Corporate accounting systems, Cost Accounting

Using the  information provided prepare  the four financial  statements  for inclusion in Plantagenet Ltd's Annual Report dated at its balance date of 30th June 2011. The statements should be prepared according to the requirements of the relevant accounting standards and the requirements of the Corporations Act. Relevant notes (including Note 1) to the accounts must be included.

Comparative data is not required.

Note:   A number of calculations will result in decimal places being shown. Other than for Earnings per Share, do not show cents - round your calculations to the nearest dollar.

An appendix is to be included showing any additional calculations not set out in the notes to the statements.

Plantagenet Ltd's Trial Balance as at the 30th June 2010 was:

1799_financial  statements.png

(f)  The following balance day adjustments will need to be allowed for:

-  Closing inventory is to equal 15% of Cost of Goods Sold,

-  Closing balance of Accounts Payable to equal 70% of Inventory,

-  Closing balance of Accounts Receivable will be equal to 1.5% of Sales Revenue,

-  The Doubtful Debts provision will be equal to 12.5% of Accounts Receivable at the end of the year.

(g) During the current year  Plantagenet  Ltd paid $92,000 to its auditors, of which $39,000 related to services other than the annual audit and half yearly review.

(h) Prior to the end of the current year Plantagenet Ltd confirmed they will be declaring a final dividend equal to 12.5% of the company's net profit after tax.

(i) On 1 April, 2008  the company was required to lodge a deposit of $150,000, which earned interest at the rate of at 8%, as security for their Short Term Loan.

(j) Plantagenet Ltd purchases 90% of  its raw materials from one supplier, Cowra Ltd. The directors are currently investigating alternative sources of raw material.

(k) The mortgage loan is secured by a first mortgage over freehold land and buildings. There are three annual instalments remaining.

Posted Date: 3/1/2013 6:55:49 AM | Location : United States







Related Discussions:- Corporate accounting systems, Assignment Help, Ask Question on Corporate accounting systems, Get Answer, Expert's Help, Corporate accounting systems Discussions

Write discussion on Corporate accounting systems
Your posts are moderated
Related Questions

What is a standard and acceptable variance

A small company employing around 25 people manufactures and sells anthropometric measuring equipment - equipment used mainly in hospitals to measure the height and other dimensions

need help to achieve my assignment

Write a 1,200- to 1,500-word paper explaining the legal aspects, financial standards involved, and ethicality of the Excello Telecommunications case. Your paper should include the

Given the information that follows, prepare a cash budget for the XYZ Store for the first six months of 2010. All prices and costs remain constant. Sales are 90% for cre

Vintage Auto Company manufactures parts to order for antique cars. Vintage Auto makes everything from fenders to engine blocks. Each customer order is treated as a job. Vintage Aut

Give Annual report project: You will pick a publically trade company to do the analysis on with approval of the professor . the following is an outline of what should be in th

Wayne Company's beginning and ending inventories for the month of June were as follows: June 1 June 30 Work in progress $145,000 171,000 Finished Goods 85,000 78,000 Production

Calculate the β of Maine Corporation from the following data. The prices are at the beginning and at the end of each year     Normal 0 false false