Broady Ltd. Accounting Assingment Help With Solution

Broady Ltd. Accounting Assingment Help With Solution

 

Broady Ltd. is a public company listed on the Australian Stock Exchange in the financial year ended 30 June 2013.

 

In this assessment task you are required to prepare:

  1. The journal entries to record the end of year adjustments to finalise the accounts.
  1. General purpose financial statements suitable for reporting to the Australian Stock Exchange, Australian Securities and Investment Commission and Annual General Meeting.

(NB: The comparative figures for the previous financial year are not required).

 

The following information has been provided by the management of Broady Ltd.

 

 

BROADY LTD                     Trial Balance as at 30 June 2013

Details Debit Credit
Accrued interest on deposits 4,800  
Accumulated Impairment of goodwill   2,000
Accumulated dep’n – Plant & Equipment   198,000
Provision for doubtful debts   15,000
Asset revaluation reserve   748,000
Auditors fees 4,800  
Cash sales   3,400,000
Cash at bank   180,000
Cash on Hand 6,000  
Purchases 3,538,000  
Credit sales   3,600,000
10% Debentures (due 2016)   900,000
Depreciation – Plant & Equipment 72,000  
Deposit at call 105,000  
Impairment Loss of Shares 50,000  
Directors fees 571,400  
Dividend Received   108,000
Doubtful debts 6,000  
Long Service Leave 18,000  
Deferred Tax Asset 40,000  
Goodwill 36,000  
Interest 150,000  
Interest on deposits   12,000
Interim dividend 270,000  
Term Deposits 270,000  
Land & Building (Directors valuation) –Located  at Rockhampton 2,400,000  
Land & Buildings (at cost) – located  at Brisbane 3,800,000  
Lease payments 9,000  
Loss on machinery sale 6,000  
Management fees 90,000  
Mortgage   400,000
Ordinary shares (assumed $1 per share)   4,219,800
Plant & Machinery (at cost) 508,000  
Prepaid interest expense 21,000  
Inventories at cost (30 June 12) 240,000  
Deferred Tax Liability   48,000
Accumulated Impairment Loss of Shares   50,000
Provision for Long Service Leave   120,000
Rates 59,800  
Retained profits (1 July 12)   271,000
Prepaid wages 3,000  
Shares in listed companies 863,000  
Trade Creditors   380,000
Trade debtors 250,000  
Wages 1,260,000  
  $14,651,800 $14,651,800

 

 

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Additional information

 

  1. The directors require the preparation of a general purpose financial report which must comply with the requirements of the Corporations Law and applicable Accounting Standards. The basis for accounting is the historical cost convention with the exception of certain non-current assets which are to be stated at valuation.

 

  1. Net realisable value of inventories was $117,000 as at 30 June 2013.

 

  1. The directors took the view that the goodwill should be amortised over ten years.

 

  1. Disposed a Plant & Equipment with an original cost of $52,000.

 

  1. Directors declared 5% final dividend for the year ended 30 June 2013.

 

  1. Income tax is applied at 30%.

 

  1. Timing differences – amounts allowed under the Income Tax Assessment Act

 

Long Service Leave paid                                            $          25,200

Interest received on deposits                                      $            7,200

Depreciation on Plant & Machinery                            $        154,000

 

To assist in the preparation of the Statement of Cash Flow the appropriate account balances from the previous year are provided below.

 

BROADY LTD         Trial Balance as at 30 June 2012

 

Details Debit Credit
Accumulated Impairment loss of goodwill   2,000
Accumulated dep’n – Plant & Equipment   172,000
Provision for  doubtful debts   9,000
Asset revaluation reserve   171,600
General Reserve   576400
Cash at bank   120,000
Deposits on Call 639,400  
Term deposits 328,800  
Dividend Payable   204,000
Deferred Tax Asset 40,000  
Goodwill 36,000  
Land & Building (Directors valuation) 2,400,000  
Land & Buildings (at cost) 1,800,000  
Mortgage   90,000
Ordinary shares (assumed $1 per share)   3,600,000
Plant & Machinery (at cost) 234,800  
Prepaid interest expense 21,000  
Deferred Tax Liability   48,000
Provision for employee benefits   114,000
Provision for Income Tax   304,000
Retained profits (30 June 10)   271,000
Inventories 240,000  
Trade Creditors   240,000
Trade debtors 182,000  
  $5,922,000 $5,922,000
     

 

 

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