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:
- The journal entries to record the end of year adjustments to finalise the accounts.
- 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
- 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.
- Net realisable value of inventories was $117,000 as at 30 June 2013.
- The directors took the view that the goodwill should be amortised over ten years.
- Disposed a Plant & Equipment with an original cost of $52,000.
- Directors declared 5% final dividend for the year ended 30 June 2013.
- Income tax is applied at 30%.
- 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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