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BFA507 The Accounting Framework - University Of Tasmania

Question: COMPLETE THE FOLLOWING TASKS FOR THE MONTH OF JUNE 2018 FOR BORDERLINE LTD.

1. Enter the transactions into the appropriate journals - you are expected to use General and Special Journals.

2. Post the transactions to the General Ledger accounts and balance the Accounts. Enter Subsidiary Ledgers as appropriate.

3. Prepare a bank reconciliation, along with any general journal entries required.

4. Complete any required adjusting and closing journal entries and prepare a post-closing trial balance.

5. Prepare a Statement of Financial Performancefor June and a Statement of Financial Position as at 30 June 2018.

Solution:

PART A MANUAL ACCOUNTING

Date

Particulars

JF

Debit

Credit

1-Jun

Bank a/c


1200



To Roar Ltd


1200

3-Jun-18

Jones Ltd


905



COGS


420



To Sales



905


To Inventory


420

4-Jun-18

Rent a/c


1500



To bank



1500

5-Jun-18

Purchase a/c

1397



To Pink



1397

6-Jun-18

Yard a/c


4500



To bank



4500

8-Jun-18

Bank a/c


1900



To Wide Ltd


1900

11-Jun-18

Pink a/c


1397



To bank



1397

12-Jun-18

Telephone a/c

320



To bank



320

13-Jun-18

Bank a/c


700



To Jones LTd


700

14-Jun-18

Bank a/c


20900



To sales



20900

14-Jun-18

Account wages

5200



To bank



5200

17-Jun-18

Cash registers rolls and stationery

220



To bank



220

18-Jun-18

Zane Ltd


2750



COGS


1200



To Sales



2750


To Inventory


1200

21-Jun-18

Wide Ltd


715



COGS


320



To Sales



715


To Inventory


320

23-Jun-18

Purple a/c

3200



To bank



3200

27-Jun-18

Sundry Expenses a/c

435



To bank



435

28-Jun-18

Bad debt expense a/c

250



To mane Ltd


250

29-Jun-18

Bank a/c


27500



To Sales



27500

30-Jun-18

Wages a/c

5600



To bank



5600

30-Jun-18

Sales return a/c

154



To Zane Ltd


154

30-Jun-18

Inventory a/c

70



To COGS



70

30-Jun-18

Purchase a/c

4420



To pink



4420

30-Jun-18

COGS


2100



Inventory


2100

30-Jun-18

Bank a/c


6200



To Sales



6200

30-Jun-18

Zale Ltd


6000



To bank



6000

Adjusting Entries




Date

Particulars

JF

Debit

Credit

30-Jun-18

Depreciation

5460



To shop fitting


5460

30-Jun-18

Depreciation

6000



To Motor Vehicle


6000

30-Jun-18

Advertising Expense

3500



To advertising payable

3500

30-Jun-18

Income tax expense

12430



To income tax payable

12430

30-Jun-18

Accounts receivable

415.68



To Provision for doubtful debt

415.68

30-Jun-18

Finance costs

3000



To bank



3000

30-Jun-18

Rent


1500



To bank



1500






Working Notes




Depreciation




Shop Fitting




Cost

60000




Residual value

5400




Years

10




Depreciation

5460









Motor vehicle




Cost

35000




Residual value

5000




Years

5




Depreciation

6000




 

Bank a/c






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening Balance

25200

4-Jun-18

By rent

1500

1-Jun-18

To Roar Ltd

1200

6-Jun-18

By yards

6000

8-Jun-18

To Wide Ltd

1900

11-Jun-18

By Pink

1397

13-Jun-18

To Jones Ltd

700

12-Jun-18

By telephone

320

14-Jun-18

To sales

20900

14-Jun-18

By Account Wages

5200

23-Jun-18

To Purple

3200

17-Jun-18

By Cash rehgisters rooks and stationery

220

29-Jun-18

To sales

27500

27-Jun-18

By sundry expenses

435

30-Jun-18

To sales

6200

30-Jun-18

By wages

5600




30-Jun-18

By zale ltd

6000




30-Jun-18

By balance carried forward

60162



86800



86800

 

Roar Ltd a/c





Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

By balance brought down

2800

1-Jun-18

By bank

1200




1-Jun-18

By discount allowed

100




30-Jun-18

By bank

1500



2800



2800

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Jones Ltd






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

1100

30-Jun-18

By balance carried down

2425

3-Jun-18

To sales

905




3-Jun-18

To Inventory

420












2425



2425

 

Shade Ltd






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

2750

30-Jun-18

By balance carried down

2750









2750



2750

 

Zane Ltd






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

1700

30-Jun

By Sales return

154

18-Jun-18

To sales

2750

30-Jun-18

By balance carried forward

5496

18-Jun-18

To Inventory

1200












5650



5650

 

Wide Ltd






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

1900

30-Jun-18

By balance carried down

2935

21-Jun-18

To sales

715




21-Jun-18

To inventory

320












2935



2935

 

Mane






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

250

30-Jun-18

By balance carried down

250









250



250

 

Schedule of debtors

Particulars

Amount

Shade Ltd

2750

Roar Ltd

0

Zane Ltd

5496

Jones Ltd

2425

Wide Ltd

2935

Mane

250

Total

13856

 

Mane Ltd






Date

Particulars

Amount

Date

Particulars

Amount

28-Jun-18

To bad debt expense

250

1-Jun-18

opening balance

250









0



0

 

Purple Ltd





Date

Particulars

Amount

Date

Particulars

Amount

21-Jun-18

To bank

3200

1-Jun-18

Opening balance

3200









0



0

 

Pink Ltd






Date

Particulars

Amount

Date

Particulars

Amount

11-Jun-18

To bank

1397

1-Jun-18

Opening balance

0

30-Jun-18

To balance carried forward

4420

5-Jun-18

By purchase

1397




30-Jun-18

By purchase

4420









5817



5817

 

Yard Ltd






Date

Particulars

Amount

Date

Particulars

Amount

6-Jun-18

To bank

4500

1-Jun-18

Opening balance

4550

6-Jun-18

To discount allowed

50












0



0

 

Zale Ltd






Date

Particulars

Amount

Date

Particulars

Amount

30-Jun-18

To bank

6000

1-Jun-18

Opening Balance

6000









0



0

 

Schedule of creditors

Particulars

Amount

Mane Ltd

0

Purple Ltd

0

Pink Ltd

4420

Yard Ltd

0

Zale Ltd

0

Total

4420

 

Sales account





Date

Particulars

Amount

Date

Particulars

Amount

30-Jun-18

By balance carried down

58970

3-Jun-18

By Jones Ltd

905




14-Jun-18

By bank

20900




18-Jun-18

By Zane Ltd

2750




21-Jun-18

By Wide Ltd

715




29-Jun-18

By bank

27500




30-Jun-18

By bank

6200









58970



58970

 

Sales return account





Date

Particulars

Amount

Date

Particulars

Amount

30-Jun-18

To Zane Ltd

154

30-Jun-18

By balance carried forward

154









154



154

 

Purchases a/c





Date

Particulars

Amount

Date

Particulars

Amount

5-Jun-18

To Pink

1397

30-Jun-18

By balance carried forward

5817

30-Jun-18

To Pink

4420












5817



5817

 

Inventory






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

85000

3-Jun-18

By Jones Ltd

420

30-Jun-18

To COGS

70

18-Jun-18

By zanes Ltd

1200




21-Jun-18

By wide Ltd

320




30-Jun-18

By COGS(Pink)

2100




30-Jn-2018

By balance carried down

81030



85070



85070

 

COGS






Date

Particulars

Amount

Date

Particulars

Amount

3-Jun-18

To Inventory

420

30-Jun-18

By Inventory

70

18-Jun-18

To Inventory

1200

30-Jun-18

By balance carried down

3970

21-Jun-18

To Inventory

320




30-Jun-18

To Inventory

2100












4040



4040

 

Rent






Date

Particulars

Amount

Date

Particulars

Amount

4-Jun-18

To bank

1500

30-Jun-18

By balance carried down

1500



1500



1500

 

Telephone





Date

Particulars

Amount

Date

Particulars

Amount

12-Jun-18

To bank

320

30-Jun-18

By balance carried down

320



320



320

 

wages






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening wages

15000

30-Jun-18

Wages expense

24480

14-Jun-18

To bank

5200

30-Jun-18

Closing balance

1320

30-Jun-18

To bank

5600












25800



25800

 

Bad Debt Expense





Date

Particulars

Amount

Date

Particulars

Amount

28-Jun-18

To mane Ltd

250

30-Jun-18

By balance carried down

250



250



250

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Sundry Expenses





Date

Particulars

Amount

Date

Particulars

Amount

27-Jun-18

To bank

435

30-Jun-18

By balance carried down

435



435



435

 

Electricity






Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

0

30-Jun-18

Closing balance

1100









1100



1100

 

Provision for doubtful debt




Date

Particulars

Amount

Date

Particulars

Amount

30-Jun-18

To balance carried forward

715.68

1-Jun-18

Opening balance

300




30-Jun-18

By Accounts receivable

415.68



715.68



715.68

 

Shop Fitting





Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

60000

30-Jun-18

By depreciation

5460




30-Jun-18

By balance carried down

54540









60000



60000

 

Motor Vehicle





Date

Particulars

Amount

Date

Particulars

Amount

1-Jun-18

Opening balance

35000

30-Jun-18

By depreciation

6000




30-Jun-18

By balance carried down

29000









35000



35000

 

Accumulate depreciation- shop fitting



Date

Particulars

Amount

Date

Particulars

Amount

30-Jun-18

To balance carried forward

15925

1-Jun-18

Opening balance

10465




30-Jun-18

shop fitting

5460



15925



15925

 

Accumulated depreciation- Motor Vehicle


Date

Particulars

Amount

Date

Particulars

Amount

30-Jun-18

To balance carried forward

17500

1-Jun-18

Opening balance

11500




30-Jun-18

shop fitting

6000



17500



17500

 

Trial Balance

Particulars

Debit

Credit

Cash at bank

60162


Debtors control

58970


Provision for doubtful debts

715.68

Inventory

81030


Shop Fittings and Equipment

54540


Acc depreciation -Shop fittings and Equip

15925

Motor Vehicles

29000


Accumulated depreciation -M/Vehicles

17000

 Creditors control

18420

Share capital

60 000

Retained profits

81 735

GST Paid

4 300


GST Collected

8 500

Loan


32 000

Sale return

154


Accounts Receivable

13586


Accounts payable

4420

Rent

2800


Telephone

320


Electricity

1100


Advertising

3500


Income tax payable

12430


COGS

3970


Wages

1320


Bad Debt Expense

250


Sundry Expense

435


Provision for doubtful debts

715.68

Miscellaneous

266370.6


323567

323567

 

Trading account



Particulars

Amount

particulars

Amount

Purchases

4420

Sales

58970

Sales return

154

Inventory

81030

Wages

1320



Operating expenses

435



Gross Profit

133671




140000


140000





Profit and Loss account


Particulars

Amount

particulars

Amount

To Discount allowed

100

By Gross Profit

133671

To rent

2800



To Electricity

1100



To telephone

320



To Provision for doubtful debts

715.68



To Bad debt expense

250



To depreciation



Shop fitting

5460



Motor vehicle

6000



To advertising

3500



To GST Paid

4300



To net Profit

109125.3




133671


133671

 

Liabilities

Amount

Particulars Assets


Capital

60000

Bank

60162

60162

Add: Profit

109125.3

Inventory

81030

81030

Retained Profit

81735

Accounts receivable

13856

13856

GST collection

8500

Less: Provision for doubtful debt

715.68

13140.32

Loan

32000

Shop fitting

54540


Accounts payable

4420

Less: Accumulated depreciation

15925

38615

Creditor Control

14000

Motor vehicle

29000




Less: Accumulated depreciation

17000

12000



Debtor Control

9000

9000



Balance


81977


309780.3



309780.3

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PART B INERPRETATIVE QUESTIONS

a) What does the information in the financial reports tell us about a company? What does the information in the reports you have prepared for Borderline Ltd tell us about this company?

Solution

a) Financial performance of Borderline Ltd

The financial performance of Borderline Ltd Company reflects in the financial statements prepared by an entity to its net profit or financial position for the year 2018. The income statement of this company shows two different account statements including trading account and the profit and loss account. The trading stock account will in determining the gross; profit ad another account that is profit and loss account will help in estimating the profit. The net profit of this company is $109125.3 which shows all the efforts of an entity in achieving this income by deducting all the expenses out of their revenues and the sales. The positional statement depicts the stable position of an entity as the liability incurred in an entity is manageable by an entity by utilizing all of its assets.

b) What is the difference between a pre and post adjusting/closing trial balance? Why would you want to prepare both?

Solution:

b) State the difference between pre and post-trial balance

The basic difference among the pre and the post-closing trial balance is that the pre-trial balance will prepare by considering the opening account balances of all the accounts mentioned in the trial balance. On the contrary to this, the post-closing balance will consist of the closing account details of all the accounts. The post-closing balance will show that all the accounts in the books of accounts of an entity are closed by preparing the closing entries in the journal entries. In the current case, the post-closing trial balance prepares by an entity to include all the accounts which are closed for the current financial year. Explain the purpose of both adjusting and closing entries providing an example(s)for Borderline Ltd of both.

c) What is the purpose of preparing a bank reconciliation? What information did you discover about this company by preparing a bank reconciliation?

c) Describe the intention of both adjusting and closing entries

The intention of the adjusting entries is to make certain adjustments in the books of accounts, the same will utilizes in the preparation of the financial statements such as income statement and the balance sheet. Any adjustments made in the books of account of an entity after the closure of the books of accounts that it is a time period after the preparation of the financial statements. This additional information about the financial statements of an entity will adjust by preparing to adjust entries and the account will get close by making closing entries and finalizing the account balances by determining the carry forward balances.

d) What is the purpose of preparing a bank reconciliation? What information did you discover about this company by preparing a bank reconciliation?

d) Explain the purpose of bank reconciliation and its features

The purpose of the bank reconciliation statement is an entity is to compare the cash balance in the accounting books and the cash balances in the passbook to determine the gaps lies in the same. The Differences occurred in the bank reconciliation incurs such as outstanding deposits, deposits in the transit, cheque dishonour, errors and omissions and bank charges. In this way, an entity will keep a close watch on the balances of the passbook and the cash book to any discrepancies in an entity.

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PART C SHORT ESSAY

Question:

1. WHAT ENVIRONMENTAL CONCERNS MAY NEED TO BE ADDRESSED
2. HOW THESE CONCERNS MIGHT BE ADDRESSED
3. WHAT MIGHT BE THE FINANCIAL IMPACT OF THESE DECISIONS
4. WHY YOU BELIEVE IT IS IMPORTANT TO ADDRESS THESE CONCERNS

Solution:

INTRODUCTION

This anessay is about two entities who are environmentalists having a lot of experience in this field. They intend to use their knowledge in improving the internal as well as external environment of the borderline Ltd Company. These two environmental ists also hold 52% shareholding in the borderline Ltd enterprise.

Environmental concerns need to address
There are some of the environmental concerns which an entity needs to address to smoothly operating its business in a great flow are mention as below:
• Eco-friendly building materials
• No-Harmful technologies
• Seeking NPC from residential

Ways to overcome these concerns
Green technologies and eco-friendly construction practices need to adopt by an entity to overcome all of these problems mentioned above. The green technology such as solar panels system and the natural constituent is to be used in the building material which helps in ensuring the safety of the employees.

The financial impact of the decisions
Introducing green technologies will directly affect the financial performance of an entity as green technologies as this is very expensive but the durability of the material is higher.

Significance of these concerns
All this environmental concern is very important for an entity in getting rid of all the issues and the problems to increase the performance of an entity in the particular financial year.

CONCLUSION
It is summarizing from the above assignment that the risk of environment sustainability will get maintain by borderline Ltd by introducing the green technologies.

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