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ACC104 Accounting for Business Decisions 2 - Stott's College

PART 1)

Question: Briefly describe the information conveyed by the balance sheet relative to that conveyed by the income statement.

Answer:

Both Balance Sheet & income Statement are part of financial Statements prepared by the Company. However, the information conveyed by both the statements is different.

Balance Sheet shows the Financial Position of the Company as on the given date, generally at the end of the year whereas, Income Statements shows the financial Performance of the Company on a particular date. Both are generally prepared at the end of the year to provide company's financial status to the stakeholders.

Balance Sheet has 3 Components:

  • Assets
  • Liabilities, &
  • Equity

Assets are again further divided into Current Assets and Non-Current Assets. The assets which are realizable in an year (like Trade Receivables, inventories) or are readily held (like cash and cash equivalents) are current assets, whereas the assets which are fixed in nature (like Building, Plant and Machinery) are called Non-current Assets.

Liabilities are the further divided into Current Liabilities and Non-Current liabilities. The liabilities which are required to be settled off within an year (Like Trade payables, Income tax payable) are termed as Current liabilities whereas those liabilities which can be settled after an year (like long term loans, provisions) are Non-Current Liabilities.

Equity is the ownership of the shareholder's with the company. It is in the form of Share Capital & Reserves & Surplus.

Income Statement comprises of:

  • Incomes, &
  • Expenses.

All the Incomes like Revenues, Interest income form part of income. Expenses includes manufacturing expenses, Administrative expenses & Selling & Distribution expenses. The Difference of Incomes and expenses is either profit or loss.

So, the above are the information conveyed by Balance Sheet & income Statement respectively.

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PART 2)

Question: Prepare a 6-column worksheet for the year ended 30 June 2017.

Answer:

1.) ABC financial consultant - Worksheet for the year ended 30 June 2017










 

UNADJUSTED TRIAL BALANCE

ADJUSTMENTS

ADJUSTED TRIAL BALANCE

ACCOUNT TITLE

DEBIT

CREDIT

DEBIT

CREDIT

DEBIT

CREDIT

Cash at bank

5200

 

 

 

5200

 

Accounts Receivables

9260

 

 

 

9260

 

GST receivable

920

 

 

 

920

 

Office Supplies

1140

 

 

720

420

 

Land

60000

 

 

 

60000

 

Building

152000

 

 

 

152000

 

Accumulated depreciation - building

 

64000

8760

 

 

55240

Office Equipment

23400

 

 

 

23400

 

Accumulated depreciation - Office Equipment

 

6420

2140

 

 

4280

Accounts Payable

 

7960

 

 

 

7960

Unearned Consulting Fees

 

1560

1200

 

 

360

GST Payable

 

2000

 

 

 

2000

Mortgage Payable

 

88600

 

 

 

88600

C. delaney, capital

 

71490

 

 

 

71490

C. delaney, Drawings

52780

 

 

 

52780

 

Consulting Fees Revenue

 

156860

 

1200

 

158060

Insurance expense

1660

 

 

195

1465

 

Salary expense

87940

 

980

 

88920

 

Electricity expense

760

 

 

 

760

 

Interest expense

2090

 

220

 

2310

 

Telecommunications expense

1740

 

320

 

2060

 

Prepaid Insurance

 

 

195

 

195

 

Telecommunications expense Payable

 

 

 

320

 

320

Office Supplies expense

 

 

720

 

720

 

Depreciation expense - Buildings

 

 

 

8760

 

8760

Depreciation Expense - office Equipment

 

 

 

2140

 

2140

interest Payable

 

 

 

220

 

220

Salary Payable

 

 

 

980

 

980

TOTAL

398890

398890

14535

14535

400410

400410

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Question: Prepare the income statement, balance sheet (Narrative Format) and statement of changes in equity.

Answer:

INCOME STATEMENT

 

ABC FINANCIAL CONSULTANT

 

for the year ended 30th June, 2017

 

 

$

$

 

REVENUES (A)

 

 

 

Consulting Revenue Fees

 

158060

 

 

 

 

 

EXPENSES (B)

 

 

 

Insurance expense

1465

 

 

Salary expense

88920

 

 

Electricity expense

760

 

 

Interest expense

2310

 

 

Telecommunications expense

2060

 

 

Office Supplies expense

720

 

 

Depreciation expense - Buildings

8760

 

 

Depreciation Expense - office Equipment

2140

 

 

Total expenses

 

107135

 

 

 

 

 

NET INCOME (A-B)

 

50925

 




 

 

 



 

BALANCE SHEET

ABC FINANCIAL CONSULTANT

as on 30th June 2017

LIABILITIES

Amount in $

Amount in $

(A) NON-CURRENT LIABILITIES

 

 

Mortgage Payable

88600

 

TOTAL NON-CURRENT LIABILITIES

 

88600

 

 

 

(B) CURRENT LIABILITIES

 

 

Accounts Payable

7960

 

Unearned Consulting Fees

360

 

GST Payable

2000

 

interest Payable

220

 

Salary Payable

980

 

Telecommunications expense Payable

320

 

TOTAL CURRENT LIABILITIES

 

11840

 

 

 

TOTAL LIABILITIES (A+B)

 

100440

 

 

 

( C) EQUITY

 

 

Capital

69635

 

TOTAL EQUITY

 

69635

 

 

 

TOTAL LIABILITIES AND EQUITY (A+B+C)

 

170075

 

 

 

ASSETS

 

 

(A) NON-CURRENT ASSETS

 

 

Land

60000

60000

Building

152000

 

Less: Accumulated Depreciation - Building

72760

79240

Office Equipment

23400

 

Less: Accumulated depreciation - Office Equipment

8560

14840

TOTAL NON-CURRENT ASSETS

 

154080

 

 

 

(B) CURRENT ASSETS

 

 

Cash at bank

5200

 

Accounts Receivables

9260

 

GST receivable

920

 

Office Supplies

420

 

Prepaid Insurance

195

 

TOTAL CURRENT ASSETS

 

15995

 

 

 

TOTAL ASSETS (A+B)

 

170075







STATEMENT OF CHANGES IN EQUITY

ABC FINANCIAL CONSULTANT

as on 30th June 2017

 

Amount in $

Amount in $

CAPITAL at the beginning

71490

 

Less: Drawings

52780

 

Add: Income earned during the year

50925

 

CAPITAL at the End

 

69635

Question: Minutes of meetings attended by group members must be kept and detail attendance, work allocations, problems and resolutions to problems

Answer:

3) MINUTES OF THE MEETING

MINUTES OF MEETING





Date: 20th July 2017



Venue:


Attendees: Deanley, Ash, Broad, Christy, Erica

Minutes Taken By:

ISSUES

BY

DISCUSSION & DECISION

RESPONSIBLE

DEADLINE

Accounting Entries related to unearned revenues

Ash

The accountant failed to record entries related to revenues of June End at the end of the day

ACCOUNTANT

30th June 2017

Depreciation Rates not provided

Erica

The management has not given Depreciation rates and method of the company, the company has not recorded the same in the Notes to Accounts

MANAGEMENT

30th June 2017

Depreciation method not provided

Erica

30th June 2017

Telecommunication expenses tax invoice not received

Christy

The company has not been able to receive tax invoice, hence GST Credit not taken of the expense

MANAGEMENT

30th June 2017

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