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Prepare journal entries to account for the lease transaction

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Reference no: EM132309310

Assignment: Problem 1: Long Service Leave

Required: (a) Calculate Darwin Ltd.'s current obligation for long-service leave.

(b) If the opening provision for long-service leave is $12 500, provide the journal entry to record Darwin Ltd.'s long-service leave expense.

Problem 2: Share capital

Required: Provide the journal entries necessary to account for the above transactions and events.

Problem 3: Accounting for Lease

Required: (a) Demonstrate that the interest rate implicit in the lease is 10 per cent.

(b) Prepare the journal entries to account for the lease transaction in the books of the lessor, City Vans Ltd, at 1 July 2019 and 30 June 2020.

(c) Prepare the journal entries to account for the lease transaction in the books of the lessee, Darwin Ltd. at 1 July 2019 and 30 June 2020.

(d) On 30 June 2023 Darwin Ltd. pays the residual of $50 000 and purchases the truck. all journal entries in the books of Darwin Ltd. for 30 June 2023 in relation to the termination of the lease and the purchase of the truck.

Problem 4: The Statement of Cash flows

(a) What does ‘cook the books' mean?

(b) How would a reader of financial statements know if the books had been cooked?

(c) Is it likely that creative accounting was employed to the statement of cash flows? Why or why not?

Information related to above question is enclosed below:

Attachment:- Assignment2019.rar

Reference no: EM132309310

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