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BUACC 5930 Accounting Concepts And Practices

tag 0 Download 5 Pages / 1,116 Words tag 02-11-2020
  • Course Code: BUACC 5930
  • University: Federation University

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  • Country: Australia


The 2017 Annual report for Westfarmers is provided on the Moodle Shell or at the following web site Use this Annual report to compare the financial results of each of their retail businesses only (being “Coles”, “Home Improvements”, “Department Stores” and ‘Office Works”) from 2016 to 2017. You should use any financial information provided to you in the report (including ratios, and narratives). Word Limit 1000 words Marks = 40 Question 2. The 2017 Sustainability report for Westfarmers is provided on the Moodle Shell or at the following web site  wesfarmers-sustainability-full-report.pdf) Use this Sustainability report (and other resources) to answer the following question: How do the retail businesses of Westfarmers (being “Coles”, “Home Improvements”, “Department Stores” and ‘Office Works”) show sustainability? How do you rate this sustainability? Word Limit 600 words, Marks = 25 2
Question 3. Doug’s sole proprietorship business, trading as “Doug’s Discount Store”, commenced business on 1 December 2017. The following Trial Balance has been prepared as at 31 May 2018. Debit $ Credit $ Land and buildings 300 000 Motor Vehicles 80 000 Inventory 101 000 Cost of goods sold 205 000 Sales 503 200 Vehicle expense 100 000 Rent expense 36 000 Wages expense 35 000 6 month loan – S. Sandy 20 000 Bank 33 000 Advertising expense 5 000 Interest repayments on mortgage 3 000 25 year mortgage on Land & Buildings 210 000 Accounts Receivables 11 000 Petty Cash 200 Equipment 54 000 Accounts Payable 66 000 Capital – Doug 190 000 Drawings 26 000 989 200 989 200 Additional information: 1. On 31 May 2018, inventory on hand amounted to $99 000.
2. Depreciation has not been written off on the vehicles or the equipment. This is to be charged at 20% per year straight line with no residual value. 3. On 31 May 2018 wages expenses of $2 000 was owed. 4. An Allowance for Doubtful Debts equal to 5% of the Accounts Receivables is to be raised. Required: a) Prepare the necessary adjusting general journal entries at 31 May 2018 (Narrations are required) b) Prepare an Income Statement. 3 c) Prepare a Statement of Changes in Owners Equity d) Prepare a Balance Sheet as at 31 May 2018. e) Prepare closing general journal entries (Narrations are required) Marks = 30 Presentation (including proper referencing) (5 marks)
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