Reference no: EM13300877
Question 1
The following is the unadjusted trial balance for James Trading Pty Ltd as at the close of the financial year ended 30 June 2011. In addition the following entries had not been applied to the general ledger.
1. Rent had been prepaid to the extent of 3 months on June 1st. The monthly rent is $1,000
2. Interest income on a loan made to J Harris had not been taken to account
3. Expenses of $20,000 for legal fees were estimated to be incurred but had not been invoiced by the solicitor
4. A stock take was undertaken as at the close of June and $8,500 was the value of stock on hand
5. The company received $20,000 for services which will be delivered over the next four months. The first services were provided in the current month of June.
On the attached worksheet
a. Complete the entries to adjust the trial balance for the closing entries
b. Prepare an statement of income and statement of financial position
Question2
The following is the Statement of financial Position and Profit and Loss statement for Luke Incorporated Pty Ltd. You have been retained by your client to review the business and provide a financial analysis of the business for your client.
Undertake an analysis of the company and prepare a short report on your findings to a prospective purchaser.
Your analysis should cover the liquidity and performance of the company. Your report should clearly indicate the ratios and other methods used to evaluate the business for your client.
Your analysis must be in report format. With a suitable explanation of the specific ratios you have applied and why you used them.
Provide a recommendation to your client based on your analysis.
Attachment:- Assignment.rar
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