Corporate accounting systems, Cost Accounting

Assignment Help:

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.


Related Discussions:- Corporate accounting systems

Differential costing, What do you mean by differential costing ? How it dif...

What do you mean by differential costing ? How it differ from marginal costing ? explain its practical application with examples?

Bird house, Develop costing for the production units to explain the manufac...

Develop costing for the production units to explain the manufacturing expenses that the proposed product will require for the first year of production. This portion requires the fo

Briefly decribe the benefits of a cash budget, You are provided with the su...

You are provided with the subsequent information relating to Cello Ltd. The accountant is currently preparing the budget for the next three months ending 30 June 2010.

Prepare the bank reconciliation statement, As the Junior Bank Clerk of a bu...

As the Junior Bank Clerk of a business, one of your monthly tasks is to prepare the bank reconciliation statement. At the month ending 31 January 2012, the bank statement has be

Semi fixed costs, Semi Fixed Costs Are costs along with both a variabl...

Semi Fixed Costs Are costs along with both a variable and fixed cost component? The fixed component is such portion that is constant irrespective of the level of activity. The

Calculate manufacturing overhead for the year, Baka Corporation applies man...

Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on t

Compute the equivalent units of production for materials, Clopack Company m...

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department.

Calculate cost of goods sold under throughput costing, The follow data rela...

The follow data relates to year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dire

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd