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ACC104 Accounting for Business Decisions 2 - Stott's College
PART 1)
Question: Briefly describe the information conveyed by the balance sheet relative to that conveyed by the income statement.
Answer:
Both Balance Sheet & income Statement are part of financial Statements prepared by the Company. However, the information conveyed by both the statements is different.
Balance Sheet shows the Financial Position of the Company as on the given date, generally at the end of the year whereas, Income Statements shows the financial Performance of the Company on a particular date. Both are generally prepared at the end of the year to provide company's financial status to the stakeholders.
Balance Sheet has 3 Components:
- Assets
- Liabilities, &
- Equity
Assets are again further divided into Current Assets and Non-Current Assets. The assets which are realizable in an year (like Trade Receivables, inventories) or are readily held (like cash and cash equivalents) are current assets, whereas the assets which are fixed in nature (like Building, Plant and Machinery) are called Non-current Assets.
Liabilities are the further divided into Current Liabilities and Non-Current liabilities. The liabilities which are required to be settled off within an year (Like Trade payables, Income tax payable) are termed as Current liabilities whereas those liabilities which can be settled after an year (like long term loans, provisions) are Non-Current Liabilities.
Equity is the ownership of the shareholder's with the company. It is in the form of Share Capital & Reserves & Surplus.
Income Statement comprises of:
All the Incomes like Revenues, Interest income form part of income. Expenses includes manufacturing expenses, Administrative expenses & Selling & Distribution expenses. The Difference of Incomes and expenses is either profit or loss.
So, the above are the information conveyed by Balance Sheet & income Statement respectively.
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PART 2)
Question: Prepare a 6-column worksheet for the year ended 30 June 2017.
Answer:
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1.) ABC financial consultant - Worksheet for the year ended 30 June 2017
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UNADJUSTED TRIAL BALANCE
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ADJUSTMENTS
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ADJUSTED TRIAL BALANCE
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ACCOUNT TITLE
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DEBIT
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CREDIT
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DEBIT
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CREDIT
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DEBIT
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CREDIT
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Cash at bank
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5200
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5200
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Accounts Receivables
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9260
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9260
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GST receivable
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920
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920
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Office Supplies
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1140
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720
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420
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Land
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60000
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60000
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Building
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152000
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152000
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Accumulated depreciation - building
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64000
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8760
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55240
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Office Equipment
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23400
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23400
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Accumulated depreciation - Office Equipment
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6420
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2140
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4280
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Accounts Payable
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7960
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7960
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Unearned Consulting Fees
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1560
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1200
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360
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GST Payable
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2000
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2000
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Mortgage Payable
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88600
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88600
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C. delaney, capital
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71490
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71490
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C. delaney, Drawings
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52780
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52780
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Consulting Fees Revenue
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156860
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1200
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158060
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Insurance expense
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1660
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195
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1465
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Salary expense
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87940
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980
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88920
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Electricity expense
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760
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760
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Interest expense
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2090
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220
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2310
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Telecommunications expense
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1740
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320
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2060
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Prepaid Insurance
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195
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195
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Telecommunications expense Payable
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320
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320
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Office Supplies expense
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720
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720
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Depreciation expense - Buildings
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8760
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8760
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Depreciation Expense - office Equipment
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2140
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2140
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interest Payable
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220
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220
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Salary Payable
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980
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980
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TOTAL
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398890
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398890
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14535
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14535
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400410
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400410
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Question: Prepare the income statement, balance sheet (Narrative Format) and statement of changes in equity.
Answer:
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INCOME STATEMENT
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ABC FINANCIAL CONSULTANT
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for the year ended 30th June, 2017
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$
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$
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REVENUES (A)
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Consulting Revenue Fees
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158060
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EXPENSES (B)
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Insurance expense
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1465
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Salary expense
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88920
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Electricity expense
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760
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Interest expense
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2310
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Telecommunications expense
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2060
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Office Supplies expense
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720
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Depreciation expense - Buildings
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8760
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Depreciation Expense - office Equipment
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2140
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Total expenses
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107135
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NET INCOME (A-B)
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50925
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BALANCE SHEET
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ABC FINANCIAL CONSULTANT
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as on 30th June 2017
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LIABILITIES
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Amount in $
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Amount in $
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(A) NON-CURRENT LIABILITIES
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Mortgage Payable
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88600
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TOTAL NON-CURRENT LIABILITIES
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88600
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(B) CURRENT LIABILITIES
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Accounts Payable
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7960
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Unearned Consulting Fees
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360
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GST Payable
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2000
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interest Payable
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220
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Salary Payable
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980
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Telecommunications expense Payable
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320
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TOTAL CURRENT LIABILITIES
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11840
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TOTAL LIABILITIES (A+B)
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100440
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( C) EQUITY
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Capital
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69635
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TOTAL EQUITY
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69635
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TOTAL LIABILITIES AND EQUITY (A+B+C)
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170075
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ASSETS
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(A) NON-CURRENT ASSETS
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Land
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60000
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60000
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Building
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152000
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Less: Accumulated Depreciation - Building
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72760
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79240
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Office Equipment
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23400
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Less: Accumulated depreciation - Office Equipment
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8560
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14840
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TOTAL NON-CURRENT ASSETS
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154080
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(B) CURRENT ASSETS
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Cash at bank
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5200
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Accounts Receivables
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9260
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GST receivable
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920
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Office Supplies
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420
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Prepaid Insurance
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195
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TOTAL CURRENT ASSETS
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15995
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TOTAL ASSETS (A+B)
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170075
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STATEMENT OF CHANGES IN EQUITY
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ABC FINANCIAL CONSULTANT
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as on 30th June 2017
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Amount in $
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Amount in $
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CAPITAL at the beginning
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71490
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Less: Drawings
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52780
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Add: Income earned during the year
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50925
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CAPITAL at the End
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69635
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Question: Minutes of meetings attended by group members must be kept and detail attendance, work allocations, problems and resolutions to problems
Answer:
3) MINUTES OF THE MEETING
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MINUTES OF MEETING
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Date: 20th July 2017
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Venue:
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Attendees: Deanley, Ash, Broad, Christy, Erica
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Minutes Taken By:
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ISSUES
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BY
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DISCUSSION & DECISION
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RESPONSIBLE
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DEADLINE
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Accounting Entries related to unearned revenues
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Ash
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The accountant failed to record entries related to revenues of June End at the end of the day
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ACCOUNTANT
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30th June 2017
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Depreciation Rates not provided
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Erica
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The management has not given Depreciation rates and method of the company, the company has not recorded the same in the Notes to Accounts
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MANAGEMENT
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30th June 2017
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Depreciation method not provided
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Erica
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30th June 2017
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Telecommunication expenses tax invoice not received
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Christy
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The company has not been able to receive tax invoice, hence GST Credit not taken of the expense
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MANAGEMENT
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30th June 2017
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