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Topic - Equity, Revenue and Expenses
Question 1Bunbury Ltd commenced operations on 1 January 2015. Its balance sheet at 31 December 2015 showed:
Requirements1. Journalise the company's issuing of the shares (3 000) in payment for office equipment (Fair Value $6 000).2. Was the main source of shareholders' equity: (a) share capital, or (b) profitable operations? How can you tell?
Question 2Frenchvanilla Ltd earned a profit of $75,000 during the year ended 31 December 2015. On 15 December, Frenchvanilla declared the annual cash dividend of 57.5 cents per share on its 10 000 issued preference shares and a 50 cents per share cash dividend on its 55 000 issued ordinary shares. Frenchvanilla then paid the dividends on 4 January 2016.
RequirementsJournalise for Frenchvanilla Ltd:1. Declaring the cash dividends on 15 December 20152. Paying the cash dividends on 4 January 2016
Question 3 - Reflection (Minimum 100 words, Maximum 150 words)How does an entity determine when control over goods and services has passed to a customer?
Attachment:- Practical Work and Reflection.rar
Verified Expert
" The assignment involved the preparation of journal entries for issue of shares for acquisition of assets by a company.The assignment includes the preparation of journal entries for declaration of dividends and the payment of the same as well.The assignment was prepared in Microsoft word and APA referencing has been adopted for the same".
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