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Prepare financial statements and related accounting entries

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Reference no: EM132308732

Assignment Description

Learning Outcomes - Prepare Financial Statements and related accounting entries for incorporated entities. Apply accounting principles and standards when accounting for non-current assets.

Develop information gathering (research) and communication strategies to enable the provision of professional advice to a client, via a business letter and video presentation.

Required:

Answer the questions/case studies below, in a maximum of 1,500 words. Next, summarise your findings in a 5 minutes' video presentation.
Note that marks are also allocated for professional presentation, grammar and spelling.

Case Study Background

Assume that you are a graduate accountant working for Kapland and Associates an accounting firm situated at 396 Ann Street, Brisbane, QLD 4000. The manager of your firm, Ms Miley Jaspen has asked you to draft a letter in response to an email received from a client - Mr Martin Wahlburg, the Managing Director of Shadow Ltd, raising 2 key accounting issues regarding his company - see the copy of the email on the next page.

The maximum length of the covering letter is 1 page. You should then address all the technical issues/discussion after the letter, each on separate pages as attachments [2], followed by a Reference List. The maximum word limit for all parts of the assignment should be 1,500 words.

- Part A: Technical component - This mark covers the technical content of your advice and the explanation on both of the issues, the calculations and the sources used.

- Part B: Communication Skills - Letter Writing - This mark covers the generic skills of business letter writing; layout, clear meaning, structure and organisation, appropriate tone and grammar, spelling and punctuation etc. throughout the whole assignment.

- Part C: Communication Skills - Presentation - The individually presented 5 minute video presentation will need to keep the audience engaged, containing only the student's advice; the presentation should be well-rehearsed and all supplementary material, such as slides and visual aids must be of a professional standard.

To: Miley Jaspen ([email protected]) Dear Miley

Thank you for your phone call this morning, as agreed I am emailing you regarding the accounting issues we briefly discussed. By the way to assist the accounting team in our decision-making process could you please make sure you reference any relevant sources relating to your advice, for example, AASBs, Corporations Act, and other relevant articles or websites.

Issue 1.
Shadow Ltd has recently obtained some patents considered useful in its manufacture of leather handbags. The patents consist of:

• Patent HDBG459, acquired from a leather manufacturing firm for $541 000.
• Patent UBF871, obtained as part of a bundle of assets acquired from the conglomerate Underarmour Bag Fashions for $1,500,000.

Shadow Ltd is also in the process of preparing an application for a patent for a new process of softening leather. It has spent a number of years refining this process.

Our company accountant for Shadow Ltd is unsure how to account for patents under AASB's. Please prepare a detailed report on the principles of how to account for patents, using the examples above to illustrate the appropriate accounting procedures.

Issue 2.
I have also been analysing the financial reports provided by the accountant, who has been with the firm for a number of years. The other company directors have expressed concern over depreciation charges being made in relation to the company's equipment. In particular, they believe that the depreciation charges are not high enough in relation to the factory machines because new technology applied in that area is rapidly making the machines obsolete. The directors' concern is that the machines will have to be replaced in the near future and, with the low depreciation charges, the fund will not be sufficient to pay for the replacement machines. Please discuss and summarise our options for accounting for our equipment correctly.

Please respond by letter (not email) as I would like to present this to the Board. I look forward to hearing from you shortly.
Regards

Mr Martin Wahlburg
Managing Director, Shadow Limited Level 5, 99 Mary Street,
Brisbane QLD 4000

Attachment:- ACCM4200.rar

Reference no: EM132308732

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Reviews

len2308732

5/19/2019 11:18:30 PM

Sources of information must be cited both in the body of the text (in-text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing. Penalties Regarding Referencing: No in-text referencing – deduct 1 mark Some in-text referencing only – deduct 1 mark No reference list – deduct 2 marks Incomplete reference list – deduct 1 mark

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