Corporate accounting systems, Cost Accounting

Assignment Help:

Using the  information provided prepare  the four financial  statements  for inclusion in Plantagenet Ltd's Annual Report dated at its balance date of 30th June 2011. The statements should be prepared according to the requirements of the relevant accounting standards and the requirements of the Corporations Act. Relevant notes (including Note 1) to the accounts must be included.

Comparative data is not required.

Note:   A number of calculations will result in decimal places being shown. Other than for Earnings per Share, do not show cents - round your calculations to the nearest dollar.

An appendix is to be included showing any additional calculations not set out in the notes to the statements.

Plantagenet Ltd's Trial Balance as at the 30th June 2010 was:

1799_financial  statements.png

(f)  The following balance day adjustments will need to be allowed for:

-  Closing inventory is to equal 15% of Cost of Goods Sold,

-  Closing balance of Accounts Payable to equal 70% of Inventory,

-  Closing balance of Accounts Receivable will be equal to 1.5% of Sales Revenue,

-  The Doubtful Debts provision will be equal to 12.5% of Accounts Receivable at the end of the year.

(g) During the current year  Plantagenet  Ltd paid $92,000 to its auditors, of which $39,000 related to services other than the annual audit and half yearly review.

(h) Prior to the end of the current year Plantagenet Ltd confirmed they will be declaring a final dividend equal to 12.5% of the company's net profit after tax.

(i) On 1 April, 2008  the company was required to lodge a deposit of $150,000, which earned interest at the rate of at 8%, as security for their Short Term Loan.

(j) Plantagenet Ltd purchases 90% of  its raw materials from one supplier, Cowra Ltd. The directors are currently investigating alternative sources of raw material.

(k) The mortgage loan is secured by a first mortgage over freehold land and buildings. There are three annual instalments remaining.


Related Discussions:- Corporate accounting systems

Cost sheet, 10% of the finished castings were to be defective in manufactur...

10% of the finished castings were to be defective in manufacture and were rectified by expenditure of additional works overhead charges to the extent of 20% on the proportionate di

Costsheet, preparation of costsheet

preparation of costsheet

Budgeted and actual fixed costs per month , Using  the  information below, ...

Using  the  information below, list profit statements  for June and July using  (a) margin costing and (b) absorption costing. A company produces and sells 1 product only which

Why are marginal costs increasing, 1. Why are marginal costs increasing? Wh...

1. Why are marginal costs increasing? Why are they not always constant? You may give examples in some industries or just state two reasons at least.

Determine the total cost and product costing method, Question Hornsby M...

Question Hornsby Manufacturing has four categories of overheads. The four categories and the expected overhead costs for each category for next year are as follows:

Gains and losses on disposal, When assets are replaced during the anticipat...

When assets are replaced during the anticipated life of the project, or at the end of the anticipated life of the project, they are sold at their pre-determined scrap values. Incom

Regression analysis method of cost estimation, Regression Analysis Method o...

Regression Analysis Method of Cost Estimation It includes estimating the cost function by utilizing past data or the dependent and the independent variables. Hence the cost fu

#manual productions, Vary the force by hiring layoffs. No over time.

Vary the force by hiring layoffs. No over time.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd