Problem 1: Hoolrood Pty. Ltd. is a new company trying to develop their accounting systems. The Hoolrood Pty. Ltd. organizational policy and procedures required a category of Property Plant and equipment and that depreciation details were recorded in the asset register. The Stanford crushing machine had a depreciation rate of 15% using the Diminishing Value Method, while the grading equipment had a depreciation rate of 10% using the Straight Line Method as did the rolling plant.
General Journal
|
Date
|
Account details
|
Document details
|
Debit $
|
Credit $
|
|
05/03/XX
|
Crushing Machine
|
Transfer Number 5343
|
50,000
|
|
|
|
|
|
Capital
|
50,000
|
Peter Hoolrood transferred a crushing machine to start a business
|
Date
|
Account details
|
Document details
|
Other
|
Creditors
|
Discount
|
Cash Purchase
|
Bank
|
|
|
|
|
|
|
|
$
|
$
|
$
|
$
|
$
|
|
07/03/XX
|
Grading equipment
|
Invoice
|
29,000
|
|
|
|
29,000
|
|
|
|
P9883
|
|
09/03/XX
|
Purchases
|
Invoice
|
|
|
|
21,000
|
21,000
|
|
|
|
R6353
|
|
11/03/XX
|
Glug P/L
|
Creditor number 3
|
|
7,000
|
|
|
7,000
|
|
15/03/XX
|
Rolling Plant
|
Invoice J82762
|
35,000
|
|
|
|
35,000
|
|
17/03/XX
|
Salary
|
|
3,000
|
|
|
|
3,000
|
|
18/03/XX
|
Electricity
|
|
1,500
|
|
|
|
1,500
|
|
Total
|
|
|
68,500
|
7,000
|
|
21,000
|
96,500
|
a) From the extracts of their journals prepare an asset register for Hoolrood Pty. Ltd.
b) How is an asset register maintained?
Problem 2:
a) Flatery Corporation purchased machinery costing $210,000 on the 1st of July which is expected to last for 10 years and contribute equally to the production of income and have a scrap value at the end of that time of $10,000.
i. Calculate the straight line depreciation of the machinery, the accumulated depreciation and the written down value for the first four years.
ii. Record the sale of the machinery for $80,000 at the end of the fourth year.
b) The Waynright Ltd. stock ledger account had a balance on the 1st of July of $45,000 and at the end of that financial year the stocktake revealed a balance of $62,000.
i. Prepare adjusting entries in the General Journal to deal with stock on the 30th of June.
ii. Why are balance day adjustments necessary?
c) Smedly Accounting Services Pty. Ltd. is a Victorian business who is registered for GST and operates from 8 Taraplains Road, Carlton 3030. Their telephone number is (613) 9887 776 876 and they have a charge out rate of $150 per hour. Smedly offer accounting advice in one division and management consulting services from another division. Their organisation policies require that the invoices of the two divisions look distinctly different. One needs to be larger, include a fancy eye catching style and have a tabular layout while the other needs to be smaller, less audacious and have an open layout. Smedly's client base is made up largely of business owners with Italian and Vietnamese backgrounds. Your design should appeal to their tastes and be sensitive to any cultural differences.
i. Prepare a compliant invoice for the work done for their client, Dredge Right Pty. Ltd. who they prepared the taxation return for which took them 6 hours. Select the layout and style of the invoice from the organizational requirements above. Make up any other details necessary. Insert clip art for the corporate logo and colored font in at least one area. This task must be undertaken electronically to ensure the professionalism expected. You are expected to resolve any technical problems independently through the use of computer manuals, online and/or onscreen help.
ii. Explain why you made your selection in the above question relating to designing an invoice.
iii. Ask a colleague or a friend who can act as your boss if they think your invoice fulfills the requirements of the question. Prepare a script of a conversation including the person's name. If the person suggests changes prepare a new invoice based on their suggestions.
iv. How would a person analyze and verify an invoice is correct?
v. Why is it important to file the sales invoice carefully and why is the name it is filed under important?
Problem 3: Stable Constructions Pty. Ltd. entered into a contract worth $5,520,000 over six years to construct a building. They were to be paid 25% up front and 10% in years 2, 3, 4 and 5 and a final balancing payment in the last year. They will need to expend $750,000 in year 1, $400,000 in years 2, 3, 4 and 5 and $200,000 in the final year.
a) What would their profit look like using the cash system?
b) What would their profit look like using the accrual system?
c) In year three the CEO Josh Stable accepted a credit card payment of $50,000 to allow the film crew of a new movie to use the partly constructed site. Prepare a properly prepared revenue statement for the 30th of June in year three. Ensure the document is appropriately formatted.
Problem 4:
a) Red Hen Pty. Ltd. purchased $9,200 worth of steam cleaning services from Chooka's Steam Cleaning Services. The owner of Chooka's Steam Cleaning Services purchased 20 kilograms of Chicken salt from Red Hen Pty. Ltd. for $800. In Chooka's Steam Cleaning Services books both the debtor and creditor entries appear in the ledger. In addition to the above two entries described Red Hen Pty. Ltd. was in the books of Chooka's Steam Cleaning Services for $700 as a debtor and $300 as a creditor. Provide a contra entry for Chooka's Steam Cleaning Services reducing the need to pay and receive amounts to Red Hen Pty. Ltd and discuss how you would liaise with the company to resolve the problem.
b) Caddy Shack Constructions Pty. Ltd. purchased $4,400 worth of timber from The Giant Hardware Store. The owner of Caddy Shack Constructions Pty. Ltd. rang The Giant Hardware Store to complain that they had been charged $6,700. What adjusting entry would be required to fix the error?
c) Plant costing $60,000 with an accumulated depreciation balance of $40,000 was sold for $30,000. What entries would be required to document the sale?
Noel Shepard is an estate planning lawyer in his own practice who deals with referrals from So Sweet. Noel is a wonderful gentleman who was a health care specialist who became a financial planner before becoming an estate planning lawyer. You know he cares for people, understands the financial planning process intimately, and is an expert in estate matters, making him a perfect team member. Noel undertakes the estate planning aspects of your clients interested such as Robert and Genevieve. Lance is responsible for administrative aspects at So Sweet. He is young, likable and still developing a sense of confidence in himself. Noel spoke to you confidentially in relation to Lance in a way designed to help you and So Sweet. He mentioned that Lance was often running late for scheduled appointments and his emails were "arguably overly familiar" for instances he referred to Noel as "dude" and signed off "see you in the big swim". You mentioned to Noel that perhaps Lance was over compensating for a lack of confidence, for example he withdrew from presenting in the team meeting regarding insurance follow up stating that he was "sweating beads".
d) How would you facilitate team work with Noel and how would you participate in the activity of offering estate planning advice? Include in your answer tasks to be done autonomously by yourself and Noel and as a team and how the relevant conditions are determined.
e) How would you actively encourage and lead Lance to participate in and take responsibility for team activities including the communication processes (i.e. resolve the problem identified by Noel which is impeding his performance) in a way that shows you value him and will reward his efforts and contributions? Include the role of providing feedback and support in helping him to identify the problem in your answer.
f) How would you ensure your contribution to the work team serves as a role model for Lance and enhances the organization's image within the work group, the organisation and with clients and customers?
Problem 5:
a) A debtor may communicate that the business in which they dealt with you is now bankrupt and continue trading under a different name. What action would you take? Consider in your answer how you would review compliance of the debtor's behavior with the terms and conditions of the sale and the recovery plan of action. Also comment on how to record bad and doubtful debts in accordance with organizational policy, procedures and accounting requirements. (See the example Doubtful and Bad Debts Policy and Procedures document in the appendices).
b) Distinguish between: identifying a bad debt and accounting for it at that point, and providing for a doubtful debt and subsequently identifying a bad debt and accounting for it.
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