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Tutorial Week 11 Moodle Questions and Solutions

Chapter 12: Disclosure: Legal requirements and accounting policies


REVIEW QUESTIONS
3.

What is comparative information and why must it be disclosed in financial


statements?

Comparative information is the presentation of data relating to the previous financial


year (for all financial statements and notes thereto) alongside that of the current year's
information. The main purpose of its disclosure is to enable users to analyse and
compare the company's previous results with current results. Analysis of trends in
historical results over several years is of benefit to many members and analysts
wishing to assess the companys likely future prospects. Comparability of
information is considered in paragraphs QC20-QC25 of the Conceptual Framework to
be a necessary qualitative characteristic that enhances the usefulness of information
that is relevant and faithfully represented in general purpose financial statements.

9.

Why would an accounting estimate change and how is the change accounted
for?

An accounting estimate may need revision if changes occur in the circumstances on


which the estimate was based or as a result of new information or more experience.
For example, technological changes may require the estimate of an assets useful life
to be downgraded, or new information received about the financial status of a
customer may require an increase in the estimate of bad debts.
According to AASB 108, paragraph 36 the change in an accounting estimate must be
applied prospectively by including it in profit or loss in the reporting period of the
change. The change may affect only the current periods profit or loss (e.g. bad debts)
or profit or loss of both the current period and future periods (e.g. depreciation due to
the change in the useful life of a non-current asset). Additionally, the nature and
amount of the change shall be disclosed for the current, and if practicable, for future
financial periods.

10. What is a prior period error? How and when is it corrected?


Prior period errors are omissions from, and other misstatements in, the entitys
financial statements for one or more previous reporting periods that are discovered in
the current period. Errors can occur for a number of reasons, including mathematical
mistakes, misinterpretation of information, mistakes in applying accounting policies,
oversight or misinterpretation of facts, and fraud.
If the error is material then AASB 108 requires that it be corrected in the period in
which it was discovered by retrospective restatement of the financial statements
affected by the error. In other words, the entity must change the prior year figures to
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Tutorial Week 11 Moodle Questions and Solutions


reflect the figures that would have been reported had the error not occurred. This
restatement may involve changing prior year comparative figures or restating the
opening amounts of comparative figures depending on whether the error was in the
prior year or further back. The aim is to present financial statements (restated) as if
the error had never occurred by correcting the error in the comparative information for
the previous period(s) in which it occurred. Extensive disclosures of the line by line
effect of the error are also required in the year of correction.

PRACTICE QUESTIONS
QUESTION 12.1:
DEER LTD
NOTE: This solution is only one possibility. Students may use alternative or
average base amounts.
DEER LTD
1.
Unrecorded creditors invoices
These invoices understate Expenses (purchases and service related expenses) and
Accounts Payable by $62 150.
Base Amount
Profit before tax
Payables (current)

$352 000
316 000

Error as % of base
17.7%
19.7%

As the error is greater than 10% of both base amounts it is material and must be
adjusted.
If the invoices all relate to purchases within a perpetual inventory system the accounts
affected are Inventories (current asset) and Accounts Payable (current liability) and
there will be nil profit effect.
2.

Sales invoices not processed

These invoices understate both Sales Revenue and Accounts Receivable by $50 000.
Additionally, Cost of goods sold (expense) is understated and Inventory (current
asset) is overstated by $36 000. The profit effect is $14 000 ($50 000 - $36 000).
Base Amount
Profit before tax
Sales Revenue
Receivables (current)
Inventory (current)

$352 000
3 600 000
621 000
345 000

Error as % of base
4.0%
1.4%
8.1%
10.4%

The omitted invoices are material in relation to inventories and should be adjusted.

Tutorial Week 11 Moodle Questions and Solutions


3.

Bankruptcy of debtor after reporting date

The adjustment will increase Bad Debts expense by $89 120 and decrease Accounts
Receivable by $89 120.
Base Amount
Profit before tax
Receivables (current)

$352 000
621 000

Error as % of base
25.3%
14.4%

The overstatement is material in relation to both base amounts and must be adjusted.
4.

Non-disclosure of loan to director

This is not material in amount but under the requirements of AASB 124 Related Party
Disclosures (paragraphs Aus1.9, Aus29.8 and Aus29.8.1), information relating to
loans made to directors (or key management personnel) is deemed to be material
irrespective of quantum or nature and therefore this loan must be disclosed in the
notes to the financial statements.
5.

Default under guarantee

As the default requires Deer Ltd to pay the outstanding amount both non-current
liabilities and expenses are understated by $256 000.
Base Amount
Profit before tax
Equity

$352 000
715 000

Error as % of base
72.7%
35.8%

The omission is clearly material and must be adjusted. Consideration should be


given to specific disclosure of the expense under AASB 101, paragraph 97.
6.

Misclassification of term loan

The amount ($10 000) is not material in relation to any appropriate base amount.
However, given the existence of the loan agreement requiring the maintenance of a
2:1 current ratio then the misclassification may be material in nature. Thus the ratio
must be recalculated as follows:
Current Assets
+ Sales invoices
- Inventories
- Doubtful debts

$1 124 000 Current Liabilities


50 000 + Creditors invoices
36 000 + Term loan
89 120
1 048 880

$478 000
62 150
10 000
_______
550 150

Current Ratio = 1 048 880/550 150 = 1.91:1


As the correction of the misclassification (and other material adjustments noted
previously) results in the company breaching the loan agreement conditions, it is
material information and must therefore be adjusted.

Tutorial Week 11 Moodle Questions and Solutions


7.

Incorrect calculation of depreciation

The error understates depreciation expense and overstates the carrying amount of
vehicles by $1 250.
Base Amount
Profit before tax
Equity

$352 000
715 000

Error as % of base
0.36%
0.17%

The amount is immaterial so the miscalculation can be ignored.

QUESTION 12.3:
YAK LTD

YAK LTD
The significant variances between the provision for warranty and the actual repairs in
the two years indicate that either the policy of using a percentage of net credit sales as
a means of estimating warranty costs is not appropriate, or the percentage used is not
adequate. The company needs to look at changing either its policy or perhaps simply
increasing the percentage used. Past claims as a percentage of past net credit sales
should provide a reliable measure. If a new percentage is adopted it will be applied
prospectively (from 2015-16 on) according to AASB 108 paragraph 36.
If the variance for 2014-15 was due to an error in calculation then, providing it is
material, the figures for 2014-15 should be retrospectively corrected (according to
AASB 108 paragraph 42) by the following entry:
$
$
Retained earnings (1 July 2015)
Dr
8 000
Provision for Warranty
Cr
8 000
Additionally, this would indicate that the variance in 2013-14 may be a one-off
aberration.

Tutorial Week 11 Moodle Questions and Solutions

QUESTION 12.4:
CAMEL LTD

CAMEL LTD
Classification of after reporting period events
Assuming all events are material by reason of size and nature:
Date
17 July 2013

Classification
Non-Adjusting

Justification
The storm which caused the loss of the fishing
fleet and the uninsured loss of profits occurred
after the end of the reporting period and
impacts on future conditions.

19 July 2013

Adjusting

The receipt and subsequent return of the fishing


net provides new information about the assets
owned by Camel Ltd as at the end of the
reporting period.

29 August 2013

Non-Adjusting

The lawsuit arose as a consequence of an after


the end of the reporting period event (the storm
on 17 July) and it may have material effects on
future cash flows or operations if the company
has to pay the $4 million damages claim.

1 September 2013 Non-Adjusting

The issue of $100 000 5% debentures to the


public does not relate to conditions existing at
the end of the reporting period but will have a
material impact on future cash flows.

Tutorial Week 11 Moodle Questions and Solutions

Chapter 13 Disclosure: presentation of financial statements


PRACTICE QUESTIONS
QUESTION 13.9
SATURN LTD
Answer for each item should identify the error and state the reason for it being
incorrectly disclosed in accordance with AASB 101. Incorrect items in terms of
minimum disclosure include:
1. Profit and loss statement should be referred to as the statement of profit or loss
and other comprehensive income, as per AASB 101.
2. Format and headings for the statement of profit or loss and other
comprehensive income should be as per the Implementation Guidance that
accompanies IAS 1, to disclose information contained in AASB 101
paragraphs 82, 83, 84 and 85 as necessary. Also see figure 13.10 of the text.
3. Expenses can be disclosed in the statement of profit or loss and other
comprehensive income. Interest expense to be shown in the statement of profit
or loss and other comprehensive income under the heading finance costs
(AASB 101 paragraph 82(b)).
4. Extraordinary items (income or expense) are not to be presented either in the
statement of profit or loss and other comprehensive income or in the notes
(AASB 101 paragraph 87).
5. Statement of net equity should be referred to statement of financial position, as
per AASB 101.
6. Retained profits is now referred to as retained earnings in AASB 101
(paragraphs 96, 108 and 110).
7. Format and headings of the statement of financial position to be as per the
Implementation Guidance that accompanies IAS 1, to disclose items required
by AASB 101 paragraphs 54 and 55 as appropriate (see figure 13.2 of the
text). Details of information included under these headings are then to be
provided in notes to the financial statements.
8. A statement of changes in equity must be presented in accordance with AASB
101 paragraphs 106 and 107.
9. There is no disclosure in relation to the shares issued during the period as
required by AASB 101 paragraph 79(a).
10. Disclose details of nature and purpose of each reserve (AASB 101 paragraph
79(b)).
11. Creditors and borrowings should be separately disclosed in the statement of
financial position under the headings trade and other payables and
borrowings as required by AASB 101 paragraph 54 and the Implementation
Guidance.
12. The reserves note is incorrect, as retained earnings (profits) are included in the
reserves figure. AASB 101 (paragraphs 106(d) and 108) and the
Implementation Guidance require retained earnings to be shown separately
from other components of equity in the statement of financial position.
13. Deferred tax asset to be disclosed as a separate heading in the statement of
financial position according to AASB 101 paragraph 54(o) and the
Implementation Guidance, not under other non-current assets.
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Tutorial Week 11 Moodle Questions and Solutions


14. Deferred tax liability to be disclosed as a separate heading in the statement of
financial position according to AASB 101 paragraph 54(o) and the
Implementation Guidance, not under Provisions.
15. Provision for dividend is not a provision as there is no uncertainty as to
timing or amount. Dividends should be treated as part of trade and other
payables (see chapter 3).
16. In the summary of significant accounting polices note, the measurement basis
(bases) used in the preparation of the financial statements and other accounting
policies used that are relevant to an understanding of the financial statements
(AASB 101 paragraph 117).
17. Sources of estimation uncertainty should be disclosed in accordance with
AASB 101 paragraph 125.
18. The amounts paid or payable to the auditor for an audit or review of the
financial statements must be disclosed. Amounts for non-audit services must
be disclosed separately (including the nature and amount of the each non-audit
services) as required by AASB 101 paragraph Aus138.1.
19. Company details (county of incorporation, description of the nature of the
companys operations and its principal activities, etc.), if not provided
elsewhere in the financial report, must be disclosed (AASB 101 paragraph
138).
20. Details regarding the amount of dividends distributed to shareholders and the
related amount per share must be disclosed in the statement of changes in
equity or in the notes (AASB 101 paragraph 107).
21. A note disclosing those judgements, apart from those involving estimations,
that management has made in the process of applying the entitys accounting
policies that have the most significant effect on the amounts recognised in the
financial statements (AASB 101 paragraph 122).
22. A company whose financial statements comply with International Financial
Reporting Standards shall make an explicit and unreserved statement of such
compliance in the notes (AASB 101 paragraph 16).

Tutorial Week 11 Moodle Questions and Solutions


QUESTION 13.10
EARTH LTD
[Comparative information must be disclosed in respect of the previous period for all
amounts reported in the financial statements in accordance with AASB 101. However
this information is not provided in the question].
EARTH LTD
Statement of Financial Position
as at 30 June 2013
Note
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Current tax payable
Total current liabilities
Non-current liabilities
Long-term borrowings
Long-term provisions
Total non-current liabilities
Total liabilities

2
3

4
5
6

3 187 000
60 000
1 300 000
4 547 000
$ 6 459 500

998 520
160 000
1 158 520

8
9

240 000
400 000
640 000
$1 798 520

Net assets
EQUITY
Share capital
Retained earnings
Total equity

$ 298 080
644 420
970 000
1 912 500

$ 4 660 980

10

4 085 500
575 480
$ 4 660 980

Tutorial Week 11 Moodle Questions and Solutions


EARTH LTD
Statement of Changes in Equity
for the year ended 30 June 2013

Balance at 1 July 2012


Total comprehensive income
for the year
Dividend payable ordinary
Balance at 30 June 2013

Share
capital
$ 4 085 500

Retained
earnings
$ 275 000

Total
$ 4 360 500

$ 4 085 500

500 480
(200 000)
$ 575 480

500 480
(200 000)
$ 4 660 980

Dividends: 4 cents per share

EARTH LTD
Notes to and forming part of the financial statements
for the year ending 30 June 2013
Note 1. Summary of significant accounting policies
Statement of compliance
The financial statements are general purpose financial statements which have been
prepared in accordance with the requirements of the Corporations Act 2001,
Australian Accounting Standards which include Australian equivalents to
International Financial Reporting Standards (AIFRSs) and AASB Interpretations.
Compliance with AIFRSs ensures the financial statements and notes comply with
International Financial Reporting Standards.
Basis of preparation
The financial statements have been prepared on the historical cost basis, except where
stated otherwise.
Various accounting policies details need to be provided, including details required by
AASB 101 paragraph 122 (management judgements made in applying accounting
polices) and paragraph 125 (sources of estimation uncertainty).
Note 2. Trade and other receivables
Accounts receivable
Allowance for impairment of receivables
Prepaid expenses

Note 3. Inventories
Raw materials
Work in progress
Finished goods

$ 651 020
(10 000)
641 020
3 400
644 420

$x
x
x
970 000

Tutorial Week 11 Moodle Questions and Solutions


Note 4. Property, plant and equipment

Balance
Accumulated depreciation

Land &
buildings

Plant &
equipment

Total

$ 1 750 000
(207 000)
1 543 000

$ 1 716 000
(72 000)
1 644 000

$ 3 466 000
(279 000)
3 187 000

Note 5. Intangible assets


Patents
Balance
Accumulated amortisation

Note 6. Investments
10% Telstra bonds - at cost
Note 7. Trade and other payables
Accounts payable
Accrued expenses
Dividends

$ 100 000
(40 000)
60 000

$1 300 000

$ 790 000
8 520
200 000
998 520

Note 8. Long-term borrowings


Mortgage loans

$ 240 000

Note 9. Long-term provisions


Employee benefits

$ 400 000

Note 10. Share capital


Share capital
Calls in arrears (2 500 shares at 20 cents per share)
Note 11. Auditors remuneration
Amounts paid or payable to the auditor for:
- audit or review of the financial reports of the entity
- non-audit services:
(details not provided in question)

$ 4 086 000
(500)
4 085 500

$ 56 000
19 000
75 000

Note 12. Commitments


The company had entered into a contract for the construction of two
new moulding machines.
Commitments are payable as follows:
- within 12 months
- between 12 months and 5 years

$ 1 500 000
1 500 000
3 000 000

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Tutorial Week 11 Moodle Questions and Solutions

Chapter 14 Disclosure: statement of cash flows


REVIEW QUESTIONS

2.

What is the concept of cash used in the preparation of the statement of cash
flows? Why is defining cash important?

The concept of cash adopted by AASB 107 covers both cash and cash equivalents.
Note the definitions of cash and cash equivalents in the standard. Note also from
paragraph 8 of the standard that certain borrowings (e.g. bank overdrafts) may be
included in the definition of cash equivalents if they are repayable on demand and
form an integral part of the entitys cash management function.
The definition of cash and cash equivalents is important, as an item included in this
concept cannot generate a cash flow and therefore is not reported in the statement of
cash flows. That is, increasing a bank balance with funds from a short-term bank bill
doesnt generate a cash flow, whereas decreasing a bank account to purchase
machinery is a cash flow.

4.

Why are gross cash flows required to be reported under the cash flow
standard? In what circumstances can net flows be reported?

Gross cash flows are required under AASB 107 paragraphs 18 and 21 and the direct
method of reporting operating cash flows is recommended. It is felt that the netting of
cash flows increases the possibility of loss of information. Paragraph 13 states that
reporting specific components of historical cash flows provides a useful basis for
forecasting future cash flows. It is considered that the gross flows approach is a more
informative method of presentation than that which discloses only the net amount of
cash flows with no indication of inflows/outflows of individual items of operating
activities. Nevertheless, net cash flows can be reported for investing and financing
activities as discussed in paragraphs 22 to 24.

9. Explain the differences between the direct and indirect methods of


determining cash flows from operating activities.
The direct method of determining cash flows from operating activities shows directly
the cash flows from receipts from customers and for payments to suppliers and
employees. The indirect method merely adjusts the profit for the period for non-cash
flows and for changes in the balances of current assets and liabilities in order to
determine the cash flows from operations. The final answer for cash flows from
operating activities is the same. Nevertheless the indirect method does not show the
sources of the cash flows but merely provides a calculation reconciling the entitys
profit with operating cash flows. The AASB/IASB permits either method to be used,
but recommends the use of the direct method (paragraphs 18-20).
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Tutorial Week 11 Moodle Questions and Solutions

11. A student of accounting, after studying the appendix to AASB 107, was
confused. Long-term borrowings are recognised as a financing activity of an
entity, yet interest paid is included in cash flow from operations. After some
consideration the student concluded, Since interest expense is regarded as a
financial expense, interest paid should be treated as part of the financing
activities of an entity, and be classified in the statement of cash flows
accordingly. Would you support the conclusion reached by the student?
Explain why or why not.
Since interest is being paid on long-term borrowings that were initially reported as a
financing cash inflow, then the conclusion reached by the student is a valid one. The
standard itself is unclear on the reporting of interest paid. See paragraphs 31-33 of the
standard. The classification of interest as a financing activity would also assist users
for financial analysis purposes. But, carefully consider the definitions of operating
activities, investing activities, and financing activities in paragraph 6. Does interest
paid satisfy any of these definitions? Clearly, if interest is not a financing activity it
will have to be an operating activity, as shown by the definition of operating
activities.
Similar comments apply to the treatment of dividends paid on shares. Are they to be
regarded as operating activities or financing activities? The standard permits either
treatment (para. 34).

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Tutorial Week 11 Moodle Questions and Solutions

QUESTION 14.6
BURRUP LTD

BURRUP LTD
Statement of Cash Flows
for the year ended 30 June 2015
Cash flows from operating activities
Cash receipts from customers
Cash paid to suppliers and employees
Cash generated from operations
Rent received
Income tax paid
Net cash from operating activities

$436 000
(413 000)
23 000
14 000
(7 500)
$29 500

Cash flows from investing activities


Payment for property, plant and equipment
(100 000)
Proceeds from sale of property, plant and equipment
10 000
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Proceeds from borrowings
Dividends paid
Net cash provided by financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Reconciliation of Net Cash from Operating


Activities with Profit
Profit
Depreciation
Loss on sale of equipment
Increase in current tax liability
Change in assets and liabilities
Increased in trade debtors
Increase in inventories
Increase in trade creditors
Net cash from operating activities

(90 000)

20 000
80 000
(20 000)
80 000
19 500
20 000
$39 500

$28 000
40 000
5 000
9 500
(43 000)
(70 000)
60 000
$29 500

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Tutorial Week 11 Moodle Questions and Solutions

Workings
Received
From
Customers
$436 000

Payments
to
suppliers
of goods
$374 000
Payments
for
services
$39 000

= Sales
= $485 000

Cost of
Sales

Begin
accounts
+ rec'able
+ $77 000

Begin

=
- invent.
= $365 000 - $80 000

= Expense
= $39 000*

Begin
accrued
+ expenses
+
0

Ending
accounts
- rec'able
- $120 000

Discount
+ allowed
- $1500

Bad
- debts
- $4500

Ending

Begin
accounts

Ending
accounts

+ payable
+ $60 000

- payable
-0$120 000

+ invent.
+ $150 000
Ending
accrued
- expenses
0

Begin.
prepaid
- expenses
0

Disc
- recd.
- $1 000

Ending
prepaid
+ expenses
+
0

*(45 000 4 500 bad debts 1 500 disc. all.)

30/6/15 Balance c/d


Cash

30/6/14 Balance b/d


30/6/15 Purchases

Current Tax Liability


17 000 30/6/14
Balance b/d
7 500 30/6/15
Tax expense
24 500

Furniture and Fittings


110 000 30/6/15
Furn & fittings
0
Sold
30/6/15
Balance c/d
110 000

Accum. Depreciation Furniture and Fittings


30/6/15 Carrying amount
30/6/14 Balance b/d
Furn & fitts sold
20 000 30/6/15 P or L Summary
30/6/15 Balance c/d
20 000
40 000

30/6/15 Divs declared


30/6/15 Balance c/d

Retained Earnings
30 000 30/6/14
17 500 30/6/15
47 500

Balance b/d
Profit

7 500
17 000
24 500

35 000
75 000
110 000

30 000
10 000
40 000

19 500
28 000
47 500

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Tutorial Week 11 Moodle Questions and Solutions

QUESTION 14.9
MANJIMUP LTD

MANJIMUP LTD
Statement of Cash Flows
for the year ended 30 June 2014
Cash flows from operating activities
Cash receipts from customers
Cash paid to suppliers and employees
Cash used in operations
Income taxes paid
Net cash from operating activities
Cash flows from investing activities
Payment for plant and machinery
Proceeds from sale of furniture
Net cash used in investing activities
Cash flows from financing activities
Proceeds from issue of shares
Dividends paid
Net cash provided by financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
[o/draft - petty cash]
Cash and cash equivalents at end of period

Reconciliation of Net Cash from Operating


Activities with Profit
Profit
Depreciation
Allowance for doubtful debts
Gain on sale of furniture
Current tax liability
Change in assets and liabilities
Increase in accounts receivable
Increase in inventories
Decrease in accounts payable
Net cash from operating activities

$94 362
(97 311)
(2 949)
(1 743)
$(4 692)
(9 300)
950
(8 350)
10 000
(4 000)
6 000
(7 042)
(1 365)
$(8 407)

Note 1:

Note 2:

$7 589
3 075
500
(50)
1 000
(4 438)
(12 031)
(337)
$(4 692)

Non-cash Financing and Investing Activities


(a) Plant and Machinery
During the reporting period, plant and machinery was purchased
and paid for by the issue of 5 000 shares.

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Tutorial Week 11 Moodle Questions and Solutions

Workings using formulae


Received
From
customers = Sales
$94 362
= $100 000

Payments
to suppliers
of goods
$47 368

Payments
For
Services
$49 943

Begin
accnts
+ rec'able
+ $6 537

Cost of
sales

Begin
=
- invent
= $35 000 - $18 258

= Expense
= $49 943

30/6/13 Balance b/d


30/6/14 Purchases
30/6/14 Purchases
shares

Begin.
accrued
+ expenses
+
0

Ending
Accnts
- rec'able
- $10 975

- $1 200

Ending
+ invent.
+ $30 289

Begin
accts
+ payable
+ $6 253

Bad
debts

Ending
accts
- payable
- $5 916

Ending
Begin
Ending
accrued
prepaid
prepaid
expenses - expenses + expenses
0
0
+
0

Plant and Machinery


24 900
9 300
5 000 30/6/14

Balance c/d

39 200

30/6/13 Balance b/d

39 200
39 200

Furniture
5 000 30/6/14
30/6/14

Carry amount
furniture sold
Balance c/d

5 000

Accum. Depreciation Furniture


30/6/14 Carry amount
30/6/13
Balance b/d
furniture sold
200
30/6/14 Balance c/d
1 500 30/6/14
P or L Summary
1 700

1 100
3 900
5 000

1 450
250
1 700

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Tutorial Week 11 Moodle Questions and Solutions

21/10/14 Cash
21/10/14 Overprovision
30/6/14 Balance c/d

30/6/14 Balance b/d

Current Tax Liability


1 743 30/6/13
Balance b/d
1 257 30/6/14
Tax expense
4 000
7 000

Share Capital
45 000 30/6/13

Retained Earnings
4 000 30/6/13
2 500 30/6/14
5 471
11 971

$7 000

Balance b/d
Issue for plant
Cash issue

30 000
5 000
10 000
45 000

Balance b/d
Profit

4 382
7 589

45 000

30/6/14 Dividend paid


30/6/14 General reserve
30/6/14 Balance c/d

3 000
4 000

11 971

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