ACTY6201Financial Accounting assignment 代写

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    •   ACTY6201Financial Accounting assignment 代写 
    Business and Enterprise Network
    Business Practice Pathway
    Bachelor of Business
    ACTY6201Financial Accounting
    Group Assignment
    Semester 1, 2017
     
    Due Date: See instructions inside
    Delivery: See instructions inside
    Total marks: 100 marks
    Weighting: 20%
       
       
    Students’ declaration: We confirm that:
    ·         This is an original assignment and is entirely our own work.
    ·         Where we have used ideas, tables, diagrams etc. of other writers, we have acknowledged the source in every case.
    ·         This assignment has not previously been submitted as assessed work for any academic course.
    ·         Collusion, copying or plagiarism may result in disciplinary action
    ·         You must keep an electronic copy of this assignment.
    Student Names,
    ID Numbers,
    Signatures and Dates:    		  
     
     
     
     
     
     
     
     
     
     
     
     
     
       

    Instructions

    This is a group assignment. Your group assignment must be submitted in hard copy as well as in electronic copy. Number of the studentsper group is 3 - 4.
     
    Submission of Hard Copy
     
    ·         Complete the cover sheet and attach it to the hard copy of your assignment, which should be typed and printed on A4 paper.
    ·         Submit the hard copy at the class or to B054-2007by 4:00 pm on Friday9June 2017.
    ·         Failure to do so will result in a zero mark.
    ·         Additional instructions may be provided on Moodle.
     
     
    Submission of Electronic Copy
     
    ·         Your assessment must be typed and submitted as a single Word or Excel document file to Moodle by 11:30pm on Friday 9 June 2017.
    ·         Failure to do so will result in a zero mark.
    ·         Only one copy per group to be submitted. If multiple copies are submitted, only the first one will be marked.
    ·         Attempt to write your assessment in your own words.
    ·         List your group members’ first names, last names and student ID numbers on the first page of your assignment.
    ·         Additional instructions may be provided on Moodle.
     
     
    Important Note:
     
     
    Have a query? Want to improve your grade.  You could:
    ·         Talk it over with your lecturer or academic leaders.
    ·         Visit Te Puno Ako or Maia for learning advice and support.
    ·         Visit the Pacific Centre for Teaching, Learning and Research.
    Contact the Student Issues Advocates for independent advice.  For contact details and more information, go to http://www.unitec.ac.nz/current-students/student-life/student-advocates
     
     
     
     
     
     

    Aperture Limited

    Aperture Limited is a New Zealand owned company reporting under full IFRS. The company manufactures and supplies high value curtains. It sells its own products and also sells on commission for other companies.
     
    You are presented with the trial balance for Aperture Limited as at 31 March2017, together with opening balances at 1 April2016 and are asked to prepare the annual financial statements for presentation to the shareholders.
     
     
     
         		 Trial Balance as at Balances as at
    31 March 2017 1 April 2016
    DEBIT CREDIT DEBIT CREDIT
    $ $ $ $
    Accounts Payable 0 1,260,000 0 789,000
    Accounts Receivable 1,155,000 0 861,000 0
    Advisory Services (paid to Watch & Co. Ltd) 471,000 0 0 0
    Asset Revaluation Surplus 0 720,000 0 720,000
    Accum. Deprec. – Buildings 0 810,000 0 810,000
    Accum. Deprec. – Plant & equipment 0 964,000 0 964,000
    Accum. Deprec. – Motor vehicles 0 585,000 0 585,000
    Allowance for Doubtful Debts 0 3,000 0 6,000
    Audit Fee (paid to Watch & Co. Ltd) 165,000 0 0 0
    Bank  Overdraft 0 966,000 0 498,000
    Buildings (at cost) 2,250,000 0 2,250,000 0
    Cash at Bank 42,000 0 72,000 0
    Commission  Received 0 5,934,000 0 0
    Cost of Sales 5,502,000 0 0 0
    Directors’ Fees 144,000 0 0 0
    Selling and Distribution Expenses 1,140,000   0 0
    Administration Expenses 1,830,000      
    Financial Expenses 201,000      
    Accrued Wages 0 234,000 0 114,000
    Income Tax Payable 0 0 0 162,000
    Interest Expense Paid – mortgage 108,000 0 0 0
    Interest Expense Paid – overdraft 63,000 0 0 0
    Intangible Assets 2,070,000 0 2,070,000 0
    Inventory 1,296,000 0 657,000 0
    Investments 300,000 0 0 0
    Issued Capital 0 2,700,000 0 2,700,000
    Land (at valuation) 4,800,000 0 4,800,000 0
    Mortgage (at 10% interest) 0 1,080,000 0 1,260,000
    Motor Vehicles (at cost) 1,014,000 0 1,014,000 0
    Other Income 0 9,000 0 0
    Plant and equipment (at cost) 4,665,000 0 1,350,000 0
    Prepayments 102,000 0 60,000 0
    Provisional tax paid 300,000 0 0 0
    Retained Earnings 0 4,526,000 0 4,526,000
    Sales 0 9,282,000 0 0
    Staff wages 1,455,000 0 0 0
    Total 29,073,000 29,073,000 13,134,000 13,134,000

    Additional Information:
     
    Ignore GST applications in relation to this additional information.
     
    1. The staff wages include $495,000 related to sales staff and $540,000 for the managing director’s salary.
     
    1. Interim Dividends $135,000 paidon 20 August 2016 is included in Administration expenses.
     
    1. Depreciation expense for Plant and equipment inthe year ended31March 2016, is understated by $80,000.
     
    1. Intangible assets are brand names and trademarks. Impairment testing of the intangible assets indicates $270,000 impairment for the current year which has not been included in expenses.
     
    1. Depreciation has not been accounted for.Depreciation rates are:
      1. Buildings – 2% p.a. (straight line) on cost or valuation
      2. Plant and equipment - 20% p.a. (straight line) on cost
      3. Motor vehicles – 30% diminishing value
     
    1. One of the motor vehicles is a delivery van which is recorded at a cost of $240,000 with accumulated depreciation to the beginning of the current year of $114,000.
     
    1. New plant and equipment was purchased on 1 January 2017.
     
    1. A piece of equipment sold for $234,000 cash on 31 March 2017.The equipment had an original cost of $360,000 and a carrying amount of $189,000.  No record has been made of the sale.
     
    1. On 31 March 2017 the land was revalued by Lawrence Registered Valuers, a firm of independent registered valuers who considered the land to have increased in value to $5,250,000. This revaluation has yet to be recorded.
     
    1. Other income includes:
    a.       Interest income$3,000
    b.       Dividends from Kerikeri Ltd                      $6,000
     
    1. Annual capital repayments on the mortgage are being made at 31 March each year and have been recorded by Aperture Ltd.  The mortgage is secured over land and buildings.
     
    12.   On 31 March 2017, it is estimated that the position of allowance for doubtful debts was $24,000 based on analysis of previous debt collection history. Aperture Ltd uses Allowance method to account for doubtful debts.
    1. Inventory is carried at the lower of cost (Weighted Average Cost) and net realizable value.  15% of inventories are raw materials, 30% are work in progress and the balance comprises finished goods held for sale. The net realizable value for inventory was $1,260,000.
     
    1. As at 1 April 2016 there were 1,350,000 shares on issue at $2 each. At 27 March 2017 another 450,000 shares were issued at $3 each, this issue and the proceeds from the issue has not been recorded in the information supplied.The money has been received from the trust company handling the share issue on 31March 2017.
     
    1. On 30 March 2017, the directors are proposing (but haven’t authorised) a final dividend of 12 cents per share, payable on 30 July 2017. This has yet to be ratified at the company’s Annual General Meeting.
     
    1. The taxation expense for the year is $375,000.
     
    1. Included within the $1,830,000 administration expenses is $60,000 in donations to registered charitable organisations;
     
    1. Outstanding director’s fees for March 2017 meeting of $18,000 have not been recorded.
     
    1. On 31 March 2017, Aperture Ltd adopted the revaluation model to account for the class of Buildings. The fair value of Buildingswas determined to be $1,260,000 by LawrenceValuers, an independent valuer. This has not been recorded.
     
    1. Included in the prepayments, there is property insurance bill of $72,000 paid in January 2017 and covering the period from 1 January 2017 to 31 December 2017. This has not been adjusted on the Balance Date.
     
    1. Investments are shares of KerikeriLtd purchased in September 2016 for $300,000, but the fair value was $288,000 at the year end. This revaluation has not been accounted for. Investments are classified as available-for-sale financial assets by the company.
     ACTY6201Financial Accounting assignment 代写
    1. A contract has been entered into to extend the building. This work will be carried out during the next financial year and will cost $600,000.
     
    1. Commission Income, earned but not yet recognized, was $120,000 for this year.
     
    24.   Apart from the change in measurement of buildings, there are no changes in the accounting policies from those applied last year.
     
    25.   On 19April 2017, a fire destroyed goods stored at one of the company’s warehouses, resulting in damages of $180,000. Insurance will cover $150,000 of the damages but payment of the insurance claim has been delayed by a police investigation. (Assume the date when financial statements are authorised for issue is 31 May 2017)
     
    26.   A major debtor Gone-with-the-wind Ltd owing $100,000 to ApertureLtd went into liquidation. This information became available to Aperture Ltd on 7 May 2017. No adjustment to the allowance for doubtful debts has been made to reflect this fact.  Correspondence has been received from the liquidator indicating that the expected pay-out will be no more than 10 cents in the dollar.
     
     
     
     
     
     
     
     
     
     
     
     

    Required:

    In accordance with the minimum requirements of the New Zealand equivalents to International Financial Reporting Standards and the Companies Act 1993, prepare the following for Aperture Limited:
     
    1 Statement of Comprehensive Income for the year ended 31 March 2017 13 marks
    2 Statement of Changes in Equity for the year ended 31 March 2017 11 marks
    3 Statement of Financial Position as at 31 March 2017(Comparative figures are required) 26 marks
    4 Notes to Statement of Comprehensive Income 16 marks
    5 Notes to Statement of Changes in Equity 1.5 marks
    6 Notes to Statement of Financial Position (comparative figures are required for PPE) 24.5 marks
    7 Workings: Adjustments for Expenses 8 marks
      Total 100 marks
     
     
     
     
     ACTY6201Financial Accounting assignment 代写