Assignment 408 Bai Giai.

Assignment ADM408A
BUSINESS ADMINISTRATION
Prepare Financial Reports

BSBADM408A
Activity Pass Comment

Part A: Prepare
Financial Statements:
Task 1 Y/N
Task 2 Y/N
Task 3 Y/N
Task 4 Y/N
Task 5 Y/N
Task 6 Y/N
Part B: Depreciation
& Deposal
Task 1 Y/N
Task 2 Y/N
Task 3 Y/N
Task 4 Y/N
STUDENT NAME
FACILITATOR
DATE
UNIVERSITY
Assessment Conditions: Closed Book, Calculator Allowed, NO MOBILES

Recommended time: 3 hours pluss 15 minutes reading time
INT08S2V14-06
ADM408A Assessment
This is a (CLOSED BOOK) assessment of a maximum of 3 hours with 15

minutes reading time.
You are allowed a calculator, but mobile phones are NOT to be used and
must be
switched off during the entire the assessment.
There are TWO PARTS and both must be attempted and satisfactorily
completed in order
to pass the unit ADM408.
If you do not successfully complete apart(S), you may be permitted tp

attempt a resit in the week allowed by your lecturer. however, a resit is
conditipon upon you making a
reasonable first attempt, and this is determined by the lecturer. Students
must achieve at
least 40% in their first attempt to quatify for resit. No exception to this
principle is given.
Student please read and sign the following declaration:-
“I certify that the answers in this assessment are my our work and that I am
aware of Tafe South Australia’s policy concerning plagirism,
and
I accept the conditions under which this assessment is set.”
Student signature_________________
INT08S2V14-06 December 2008 Page 2 of 14

Cert IV\Assessment\ADM408_V6_Assessment.doc
ADM408A Assessment
PART A – PREPARE FINANCIAL STATEMENTS
The trial balance on the attached Sheet was axtracte from ledger of C
Stanston on
30 June 0X.
Required:
1. open the ledger accounts with their unjusted entries as at 30 June

0X from the
Trial Balance.
2. Journalise and post the Ajusting Entries.
3. Journalise and post the Closing Entries.
4. Prepare the Income and Profit Statement.
5. Prepare Owner Equity Statement.
6. Prepare the Balance Sheet Statement.
Addition information:
(a) Supplies on hand at year-end, $3 500.

(b)Depreciation on Furniture an Fixtures, $32 000.
(c) Depreciation on Building, $27 000.
(d)Salaries Owed but not yet paid, $3 000
(e) Accrued Service revenue, $23 000.
(F) Of the $95 000 balance of Unearned Service Revenue $ 31 000 was
earned during 0X.

ADM408A Assessment
Trial Balance
Of S Stanston
At 30/6/
Debit Credit
Cash at bank 201 000
Accounts Receivable 505 000
Stock 9800
Furnitures and Fixtures 230 000
Accuminated Depreciation – Furnitures and 62 000
Fixtures
Building 440 000
Accuminated Depreciation - Building 370 800
Accounts Payable 236 000
Salary Payable
Unearned Service Revenue 95 000
Capital 506 000
Drawings 55 000
Service Revenue
Salary Expense 241 000
Stock Expense
Depreciation Expense – Furnitures and
Fixtures
Depreciation Expense - Building
Accrued Revenue (Work in Progress)
Miscellaneous Expense 30 000
Total $ 1,756,800 $ 1,756,800

ADM408A Assessment
1. Post Entries
2. Post Ajust Entries
3. Closing Entries
cash at bank stock
201000 9800
201000 6300
3500
Acc receivable furnitures and fix tures
550000 230000
550000 230000
Acc dep furnitures and fixtures building

62000 440000
32000 440000
94000
ACC DEP - BUILDING ACC PAYABLE
370800
236000
27000
236000
397800
SALARY PAYABLE UNEARNED SERVICE

REVENUE
3000 95000
3000
31000
64000
CAPITAL DRAWINGS
506000 55000
506000 55000
201700 55000
550000 0
652700
SERVICES REVENUE DEP EXPENSE
487000 27000
23000 27000
ADM408A Assessment
31000
541000 541000

ADM408A Assessment
SALARY EXPENSE
ACCRUED
241000 23000
3000 23000
244000 244000
0
STOCK EXPENSE MISCELLANEOUSE

6300 30000
6300 30000 30000
6300 0
0
DEP EXPENSE PURNITURE FIXTURES INCOME SUMMARY

32000 541000
32000 339300
32000 201700
0
0

ADM408A Assessment
Ajusting General journal Entries

Date Ledger Accounts Debit Credit
30/6 Stock expense 6300
stock 6300
Supplies on hand at year end
Depreciation exp fur.. and fix 32000
Accum Dep 32000
Depreciation on fur.. and fix
Depreciation exp building 27000
Accum Dep 27000
Depreciation on bulding
Salary exp 3000
Salary payable 3000
Salary owned but not yet
paid
Accrued service revenue 23000
service revenue 23000
Accrued service revenue
Unearned service revenue 31000
service revenue 31000
Service revenue eared
during 20xx

ADM408A Assessment
Post Closing Entries

Date Ledger Accounts Debit Credit
Services revenue 541000
Income summary 541000
To record the closing entry
for
the service revenue account
Salary expense 244000
Stock expense 6300
Dep-exp-fur and fix 32000
Dep-exp-building 27000
Miscellaneous exp 30000
To record the cloding entry
for drawing account
capital 201700
The record the tranfery
net profit into capital
Capiatal 55000
drawing 55000
To record the closing entry
for the drawing account

ADM408A Assessment
4. Prepare the Income and Profit Statement.

5. Prepare Owner Equity Statement.
6. Prepare The Balance Sheet Statement.
C Stanston
Profit and loss statement
On 30 June 0x
Services revenue 541000
Expense
Salary exp 244000
Stock exp 6300
Dep-exp-fur and fix 32000
Dep-exp-building 27000
Miscellaneeous exp 30000
Detail expense 334300
Net profit 201700
C Stanston
owner’s equity statement
on 30 June 0x
opening capital 506000
plus net profit 201700
707700
Less drawing 55000
Closing capital 652700

ADM408A Assessment
C stanston
Balance Sheet
At 30 June 0x
Assets
• Current assets
Cach at bank 201000
Account receivable 550000
Stock 3500
Accruied receivable 23000
Total current asset 777500
• Non current asset
Furniture & fixtures 23000
Accum dep furniture & fixture94000
Buiding 440000
Accum dep buiding 397200
Total non current asset 178200
Total asset 955700
Liabilities
Current liabilities
Account payable 236000
Salary payable 3000
Unearned service revenue 64000
Total current liabilities 303000
Net asset 652700
Owner Equity
Capital 652700
Total owner equity 652700

ADM408A Assessment
PART B – DEPRECIATION AND DISPOSAL OF ASSETS

1. Explain what is meant by the following accounting terms:
Non current assets:
Non current assets are assets which cannot be classified as current,
which usually means they will be help in their present form for more
than a year from balance date. The two broad categories of non
current assets are tangible(having physical existence and
tangible).tangible assets include the categories: long term
investments, nutural resourse, fixed assets and other assets.
Intangible assets are those assets that do not have physical existence,
but rather derive their value from the rights that possessions confers to
their owners,
Depreciation:
The portion of the cosst of a noncurrent asset that is assigned to an
expense over time.
It is important to note that recording depreciation is a process of
location, not of evaluation; it really represents no more than the used
up part of a fixed asset. A fixed asset can be used up in the sense that
its future economic benefits decline, due to wear and tear, or due to
technical or commercial obsolescence, the standard says” depreciation
expense” means an expense recognised sydtematically for the purpose
of allocating the depreciable amount of a deprecible asset over its
useful life.
2. Using the straight line method of depreciation, calculate the annual
depreciation charge on Contruction Equipment purchased $ 113,000
cash plus GST. The expected life of the epuipment is 9 Years and
residual value is $4,500. shows your calculations.
Depreciation change on construction equitment
Depreciation exp=11300-54500/9= $12055

ADM408A Assessment
3. Asset name: Compressor
Date purchased: 31 Dec 2004
Purchased price: $ 25,300
Depreciation rate: 12%
Purchased from: Barrett and Barrett Contruction
Freight costs: $1,200 Paid on: 31 Dec 2004
Date deposed of: 30 June 2008
Deposal price: $9,200
The asset was sold for cash to: Add- on Builders
(i) Using the above information:
Calculate the preciation charge for the asset using
the reducing method of depreciation.
Depreciation change on construction equitment anded 30
June 2005
Dep exp 2005=(25300-1200)x12%/2=$ 1590
June 2006
Dep exp 2006=(26500-1590)x12%=$ 2989
June 2007
Dep exp 2007=(24910-2989)x12%=$ 2631
June 2008
Dep exp 2008=(21921-2631)x12%=$ 2315
Total accum dep
1590+2989+2631+2315=$9525
End value
26500-9525=16975
Net profit & loss
Profit(loss) = 9200-16975= 7775 loss

ADM408A Assessment
(ii) Record
Assume that the finacial your
DATE LEDGER ACSOUNT DEBIT CREDIT

04/05 Dep Exp 1590
Accum Dep 1590
Depreciation exp of compresor
04/05 financial year
05/06 Dep Exp 2989
Accum dep 2989
06/07 Dep Exp 2631
Accum dep 2631
07/08 Dep Exp 2315
Accum dep
Cash at bank 9200
Profit and loss on sale
Accum dep 9525
Profit and loss
Profit and loss on sale 26500
compressor


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Assignment ADM408A

Prepare Financial Reports

Activity Pass Comment

Assessment Conditions: Closed Book, Calculator Allowed, NO MOBILES

This is a (CLOSED BOOK) assessment of a maximum of 3 hours with 15

If you do not successfully complete apart(S), you may be permitted tp

Student please read and sign the following declaration:-

I accept the conditions under which this assessment is set.”

INT08S2V14-06 December 2008 Page 2 of 14

PART A – PREPARE FINANCIAL STATEMENTS

1. open the ledger accounts with their unjusted entries as at 30 June

(a) Supplies on hand at year-end, $3 500.

INT08S2V14-06 December 2008 Page 3 of 14

INT08S2V14-06 December 2008 Page 4 of 14

cash at bank stock

Acc receivable furnitures and fix tures

Acc dep furnitures and fixtures building

ACC DEP - BUILDING ACC PAYABLE

SALARY PAYABLE UNEARNED SERVICE

INT08S2V14-06 December 2008 Page 6 of 14

STOCK EXPENSE MISCELLANEOUSE

DEP EXPENSE PURNITURE FIXTURES INCOME SUMMARY

INT08S2V14-06 December 2008 Page 7 of 14

Ajusting General journal Entries

INT08S2V14-06 December 2008 Page 8 of 14

Post Closing Entries

INT08S2V14-06 December 2008 Page 9 of 14

4. Prepare the Income and Profit Statement.

INT08S2V14-06 December 2008 Page 10 of 14

INT08S2V14-06 December 2008 Page 11 of 14

PART B – DEPRECIATION AND DISPOSAL OF ASSETS

INT08S2V14-06 December 2008 Page 12 of 14

INT08S2V14-06 December 2008 Page 13 of 14

Assume that the finacial your

DATE LEDGER ACSOUNT DEBIT CREDIT

INT08S2V14-06 December 2008 Page 14 of 14

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