financial accounting.docx

financial accounting.docx

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financialaccounting

ACCOUNTSRECEIVABLE

At30September2004,AmoyDistributionhasadebitbalanceof$921,725initsAccountsReceivableaccountandacreditbalanceof$9,300intheAllowanceforDoubtfulDebtsaccount.

Inreviewingtheaccountsreceivablerecord,youdeterminethefollowing:

❑Anamountof$1,125duefromJohnHunter（includedintheoverduecategory）isconsideredirrecoverableandistobewrittenoff.

❑Aremittanceof$2,700wasreceivedfromLucyJohnsonon28August2004foranoverdueaccountthatwaswrittenoffinpreviousyear.

Thefollowingisanagedanalysisofitsaccountsreceivable:

Age

Amount

Current

$720,600

Overdue

201,125

$921,725

Thefirmusestheallowancemethodtoprovideforcreditloss.Accordingtopreviousexperience,youestimatethata3%allowanceonoverdueaccountsshouldbemadefordoubtfuldebts.

Required

a）Preparegeneraljournalentriestorecordthewrite-offoftheaccountduefromJohnHunter.

b）Preparegeneraljournalentriestoadjusttherecoveryofbaddebttransactionon28August2004.

c）Calculatetherequiredallowancefordoubtfuldebtsaccordingtoinformationgiven.

d）Prepareageneraljournalentrytoadjustthebalanceoftheallowancefordoubtfuldebtsaccounttotherequiredlevel.Showyourworkings.

e）PrepareanextracttoshowhowtheAccountsReceivablewouldappearintheBalanceSheetat30September2004.

BankReconciliation

ThebankaccountinGooddayTyres’ledgerhadadebitbalanceof$2,864at1October2004.DuringOctober,cashreceiptstotalled$12,324andcashpaymentstotalled$11,730,beforeitemsnotedbelow.ThebankstatementforOctobershowedaclosingbalanceof$4,429（infunds）.Thefollowingpointswerenotedduringthereconciliationprocess:

1Achequeissuedon20Octoberfor$4,860wasrecordedincorrectlyinthecashpaymentsjournalas$4,680.ThechequewasoriginallymadetoBetterTyres,asupplier,fortheamountdueonstockpurchasedinSeptember.

2BankservicechargesforOctoberamountedto$32.Thishadnotbeenrecordedbythefirm.

3.Thebankstatementshowedthefirm’sbankaccounthadbeencreditedwithanamountof$840.ThisamountwasfoundtohavebeenpaidbyMaidrockMotors,acustomerofthefirm,tosettletheiraccountforSeptember.

4.Chequesissuedbutnotpresentedtothebankforpaymentat31October2002totalled$4,570.

3IncludedwiththeOctoberbankstatementwasareturnedchequefor$1,764.Thebankadvisedthefirmon29Octoberandthetransactionhasnotbeenrecorded.ThischequewasfromMurphyVansinpaymentofitsoutstandingaccount.

4Interestof$45,earnedforOctoberonatermdeposit,wasnotedonthebankstatement,buthadnotbeenrecordedbythefirm.

5Achequefor$766,receivedfromMSAutomotiveforanoutstandingdebtof$766,hadbeenincorrectlyrecordedinthecashreceiptsjournalas$776.

6Adepositof$2,498,madeon31October,didnotappearinthebankstatement.

REQUIRED:

PreparethebankreconciliationstatementforGooddayTyresasat31October2004andrelatedadjustingentries.

ClassExercise_Inventory

1.TheinventoryrecordsofBetaLtd.ShowthefollowingdataforthemonthofSeptemberwithregardtoonetypeofmaterial:

CodeXY.

Sept1

Inventoryonhand

600units

cost$6perunit

Sept3

Purchaseofgoods

200units

cost$6.40perunit

Sept6

Saleofgoods

400units

Sept10

Saleofgoods

250units

Sept16

Purchaseofgoods

500units

cost$6.20perunit

Sept25

Saleofgoods

500units

Sept30

Stockshortage

50units

Required

（a）Preparethestoresledgercardsusing:

∙FIFO

∙WeightedAverageCost

（b）Calculatethecostofgoodssoldforitem,CodeXY,usingbothofthesemethods

2.PeterPetersonoperatesahome-basedbusiness,whichdistributes“BurglarProof”,animportedalarmsystem.ThisisanewproductthatPeterisstocking.Peterusestheperpetualinventorysystem,ignoretaxes.

DuringthemonthsofMay2004,thefollowingtransactions（alloncredit）occurred.

Date

Particulars

May

5

Bought200unitsfromNZSecurityat$225each.

8

Sold20unitstoLockSmithat$450each

13

2faultyunitswerereturnedbyLockSmith,creditnotewasissued.

14

ThetwofaultyunitswerereturnedtoNZSecurityforcredit.

REQUIRED:

（a）RecordtheMaytransactionsinGeneralJournalformat.

（b）Howwouldyouhaverecordedthetransactionsdifferentlyifthefirmusesaperiodicinventorysystem?

PPEClassExercise

LimestoneLandscapingServicescommencedbusinesson1October1999.Amongtheirinitialassetswasaparcelpurchasedfromafailedcompetitorforatotalof$579,600.Thecompanyalsopaidafeeof$5,400foravaluationontheseassetstobedone.Thepurchaseandtheprofessionalfeewerepaidincashon3October1999.Thecompanyhasa31Marchbalancedate.

Thevaluationreportshowedthefollowingvalues:

Building$324,000

Machinery189,000

Truck27,000

Thenewassetswerethendepreciatedasfollows:

Asset

UsefulLife

ResidualValue

DepreciationMethod

Building

50years

Nil

Straight-line

Machinery

6years

$32,000

Unit-of-Use（Totalmachinehours=60,000）

Truck

3years

$12,000

Reducingbalance@30%p.a.

Themachinerywasusedfor12,000hoursintheyearending31March2000and25,000hoursintheyearending31March2001.

Thetruckwastradedinforanewmodelcosting$39,600on1April2001.Trade-invalueoftheoldtruckwas$18,000.

REQUIRED:

a）Preparethegeneraljournalentrytorecordthepurchaseofthethreeassetson3October1999andthepaymentofthevaluationfee.

b）Calculatethedepreciationexpenseoneachassetfortheyearsending

31March2001.

c）PrepareanextracttoshowhowtheMachineryaccountwouldappearintheBalanceSheetat31March2001.

d）Calculatethegain/lossondisposalofthetruckandpreparethegeneraljournalentrytorecordtheassettrade-in.

Statementofcashflowsclassexercises

TheIncomeStatementforthecurrentyearandcomparativeBalanceSheetsat30September2004ofSouthPacificTradingLimitedarepresentedbelow:

SouthPacificTradingLimited

BalanceSheetasat30September2004

2004

2003

Assets

Cash

$22,975

$15,750

AccountsReceivableControl

41,375

38,000

AllowanceforDoubtfulDebts

（1,000）

0

Inventory

84,000

91,000

PrepaidExpenses

5,000

4,000

PlantandEquipment

291,000

256,000

AccumulatedDepreciation

（74,000）

（60,000）

TotalAssets

$369,350

$344,750

LiabilitiesandShareholders'Equity

AccountsPayableControl

$30,750

$24,000

WagesPayable

5,000

6,000

IncomeTaxPayable

2,000

4,000

GSTPayable

3,600

2,750

BankLoan

75,000

100,000

Capital

140,000

120,000

RetainedEarnings

113,000

88,000

TotalLiabilities&Shareholders’Equity

$369,350

$344,750

SouthPacificTradingLimited

IncomeStatementfortheyearended30September2004

Sales

$385,000

Less:

CostofGoodsSold

227,000

GrossProfit

$158,000

Less:

Expenses

DoubtfulDebtsExpense

$1,000

WagesExpense

58,000

DepreciationExpense

28,000

InterestExpense

11,000

OtherOperatingExpenses

8,000

IncomeTaxExpense

10,000

116,000

NetSurplus

$42,000

AdditionalInformation

Duringtheyear,thecompanysoldoldequipmentfor$6,000.Theequipmenthadcost$20,000andhadaccumulateddepreciationof$14,000.Newequipmentwaspurchasedforcash.Acashdividendwasdeclaredandpaidthisyear.Allshareissuanceswereforcash.

Required

PrepareaCashFlowStatementfortheyearending30September2004,usingthedirectmethod.Showyourworkings.

会计英语第一次练习

Entertronicsplc

Entertronicsplc,arewholesalersofconsumerelectronics.Increasedcompetitionhasmeantthatforafewyearsprofitshavebeenverylowandthecompanyhasadoptedapolicyofnodividendpayments.

TheiraccountingyearendsonSeptember30thandtheyhaveextractedthefollowingbalancesfromthecompany’sbooksofaccounts.Thereisanumberofclosingadjustmentswhichmustbetakenintoaccountbeforedraftingthefinancialstatements.

Youhavebeenemployedtoassistinthepreparationofthefinancialstatementsfromthetrialbalanceprovidedandtheadditionalinformationconcerningtherequiredadjustments.

TRIALBALANCE

ASATSEPTEMBER30TH2007

DEBIT

CREDIT

￡000

￡000

Sales

145,000

SalesreturnstoEntertronics

8,000

Purchases

100,000

Purchasesreturnstosuppliers

1,800

Openinginventoriesofmerchandise30/09/06

6,500

Tradereceivable

12,000

Tradepayables

13,000

Cashinbank

1,800

Long-termloan

6,600

Discountsallowedtocustomers

300

Carriageinwards

250

Buildings-atcost

18,000

Motorvehicles-atnetbookvalue

7,500

Equipment-atcost

3,600

Equipment-accumulatedepreciation

2,100

Wages

20,000

Electricity

825

Telephone

325

Insurance

225

Rent

1,250

Businessrates

1,000

Otheroperatingcosts

5,000

Sharecapital

12,000

Retainedearnings

6,075

TOTAL

186,575

186,575

Additionalinformation:

1.ClosinginventoryofmerchandiseatSeptember30th,2007isvaluedatcost￡7,000,000.

2.Depreciationonequipmentfor20*7iscalculatedat25%oncostperannum.Depreciationonbuildingiscalculatedat10%oncostperannumu.

3.Depreciationonthemotorvaniscalculatedat33%ofnetbookvalue（costlessdepreciation）perannum.

4.Entertronicsowes￡175,000forthetelephoneand￡1,225,000forelectricity.

5.Expensesinclude￡100,000forinsuranceand￡1,000,000forrentbothpaidayearinadva