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Prepare Company financial statements
Course:- Managerial Accounting
Reference No.:- EM13483




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Assignment Help >> Managerial Accounting

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

Question 1:

The subsequent 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

14,500

 

Receivables

16,000

 

Inventory

14,500

45,000

 

 

 

Non-Current Assets

 

 

Plant and Equipment

164,000

 

Less: Accumulated Depreciation

135,000

 

 

  29,000

 

Land

  86,000

115,000

 

 

 

Total Assets

 

160,000

 

 

 

Current Liabilities

 

 

Accounts Payable

 

 72,000

 

 

 

NET ASSETS

 

 88,000

 

 

 

Equity

 

 

Share capital

 

 

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

47,500

 

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

  1,250

46,250

Reserves

 

22,000

Retained Profits

 

19,750

EQUITY

 

88,000

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 or 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.

Required:

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

Question 2:

Prepare Company financial statements question - Torquay Limited




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