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

Determine the optimum cost-time schedule , You have just been assigned to r...

You have just been assigned to replace the current Project Manager for a very important project.  You were provided a WBS for the project planning that had already been conducted,

Determine the amount of depreciation expense, Waylander Coatings Company pu...

Waylander Coatings Company purchased waterproofing equipment on January 6, 2013, for $320,000.The equipment was expected to have a useful life of four years, or 20,000 operating ho

Estimate the debt and assets ratio, 1. Wrangle Corporation stock sells at a...

1. Wrangle Corporation stock sells at a price of $80 a share and the riskless rate is 7%. Calculate the price of a 9-month call option on Wrangle stock with an exercise price of $7

Calculate the price of regular bonds, XYZ Inc. plans to raise $5,000,000 ex...

XYZ Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds.  The regular bonds will have coupo

Normality and that seasonality is not a factor, One item a computer store s...

One item a computer store sells is supplied by a vendor who handles only that item. Demand for that item recently changed, and the store manager must determine when to replenish it

Determine expected rate, Bebe, a manufacturer of sophisticated and fas...

Bebe, a manufacturer of sophisticated and fashionable women's clothing, is completing a new assembly plant in Malaysia.  A final construction payment of 6,000,000 MY

Determine investment allocation that maximises expect npv, Suppose that $4 ...

Suppose that $4 million is available for investment in three projects.  The probability distribution of the net present value earned from each project depends on how much is invest

Economic order quantity, Economic Order Quantity This constitutes the...

Economic Order Quantity This constitutes the quantity purchased of either raw materials or stocks which is considered most optimum. It is the quantity such minimizes both ord

Occurrence of overhead variances, Occurrence of Overhead Variances Ove...

Occurrence of Overhead Variances Overhead variances arise mainly because of the conventions of the overheads absorption process. The overhead absorption rates employed in this

The cost cycle - double entry system, entries to be entered into a ledger a...

entries to be entered into a ledger account for the month of July 2009 & prepare an incoem statement. balances at 1/7/2009 Materials control $6150 Labour control (accrued wages)

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