Problem 1: Indicate the classification of the accounts listed as current assets, non-current assets, current liabilities, non-current liabilities, equity, income and expenses:
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Cash at bank
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Motor Vehicles
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Accounts payable
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Printing and Stationary
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Bills receivables (in 2 years' time)
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Plant and Machinery
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Advertising
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Sales
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Capital
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Inventory
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Discount received
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Bank loans (due in 5 years' time)
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Repair and Maintenance
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Insurance premium received
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Cost of goods sold
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Bank interest paid
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Bank Overdraft
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Depreciation
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Problem 2:
Bulls Eye has an ABN that is your mobile phone number with a 0 at the end, and an ACN that is the same number without the first two digits. Bulls Eye's office is the same as your residential address, and has your phone numbers. The fax is connected to the phone number. Their web address is bullseye website.
Put the following transactions of Bulls Eye new business into appropriate journals, post the journals to their respective ledgers, prepare a trial balance ensuring to correct any errors, and prepare a report documenting that the trial balance is correct and reporting any irregularities (note: if there are no irregularities, include that in the report).
01/06/XX William Told transferred his private van worth $35,000 and $9,000 worth of his own private archery equipment (stock number 001 with a cost price of $10 per unit) into his new business he has called "Bulls Eye". William intends to sell the equipment at his new store and at archery events.
02/06/XX William transferred $120,000 of his own money into a new business bank account. A bank deposit slip with the number 4545 was collected as evidence.
03/06/XX William used his new business bank account EFTPOS to buy a cash register for $7,000 so he could collect funds properly. Told sold 650 units and raised a sale invoice for $13,000 with the number S8541 on the top right hand side of the document.
04/06/XX William bought $20,000 worth of cardboard telescopes (stock number 002 with a cost price of $2 per unit) which he had negotiated to sell at the archery events using his business bank EFTPOS card. He received an invoice/receipt with the number of L76667.
05/06/XX William sold $25,000 worth of cardboard telescopes at $20 per unit at the Sydney Archery Classic for cash. He deposited the cash into his business bank account with a bank deposit slip number 7629.
06/06/XX William purchased dart boards for $11 a unit from Stapleton pty. ltd. on credit worth $13,750. He received an invoice with the number S7390. Price?
06/06/XX William purchased $12,000 worth of archery equipment (stock number 001 with a cost price of $10 per unit) on credit from Littleton Pty. Ltd. with invoice number P9912.
07/06/XX William deposited an additional $5,000 into his business bank account as he anticipated he would need it soon as there were some direct debits from his bank he was expecting. He received a deposit slip number 7886.
08/06/XX William noticed on his bank statement that he had received interest of $130.
09/06/XX William sold dart boards for $17 each on credit to Henderson Pty. Ltd. for $8,500 and issued (invoice number 1).
10/06/XX $2,000 of the dart boards sold to Henderson Pty. Ltd. were returned and so he issued a credit note number 1.
11/06/XX William examined the dart boards and agreed with the client that they were faulty. He returned them to the supplier, Stapleton Pty. Ltd. company and received a $700 credit note.
12/06/XX William decided to fully settle the Stapleton Pty. Ltd. account.
13/06/XX Henderson pty. ltd. paid their account in full.
14/06/XX William took $340 from the business bank account to set up a petty cash system, he received a bank receipt 8383.
14/06/XX William purchased $6,000 worth of telescopes for $2 per unit on credit from Magnicata Pty. Ltd. with invoice number Y7765.
15/06/XX Brisbane archery centre purchased $9,500 worth of archery equipment at $20 per unit on credit (invoice number 2).
16/06/XX Perth archery centre purchased $7,000 worth of telescopes equipment at $20 per unit on credit (invoice number 3).
17/06/XX Adelaide archery centre purchased $8,500 worth of telescopes on credit (invoice number 4).
18/06/XX As sales were going better than anticipated William purchased $10,400 worth of telescopes on credit from Stapleton Pty. Ltd. with invoice number G6353 with a purchase price of 2.
19/06/XX As some of the telescopes purchased from Stapleton Pty. Ltd. were faulty last time, William decided to diversify his suppliers and so he purchased $5,000 worth of Telescopes from Jing Pty. Ltd. with invoice number I7765 with a purchase price of 2.
22/06/XX Bulls Eye paid William a salary of $7,000.
23/06/XX Bulls Eye paid a water bill of $600.
On the 30th of June the stock at end was 1,040 units of Archery equipment, with a cost price of $10 = $10,400, 13,475 units of telescopes with a cost price of $2 = $26,950 and 750 units of dart boards with a cost price of $11 = $8,250 for a total of $45,600.
Bulls Eye use a chart of account system for their accounts where the first number either represents Balance Sheet items i.e. 1 or Profit statement items i.e. 2. The second number represents current assets i.e. 1 non-current assets i.e. 2 current liabilities i.e. 3 non-current liabilities i.e. 4 equities 5. The third, fourth and fifth numbers represents the order within class 1 and 2 e.g. the first current asset is petty cash which makes its chart of account number 11001.
Problem 3: Prepare Statement of financial performance (income statement), Statement of financial performance (balance sheet) and cash flow statement from the trial balance prepared in the question above. Ensure that you follow the accounting standard on revenues in this question.
Problem 4: Prepare deposit facilities for Bulls Eye's takings on the 5th of June 20XX and the 7th of June 20XX ensuring to distinguish between different transaction entities i.e. ensure if they are for different accounts this is identified.
Problem 5: On the 30th of June 20XX the cash at bank account in the ledger of Devondish Pty. Ltd. revealed a balance of $4,776.89 which did not match the bank statement - which was $8,700.56 CR. The accountant investigated the reason for the differences and he found that:
$2,560.00 was included in the cash receipts journal on June 30 20XX but did not get deposited until July the 4th 20XX.
Bank charges of $8.72 appeared on the bank statement but was not recorded in the cash payment journal.
Interest of $79.83 was included on the bank statement but was not included in the cash receipts journal.
He also discovered that a number of cheques had been written but he could not find them in the bank statement. He is still investigating whether they were properly delivered or whether the suppliers have just not yet banked them.
Cheque 77765 February 25 20XX Amount $4,500.00
Cheque 77769 February 26 20XX Amount $678.00
Cheque 77771 February 28 20XX Amount $1,234.56
Prepare a Bank Reconciliation Statement as at the end of June 20XX and describe how to maintain a petty cash system in line with organizational policy and procedure.
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