excavator using the reducing balance method at a rate of 15% per annum.

January 2013 proved to be a good season for excavation work with perfect weather and large amount of road work in Melbourne.  On the 1February 2013Rodney received a cheque for $330,000 which included GST for the services he had provided.

Rodney had coveted a cool new red Holden Storm HBD ute for years and with his higher than expected cheque decided that he could afford one.  On the 1 April 2013 he purchased his ute registration number “Cool Wally” for cash from Nhill Cool Cars for a sum of $38,500 including GST. To protect its shiny duco Wally decided to park the ute under the carport rather than out in the paddock.

Additional Costs associated with this purchase included:

Air Conditioning $770 (inc GST)

Tow Bar $550 (inc GST)

Registration $500 (GST free)

Insurance $440 (inc GST)

The estimated residual value of the ute after 5 years was expected to be $6,200.  It was decided to depreciate the ute on a straight line basis.

On 1January 2015 after Rodney’s new girlfriend had told him that she was too embarrassed to be seen in a red ute, Rodney traded in his red ute for a yellow one. Nhill Cool Cars offered him a trade in of $25,000 on his old ute.  The new yellow ute’s cost was $44,000 including GST and cash was paid for the balance.

Additional Information:

20 May 2013 An electrical fault on the ute was repaired under guarantee (no cost)

15 July 2013 Ute was serviced By Nhill Motors at a cost of $198 including GST

22 October 2013 Excavatorreceived its annual service from Farm Machinery P/L at a cost of $440 including GST

29 October 2013 Dent in ute after Rodney came home late one night from the pub and hit the gate post was repaired by Dents R Us at a cost of $1,100 including GST

20 April 2014 Ute serviced by Nhill Cool cars at a cost of $220 including GST

15 October 2014 Excavator received its annual service from Farm Machinery P/L at a cost of $770 including GST

Required

  1. Please show workings as indicated.
  2. Record all the transactions in the general journal
  3. Complete the asset register cards for the Excavator.
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 5 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Prepare Financial Reports. Retrieved from https://myassignmenthelp.com/free-samples/bsbfia401-prepare-financial-reports/health-and-safety-act.html.

My Assignment Help (2021) Prepare Financial Reports [Online]. Available from: https://myassignmenthelp.com/free-samples/bsbfia401-prepare-financial-reports/health-and-safety-act.html
[Accessed 22 September 2021].

My Assignment Help. 'Prepare Financial Reports' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bsbfia401-prepare-financial-reports/health-and-safety-act.html> accessed 22 September 2021.

My Assignment Help. Prepare Financial Reports [Internet]. My Assignment Help. 2021 [cited 22 September 2021]. Available from: https://myassignmenthelp.com/free-samples/bsbfia401-prepare-financial-reports/health-and-safety-act.html.


Are you searching for solution to your queries – ‘help with my thesis’ or ‘pay someone to do my thesis?’ Then MyAssignmenthelp.com is your answer. This thesis help company with its team of professional thesis writers serve thousands of students with tailor-made solutions. It is the best thesis writing service in Canada.

Latest Finance Samples

FINC20018 Managerial Finance

Download : 0 | Page : 1

Answer: Firms A 0.15 0.12 Firms A 0.15 0.12 Firms B 0.1 0.06 Firms B 0.1 0.06 Coeffecient correlation 0.4 Coeffecient correlation 11 Expected return 5.75% Expected return 5.75% Expected deviation  0.021  Expected deviation  0.052  Particulars Expected return Standard deviation c) Expected retur...

Read More arrow Tags: Australia Melbourne Finance Annuity and Annuity Payments University of Melbourne 

BBA14 Business Administration

Download : 0 | Pages : 7

Answer: Introduction The prices of stocks keep on changing everyday depending on the market forces due to demand and supply. In this report, we present an analytic view of four different stock closing prices. The stocks prices are related to S & P 500 index, IBM stock price, US TN (10 year) and Boeing stock price. The aim is to choose the best stock out of the given four using certain criteria. The data used was obtained from the Yahoo Fi...

Read More arrow

FN0264 International Business Finance And Trade

Download : 0 | Pages : 15

Answers: Section 1: International Finance  Mandatory question  Answer to question A:  The three elements of cross border merger and acquisition are as follows; Identification and valuation: Identification and valuation of possible acquisition targets necessarily needs precise business strategies. The recognition of target market heads with the recognition of target firm (Cartwright & Cooper, 2014). It is worth menti...

Read More arrow Tags: Singapore Finance International Finance University of Singapore MBA 

GSBS6200 Financial And Management Accounting

Download : 0 | Pages : 8

Answers: Solution 1: As the whole question is based on hypothetical data with actual interlinked values of ratios, therefore it is good to use some figures to demonstrate the understanding of question and calculate the ratios of ABC Limited and XYZ Limited. Firstly it is good to frame the balance sheets of both companies with same or different assumed figures as provided in the question. It is provided that both companies have same level of...

Read More arrow Tags: Australia Sydney Management Financial Business Analyst University of Sydney MBA 

BFA201 Financial Accounting

Download : 0 | Pages : 7

Answers: Answer 1: Recent developments in financial reporting: The year 2017 marks the first year in which the significant global entities would prepare the general purpose financial statements and also submit the same to the Australian Taxation office. These financial statements prepared must correspond to the income year and must be handed over to the Commissioner by the time he company is able to lodge its tax return. Superannuation enti...

Read More arrow Tags: Australia Coorparoo Humanities Management University of New South Wales 
Next

5% Cashback

On APP - grab it while it lasts!

Download app now

*Offer eligible for first 3 orders ordered through app!

ribbon
callback request mobile
Have any Query?