SUBJECT CODE – BUACC1507
SUBJECT NAME – ACCOUNTING FUNDAMENTALS
UNIVERSITY NAME – FEDERATION UNIVERSITY
This course helps students with Financial Accounting knowledge who are interested in majoring in Accounting.Both practical and theoretical knowledge will make the subject more interesting.
Question 1. The unadjusted trial balance for the year ended 30 June 2020 for Churchill Trading is presented below. The business employs a periodic inventory system, and classifies other expenses as selling and distribution expenses, administrative expenses and finance costs. (10 marks)
⦁ The prepaid insurance expired during the year was $860.
⦁ The prepaid rent relates to the months April to August 2020.
⦁ The store equipment is depreciated at a rate of $2,800 per year; delivery vehicle $900.
⦁ Unearned other income that was earned during the period amounted to $1,000.
⦁ Accrued interest on the loan payable is $700
⦁ A physical count determined the cost of inventory on hand at 30 June 2020 was
In late September 2020, Federation Construction Services Pty Ltd (FCS) acquires the following items from another entity for $600,000 cash: land, building, and equipment. In addition to the acquisition price, stamp duty of $20,000, clean-up of hazardous pollution on the land of $35,000, and safety repairs and upgrades on the equipment of $8,000 were incurred. These assets are not part of a business combination. After consulting with relevant experts, the following fair values for the acquired assets were estimated as follows: (15 marks)
Applying the requirements of AASB116 Property, Plant, and Equipment; AASB 136 and any another relevant Australian accounting standard, provide the general journal entries to record all relevant events outlined above. Assume depreciation is provided for annually on 30 June of each year. Provide detailed narrations to outline any assumptions and show workings.
Question 3. Assume that the business has received notification on 15 April 2020 that a debtor owing $1,850 has declared bankruptcy. Prepare the general journal entry to write-off this account as a bad debt under each of the following methods:
(i) The direct write-off method
(ii) The allowance method
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