Broady Ltd. Accounting Assingment Help With Solution

Posted on March 14, 2017

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

DetailsDebitCredit
Accrued interest on deposits4,800 
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 fees4,800 
Cash sales 3,400,000
Cash at bank 180,000
Cash on Hand6,000 
Purchases3,538,000 
Credit sales 3,600,000
10% Debentures (due 2016) 900,000
Depreciation – Plant & Equipment72,000 
Deposit at call105,000 
Impairment Loss of Shares50,000 
Directors fees571,400 
Dividend Received 108,000
Doubtful debts6,000 
Long Service Leave18,000 
Deferred Tax Asset40,000 
Goodwill36,000 
Interest150,000 
Interest on deposits 12,000
Interim dividend270,000 
Term Deposits270,000 
Land & Building (Directors valuation) –Located  at Rockhampton2,400,000 
Land & Buildings (at cost) – located  at Brisbane3,800,000 
Lease payments9,000 
Loss on machinery sale6,000 
Management fees90,000 
Mortgage 400,000
Ordinary shares (assumed $1 per share) 4,219,800
Plant & Machinery (at cost)508,000 
Prepaid interest expense21,000 
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
Rates59,800 
Retained profits (1 July 12) 271,000
Prepaid wages3,000 
Shares in listed companies863,000 
Trade Creditors 380,000
Trade debtors250,000 
Wages1,260,000 
 $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

 

DetailsDebitCredit
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 Call639,400 
Term deposits328,800 
Dividend Payable 204,000
Deferred Tax Asset40,000 
Goodwill36,000 
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 expense21,000 
Deferred Tax Liability 48,000
Provision for employee benefits 114,000
Provision for Income Tax 304,000
Retained profits (30 June 10) 271,000
Inventories240,000 
Trade Creditors 240,000
Trade debtors182,000 
 $5,922,000$5,922,000
   

 

 

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