Financial accounting assignment
Course:- Financial Accounting
Reference No.:- EM13285

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Financial Accounting

Case Study

Research question consists of a case study: You are a graduate accountant working for White and Associates a public accounting firm. The address the firm is 777 South Terrace, Adelaide SA 5000. The manager of your firm, Mr Paul Jones has asked you to draft a letter in response to an email received from a client - Mr Steven Evans, the managing director of Pacific Ltd, raising a number of issues regarding his company.

Question 2

The following is a balance sheet for Happy Feet Ltd as at 30 June 2013. On that date the company went into voluntary liquidation.

Happy Feet Ltd

Balance Sheet as at 30th June 2013

Current  Assets



Cash at bank












Non-Current Assets



Plant and Equipment



Less: Accumulated Depreciation












Total Assets






Current Liabilities



Accounts Payable















Share capital



95,000 Shares issued at $1 and called to $0.50



Less: Calls in arrears (5 000 shares at $0.25 each)






Retained Profits






Additional Information:

1. All assets were sold and realized cash of $215,500 and calls in arrears were collected/

2. The cost of liquidation was $3,235 and this was paid in cash to the liquidator.

3. Accounts Payables allowed us a discount of $3,200 and the outstanding debts were paid.

4. The electricity bill/invoice for June 2013 amounted to $675. This was received on 3 July 2013 and was paid by the company. It had not been recorded in the accounts previously.


Using the information above, prepare the attached general ledger T-accounts     

Question 3:

Company financial statements question - Torquay Limited 

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Financial Accounting) Materials
Clabber Company has bonds outstanding with a par value of $100,000 and a carrying value of $97,300. If the company calls these bonds at a price of $95,000, the gain or loss on
Conduct an interview with someone who has a career different then your own and identify the duties associated with the position as well as any skills and abilities and then an
What is the minimum line of credit that CBM will need? What do you think of CBM's cash position during the budget period? Do you see any concerns for the company in this regar
During the same year, cash was paid out to purchase inventory for $ 335,000, to employees for $ 230,000, and for the purchase of plant assets of $ 190,000. Calculate amount
Direct Method 1) Using the following information, complete the statement of cash flows for Helen Hunt Co. for the year ended December 31, 2013. Place parentheses around those
You will use the "Closing Entries" tab in your workbook to do the following: Close all temporary income statement accounts and create closing entries. Prepare the post-closing
Your mother just sold her house and would like to invest some of the proceeds for retirement income. She plans to retire in 15 years and would like to receive annual payments
List the following by their liquidity: Accounts receivable, Land, Other assts, Other operation expenses, Building & equipment, cash, prepaid expenses, rent expenses, dividends