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accounting for business
Questions and Answers of
Accounting for Business
In 2022 interest rates were at a record low and the big banks in Australia made nearly $30 billion in in profits (Lannin 2022). Many Australians took advantage of record low interest rates to enter
Eco Clothing Pty Ltd is a small manufacturing business that houses its manufacturing operations, selling activities and administration activities in one building. The insurance premium on this
As the Human Resources manager for Beautiful Bottles Pty Ltd, a company manufacturing bottles for the food industry, you have been asked by the accountant to help reduce the product costs of each
Innovative Computers Pty Ltd produces laptops. Each laptop contains a rechargeable battery and LCD screen. Batteries and screens are purchased from an outside supplier for \($192\) and \($300\) each,
As the marketing manager for Smart Fones Industries Pty Ltd you have asked the accountant what it costs to make the SFI2026 model as you want to set a price for the phone. A similar phone produced by
Listed below are selected financial data from the accounting records of Retro Furniture Pty Ltd for the year ended 30 June 2022.Required Prepare an income statement for the year ended 30 June 2025.
Smart Manufacturing Systems Pty Ltd provides the following information.Required (a) Calculate total manufacturing costs for the period ending 30 June 2025.(b) Calculate cost of goods manufactured for
Below is selected financial data extracted from the accounting records of Sustainable Clothing Pty Ltd for the year ended 30 June 2025.Required (a) Prepare a cost of goods manufactured statement for
Information from the records of Smart Systems Pty Ltd for the year ended 30 June 2025 is given below.Required Calculate the cost of work in process inventory on 1 July 2024. Factory overhead, 200% of
Information from the records of Powertools Pty Ltd for the year ended 30 June 2025 is given below.Required Calculate the ending work in process inventory on 30 June 2025. Factory overhead, 150% of
Management uses different costs for different purposes in decision making. Included in the different costs are product costs, period costs, variable costs and fixed costs.Required (a) As a manager,
During the year ended 30 June 2025, Trendline Pty Ltd incurred the following costs.The company charges factory overhead costs to work in process inventory and finished goods inventory, using an
During the year ended 30 June 2025, Modern Furniture Pty Ltd incurred the following costs.The company charges factory overhead costs to work in process inventory and finished goods inventory using an
Precision Balls Ltd produces and sells high-quality lawn bowls sets. Each set of balls is contained in a wooden carrying case, which is purchased from an outside supplier. The wooden cases are held
Smart Manufacturing Systems Pty Ltd’s accountant recently prepared the following data from the company’s accounting records for the year ended 30 June 2025.Required (a) Prepare a cost of goods
During the year ended 30 June 2025, Smart Chips Pty Ltd incurred the following costs in connection with its production activities.Required (a) Calculate the relationship between factory overhead
As the marketing manager for Independent Packaging Pty Ltd, you have asked the accountant what it costs to make the Container2000 model because you want to set a price for the container. A similar
Incomplete information concerning the financial performance of two manufacturing companies is presented below.RequiredDetermine the answers to (a) to(f) for the two companies. Work in process,
Smart Manufacturing Systems Pty Ltd uses a periodic inventory system and closes its accounts on 30 June each year. The company’s closing entries made on 30 June 2025 were as shown below.Required
Two cases of data concerning production costs, other expenses and sales are presented below.Required (a) Calculate the missing amounts for the letters (a) to (l).(b) Using the data in Case 1, prepare
An analysis of the accounts of Small Appliances Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2025.Required (a) Prepare the cost of goods manufactured schedule for
The following accounts and amounts (balances are normal balances) were taken from the records of New Manufacturers at 30 June 2025.Required (a) Prepare a cost of goods manufactured statement for the
The following data were taken from the records of Manik Manufacturing Ltd for the year ended 30 June 2025.Required(a) Prepare the cost of goods manufactured schedule for the year ended 30 June
You are provided with the worksheet for Value Pty Ltd for the year ended 30 June 2025. The adjustments have already been made and the worksheet begins with the adjusted trial balance.Assume all
You are provided with the cost of goods manufactured statement and income statement for International Manufacturers Pty Ltd.Required Prepare the closing entries for International Manufacturers Pty
The listing of the ledger accounts (unadjusted) of New Systems Pty Ltd at 30 June 2025 is presented below. All ledger balances are normal balances.Additional information relating to the company is as
Basic Chemicals Ltd produces a highly flammable chemical product. The company experienced a flood on 1 April 2025 that destroyed its entire work in process inventory but did not affect the raw
Cold Appliances Pty Ltd makes refrigerators and is trying to determine the cost of its ending work in process. The accountant has put together the following data for the year ended 30 June 2025.Each
Philip and Lance have decided to form a partnership by investing \($100000\) and \($80000\) respectively. The following plans for dividing profits and losses are under consideration.Sharing profits
Mike’s Computer Shop is a sole trader run by Mike Nolan. The unadjusted trial balance of Mike’s Computer Shop is shown below.Required(a) Prepare a worksheet for Mike’s Computer Shop. Use the
How would each of the following liabilities be classified (current, non-current, or both) at the end of the financial year? Unearned revenue Accrued expenses Provision for warranty repair costs
The following were among transactions of Everluck Enterprises Ltd during the financial years ending 30 June 2023 and 30 June 2024.Required Record in general journal form all the above transactions,
At 30 June 2024, the accountant for Woodbine Construction, Mary Ellam, is preparing the financial statements for the year ended on that date. To calculate the annual leave payable, the accountant had
On 21 November, the weekly payroll register of Parade Events Ltd showed gross wages and salaries of \($374\) 000. The organisation withheld \($89\) 760 for income tax, \($6\) 680 for life
At 30 June 2023, Huang Sun Electronics adjusted its Provision for Warranties so that it would be equal to 4% of sales for the year ended on that date. Sales for the year ended 30 June 2023 were
On 1 June, Zest Charters Ltd received authorisation from its board of directors to issue $2 500 000 of 6% 10‐year debentures dated 1 July. Interest is payable half‐yearly on 31 December and
The following information relates to a debentures issue of White Noise Ltd dated 1 January 2024.Required (a) Prepare general journal entries to record the:(i) issue of the debentures (ii) 30 June and
Dynamic Industries Ltd have recently purchased new premises in order to expand their warehouse space. The cost of the premises was \($1\) 500 000 and on 1 November they financed the purchase with
The following information has been extracted from the financial statements of Lunar Flights Ltd.Required (a) Calculate the following for 2024 and 2023:(i) current ratio (ii) quick ratio.(b) Comment
The following information is available for Western Opal Ltd.Required (a) Calculate the following ratios for 2024 and 2023:(i) debt ratio (ii) equity ratio (iii) capitalisation ratio.(b) What do these
Gigawatt Media has three employees. Their employment contracts entitle them to 13 weeks leave after 10 years of service. Refer to the following information about each employee at 30 June
The following information is used to calculate Interior Trader Ltd’s payroll for the week ending 30 June 2024.Employees’ superannuation contribution is 10% of their gross pay. PAYG tax is taken
The following accounts and balances appeared in the ledger of Broadway Pharmaceuticals Ltd on 30 April 2024:Required (a) Prepare entries in general journal form for Broadway Pharmaceuticals Ltd to
Euro Classics Ltd has been operating a successful business for many years specialising in servicing and reconditioning repairs for classic European automobiles. Servicing costs \($750\), while
Oakfield Operations Ltd, which has been trading profitably for many years, is planning to expand the business to meet the increasing demand for its services. The issue price of all shares is
Octavian Supplies Ltd has decided to purchase a new office building. It purchased land and a building for \($6\) 750 000 on 1 December 2023. Agreed financing arrangements included payment of an
Several potential investors have been studying the affairs of Northern Steel Ltd to decide whether to invest in the company by purchasing unsecured notes which the company was proposing to issue.
Chamberlain Plastic Ltd completed the following selected transactions during 2023 and 2024. The financial year for the company ends on 31 December. (Ignore GST.)Required (a) Show how the above
Chamberlain Plastic Ltd completed the following selected transactions during 2023 and 2024. The financial year for the company ends on 31 December.Required (a) Show how the above transactions,
Pulse Ltd wishes to raise \($3\) 500 000 to carry out construction work as part of a major expansion of its shopping mall operations. The directors decide to issue 20 000 \($100\) 8% debentures,
Explain the role of the differential reporting regime in Australia. Discuss why this was developed and implemented.
Given that disclosing entities are required to comply with the accounting standards why are the figures in financial statements sometimes disputed?
Statement of profit or loss and comprehensive income and statement of changes in equity.Determine whether the following transactions would appear in the statement of profit or loss and other
Reserves, dividends, statement of profit or loss and other comprehensive income, statement of changes in equity The following information relates to Ruby Red Ltd at 30 June 2025. Share capital 50 000
The summarised statement of financial position of Modern Mayhem Ltd at 30 June 2025 for presentation to management is as follows.Required (a) Prepare the statement of financial position for external
The following information was obtained for Winsome Ltd for the year ended 30 June 2025.Required (a) Prepare a statement of profit or loss and other comprehensive income for Winsome Ltd for the year
Statement of profit or loss and other comprehensive income and retained earnings account The information below relates to Lincoln Town Ltd for the year ended 30 June 2025.Required (a) Prepare a
Statement of profit or loss and other comprehensive income and note for income The ledger of Pine Valley Ltd at 30 June 2025 contained the following information.Required (a) Prepare a statement of
Dividends and statement of changes in equity On 1 July 2024, the equity of Oregon Services Ltd was as follows.Required (a) Prepare journal entries (in general journal format) for the listed
The equity of Richenuff Ltd at 30 June 2025 is as follows.Required Based on the above information, answer the following questions.(a) What is the issue price per share of the ordinary shares?(b) If
The following was obtained from the ledger of Crocodile Apparel Ltd as at 30 June 2025.Required (a) Prepare a statement of changes in equity for Crocodile Apparel Ltd for the year ended 30 June 2025.
The following information relating to the year ending 30 June 2025 for Artemis Ltd has been obtained from the company’s records.Required (a) Record the above adjustments in the ledger.(b) Prepare a
The equity of Twoforsix Ltd at 14 February 2025 consisted of the following.Required (a) Prepare general journal entries for the above transactions.(b) Show the Retained Earnings account up to 31
Statement of profit or loss and other comprehensive income(a) Prepare a statement of profit or loss and other comprehensive income for Shanghai Venture Ltd in accordance with the requirements of IAS
The following information relating to Country Cottages Ltd has been obtained from balance sheet as at 30 June 2025.In addition to the above, it is noted that during the year ended 30 June 2025:1. 100
Reserves, dividends, statement of profit or loss and other comprehensive income, statement of changes in equity The equity of Papanui Ltd at 30 June 2025 was as follows.Required (a) Prepare general
Bella Boats Ltd commenced trading many years ago. Equity at 30 June 2024 comprised the following.Required (a) Prepare entries in general journal format to record the above transactions. Ignore
Takeover of existing business, issue of ordinary shares, statement of financial position Jones Ltd was formed on 1 March 2025 for the purpose of purchasing the business of Hazel Ltd whose assets and
Ruby and Portia, the proprietors of a consulting business, decided to convert their business into a limited company known as Straight Up Ltd. The following was the statement of financial position for
Statement of profit or loss and other comprehensive income, statement of financial position and retained earnings Non-GST version The trial balance of Arrogate Ltd at 30 June 2025 was as shown
The ledger balances of Tasman Attire Ltd as at 30 June 2025 are shown below.The following adjustments are yet to be taken into the accounts.1. Inventory on hand at 30 June 2025 valued at
The following unadjusted trial balance is for the year ended 30 June 2025.Required (a) Prepare the journal entries (in general journal form) required by the ten items listed in (3)above.(b) Prepare
Explain why cash flows from operating activities are different from operating profit.
An accounting student asked the following question: ‘Why does the cash on hand balance as at the end of December 2024 in the statement of cash flow not concur with the cash balance shown in current
Explain the choice in classifying interest received and paid in a statement of cashflows.
Describe the direct method of preparing the cash flows from operating activities in a statement of cash flows. Contrast this with the indirect method. Identify which is the preferred method and why.
Australia’s Payment Times Reporting Scheme requires large businesses and large government enterprises to report twice a year on their small business payment terms and times. Discuss the aim of such
Marc Korda is reviewing the statement of cash flows for his technology business. The Statement has been provided by his accountant. He is dismayed that the statement shows net cash outflows for
Surguy Ltd has disclosed the following non-current asset classes as at 30 June 2025. Required (a) Prepare general journal entries to record the revaluations, including any closing entries at the end
The following machines were scrapped as worthless by Caelum Pty Ltd:Required (a) Prepare separate entries to record the disposal of the machines by Caelum Pty Ltd. Machine Cost Accumulated Removal
On 3 January 2023, Bennetti Ltd paid \($33\) 000 for a machine with a useful life of 10 years and a residual value of \($3000\). On 31 December 2027, accumulated depreciation on the machine was
Carmichael Ltd acquired a truck with a cost of \($125\) 000, an estimated useful life of 6 years and a residual value of \($15\) 000. The truck is expected to travel 30 000km per year for each year
On 4 March 2025, Nguyen Ltd exchanged a machine with a cost of \($307\) 000 and accumulated depreciation of \($107\) 000 for a new similar machine with a cash price of \($330\) 000. Ignore
Kapor Ltd exchanged machinery with a cost of \($175\) 000 and accumulated depreciation of \($90\) 000 for a parcel of land. There were no other assets given in exchange. Ignore GST.Required(a)
On 1 January 2022, Leibhardt Ltd acquired two identical pieces of equipment for a total cost of \($540\) 000. It was estimated that each item would have a useful life of 8 years and a residual value
Alterator Ltd, which operated a lithium mine, was purchased by Faraonio Ltd for \($80\) 000 000 (residual value \($5\) 000 000). It is estimated that the mine will produce 20 million tonnes of
Davis Ltd uses the composite-rate method to record depreciation of its store equipment. On 1 January 2025, the company owned the following store equipment (ignore GST).Required (a) Calculate the
Sage Ltd is considering the purchase of Rosemary Ltd, which produces a product that Sage Ltd uses in its manufacturing process. Relevant data for Rosemary Ltd are as follows.Required (a) Determine
During 2025, Truong Ltd disposed of four different non-current assets. On 1 January 2025 the accounts were as follows.Truong Ltd depreciates its motor vehicles and machines by the straight-line
On 1 July 2025, Weiland Pty Ltd owned several farming vehicles that had cost a total of \($155\) 000. Accumulated depreciation on these vehicles to 1 July 2025 amounted to \($73\) 000.On 30 September
On 30 June 2025, Wong Ltd reported the following information for equipment in its statement of financial position.Investigation of the property and plant records showed that the equipment consisted
Zeller Ltd acquired the business of Adams Ltd for a cash outlay of \($5\) 000 000 on 1 July 2025. The summarised balance sheet of Adams Ltd on that date was as follows.Most of the assets were
The following information was obtained from the accounting records of Crothers Ltd.Required (a) Prepare the journal entries (in general journal form) for all vehicle transactions from 1 July 2024 to
Dunedin Ltd acquired two new machines for cash on 1 January 2023. The cost of machine A was \($400\) 000, and of machine B, \($600\) 000. Each machine was expected to have a useful life of 10 years,
On 2 January 2024, Gormly Ltd purchased a machine for \($165\) 000. The machine had a useful life of 5 years and a residual value of \($5000\). Straight-line depreciation is used. The machine is to
Harrison Ltd has a policy of revaluing its motor vehicles to fair value. The details at 30 June 2026 relating to Harrison Ltd’s motor vehicles, which had previously been revalued upwards by $28000,
Jacobs Ltd reported the following non-current assets at 30 June 2025.Required (a) Prepare journal entries to record the transactions. Jacobs Ltd uses straight-line depreciation for buildings and
Khan Ltd entered into the following transactions during the year ended 31 December 2025. Ignore GST.Required (a) Prepare entries in general journal form to record the above transactions. Jan. 4 Sold
The beginning balance in the Machinery control account and Accumulated Depreciation account, and dates in the accounts for various machinery acquisitions and disposals during the year by Liu Ltd are
On 1 January 2023, Martini Ltd bought a machine for \($218\) 000 cash; its useful life was 12 years and its residual value was \($26\) 000. It was decided to depreciate the machine by the
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