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ACCT6003 Financial Accounting Process Assessment

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Example 1 : ACCT6003 Financial Accounting Process Assessment 2

Scenario 1 Financing Company Operations (30 marks)

On 1 July 2017, ChiHerbal Ltd was registered and offered 500,000 ordinary shares to the public at an issue price of $8, payable as follows. As per the company’s constitution, all surplus money from application would be transferred to allotment and/or calls accounts.

  • $3 on application (due by 1 August 2017)
  • $2.5 on allotment (due by 30 August 2017)
  • $1.5 on Call 1 (due by 15 June 2018)
  • $1 on Call 2 (due by 30 July 2018)

Application has been closed and by 1 August 2017, 600,000 shares have been applied for, of which applicants for 100,000 shares forwarded the full $8 per share, and the reminder paid application money only.

On 15 August, directors decided to allot shares in full to applicants who had paid the full amount and to all remaining applications on a pro rata basis.

The cost of publishing prospectus and stamp duty ($29,000) was also paid on 15 August. Other legal fees of $7,000 were paid on this date too.

All outstanding allotment money was received by the due date above.

The Call 1 was made on 1 May 2018 with money due by 15 June. Subsequently Call 2 was made on 1 July 2018 with money due by 30 July 2018. All money was received on the due dates except for the holder of 15,000 shares who failed to meet both call 1 & call 2. On 1 September 2018, as provided for in the constitution, the directors decided to forfeit these shares. They were reissued, on 15 September 2018, as paid to $8 for $6 cash with a brokerage fee of $4,000. The balance of the forfeited shares account (after the reissuing share costs) was returned to the former shareholder on 30 September 2018.

Required

Prepare the journal entries to record the transactions of ChiHerbal Ltd up to and including that which took place on 30 September 2018. (Show all workings and narrations are compulsory)

Scenario 2 Property, Plant and Equipment (25 marks)

The end of the reporting period for ChiHerbal Ltd is 30 June. The company depreciates all depreciable assets using the straight-line method.

The following events / transactions occurred during 2017 and 2018:

  • 01 April 2017 Paid $90,000 cash for a Truck A. ChiHerbal Ltd estimated the truck’s useful life and residual value at 5 years and $10,000.
  • 30 June 30 2017 Paid $140,000 cash for equipment. ChiHerbal Ltd estimated the equipment’s useful life for 10 years with no residual value.
  • 31 August 2017 Paid $2,500 cash for Truck A’s transmission repairs and oil change.
  • 01 September 2017 ChiHerbal Ltd decided to change the basis of measuring equipment to the revaluation model. ChiHerbal Ltd directors assessed theequipment’s fair value at 1 September 2017 at $115,000 with remaining life 8 years.
  • 1 March 2018 Truck A has been sold for $59,000 cash
  • 30 June 2018 ChiHerbal Ltd re-assessed fair value on 30 June 2018 by independent valuer and the equipment’s fair value at 30 June 2018 was $120,000.

Required

Prepare the journal entries to record the above transactions of ChiHerbal Ltd for the financial year ended 30 June 2017 and 2018.
Students are required to show depreciation entries as well as closing entry(ies) to Asset Revaluation Surplus Account only, if any (you do not need to show closing entries to P+L summary). Show all workings and narrations are compulsory. Tax effect on revaluation is ignored.

Scenario 3 Lease (35 marks)

On 31 December 2016, ChiHerbal Ltd has entered into an agreement to lease a Machine from a manufacturer, Cessnock Ltd.
The lease agreement details are as follows.

  • Length of lease, non-cancellable – 5 years
  • Commencement date – 1 July 2017
  • Annual lease payment, commencing 1 July 2017 – $8,000
  • Usual selling price of (fair Value) the Machine at 1 July 2017 – $35,322
  • Lessor’s carrying amount of the machine at 1 July 2017 – $31,000
  • Estimated useful life of the Machine – 7 years
  • Estimated residual value of the plant at the end of its economic life – $3,000
  • Residual value at the end of the lease term, 100% is guaranteed by ChiHerbal Ltd. – $2,160
  • Interest rate implicit in the lease – 9%

Required

a) Prepare a schedule of lease payments for the entire lease term and the journal entries for ChiHerbal Ltd in respect of the lease for the financial year ended 30 June 2018 and 2019 only (20 marks).

b) Prepare a schedule of lease receipts for the entire lease term and the journal entries for the manufacturer, Cessnock Ltd for the financial year ended 30 June 2018 and 2019 only in respect of the lease for the lease term (15 marks).
Note: Include narrations for all journal entries. Present value tables (both single dollar and annuity tables) have been included at the end of the assessment

Scenario 4 Intangible Assets (10 marks)

ChiHerbal Ltd has undertaken a project to develop an online sales team. The project involves all sales representatives being equipped with a hologram-projecting equipment which can project an accurate, image of every stock item ordered by customers.
The costs incurred in the current period on this project for the financial year 30 June 2017 were:

  • Computer equipment (life five years, zero residual value) $500,000
  • Software development $380,000
  • Consultants’ fees (for testing) $620,000

ChiHerbal Ltd expected the project to ‘go-live’ by the end of financial year 2017. However errors were detected and the project was still under on-going experimental testing. Application for a patent has been delayed. ChiHerbal Ltd was hoping to sell the technology to other companies but the marketing department have confirmed that currently there’s yet to be existence of a market for the new product.

Required

For the reporting period ended 30 June 2017, applying the provisions of AASB 138, identify the amount of development and whether the development costs should be capitalised or recognised as an expense.
In your answer must refer to the relevant sections and paragraphs in AASB 138 Intangible Assets to fully justify your conclusion. Journal entries are not required.

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Example Question 2

1. Explain the regulatory framework that governs financial reporting in Australia with emphasis on the Conceptual Framework for financial reporting 3. Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts 5. Differentiate between shares and debentures and apply appropriate accounting procedures.

Sample Answer :

The advantages of proprietary firm are that it is easy to form. Proprietary firm is simple and economic to generate and operate since it can be initiated by any individual without any lawful formalities. This proprietary format provides better control as the owner is lone person and he can maintain better control over the business. As there is only one owner of the company, the sole trader can frame all the decisions all by himself (Weygandt et al., 2015). Also, the sole proprietor can deal with customers personally and understand their requirements. Therefore, this makes it easy to pay attention to requirements of customers.

Disadvantages: In case of proprietary firm, there is unlimited liability. In these types of corporations, overall liability of the business concern is said to be unlimited since the owner takes more risk to gain more profits and enhance volume of business by supplying personal assets. As there is lone owner of the business, availability of finances from varied sources is restricted (Christensen et al., 2016). Also, there is no legal status and subsistence of business is owing to subsistence of sole proprietor.

Thus, proprietary firm is said to be comparatively better than partnership firm. The individuals entering into partnership with one another undertake businesses. Proprietary firm is relatively simpler to form and at the same time economic to operate in terms of partnership firm.

Ways to set up a small proprietary company

The stages of setting up small proprietary firm include the following:

- Becoming a business

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