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

Prepare the relevant journal entry to account, The following information is...

The following information is provided to you concerning Lydia Ltd as at 30 June 2012.  Assume a company tax rate of 30%. (i) The balance of rent received in advance in the balan

Contract accounts - contract costing, Contract Accounts It is a separa...

Contract Accounts It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots.  Every contract is given a number

Determine the price of the bond , Andrew Industries is contemplating issuin...

Andrew Industries is contemplating issuing a 30-year bond with a coupon rate of 7% (annual coupon payments) and a face value of $1000. Andrew believes it can get a rating of A from

Absorption costing, how to treat an increase in output on marginal costing

how to treat an increase in output on marginal costing

Find the statement of cash flows, 1. A fellow student says to you: "The sta...

1. A fellow student says to you: "The statement of cash flows is the easiest of the basic financial statements to prepare because you know the answer before you start. You compa

Normal job-order costing system, A normal job-order costing system is a sys...

A normal job-order costing system is a system that uses :    A.  actual costs for direct materials and estimated costs for direct labor and overhead B.  estimated costs

Evaluate the balance in the patent account, Banana Corporation had the foll...

Banana Corporation had the following transactions relating to a patent: January 1, 2010: Purchased patent for $2,000,000. The patent had fifteen years remainnig although Banan

Determine the cost that changes in total proportionately, Presented below i...

Presented below is a list of terms relating to cost behavior, followed by definitions of those terms: a. Rent on a factory building b. Engineering approach c. Fixed cost

Piece rate system - labour remuneration, Piece Rate System - Labour Remuner...

Piece Rate System - Labour Remuneration However an employee is paid a fixed amount for all units produced irrespective of time in use; the wages payable are computed like fo

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