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MAA716 Financial Accounting

tag 0 Download 3 Pages / 588 Words tag 02-02-2021

Question:

State the appropriate accounting treatment for each situation. Provide explanations and references to relevant paragraphs in the accounting standards to support your answers.  Where adjustments to Superstore Ltd’s financial statements are required, explain which financial statements need to be adjusted
 
Prepare any note disclosures and adjusting journal entries that are needed in the 2018 financial statements for each situation. 
 
Prepare the journal entries to record the transactions of Rippa Ltd up to and including that which took place on 25 March 2018. Show all relevant dates and narrations.
 
After returning money to the former shareholders on 25 March 2018, one of the former shareholders has contacted you in relation to the amount of money that he received.  He tells you that he paid the application money and allotment money for the shares that he had, so he should get an amount back of $3.50 per share.  Explain why the amount returned to the former shareholders was not $3.50 per share, and prepare workings to show how the refund per share was calculated.
 
Jackson Storm Ltd commenced business on 1 July 2017, with share capital of $300,000.  On 30 June 2018, the company presents its first Statement of Profit or Loss and Other Comprehensive Income, and first Statement of Financial Position.  The statements are prepared before considering taxation.  The following information is available:
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