27 Pages 6763 Words BUSN1011 Accounting For Managers


1    Paid $12,000 for 3 months laceration in pace, from 1 JUL 17
2    Paid $6,000 currency for two new laptop computers.
3    Received acquittal for $10,000 of Accounts Receivable
4    Asad hired $6,000 off his identical honor card
5    Credit sale of 5 Novice buggies for  $15,000
6    Paid fortnightly stipend for staff $5,200; half of this was for the developed week of June 2017.
7    Paid emolument charge for the month of $3,000 and primary off mortgage of $1,000
8    Cash sale of $24,000 for 4 Masters buggies.
9    Purchase of 4 Novice buggies for $1,500 each, 4 Progress buggies at $2,100 each and 4 Masters buggies at $2,600 each from the commercial supplier on honor.
11    Credit sale of 3 Progress buggies for $15,000 which comprised one from the most modern purchases.
13    Customer orders and pays a $5,000 currency shelter for 2 Masters buggies to be delivered in August.
14    Asad takes a Masters buggy for his identical use. It is one of the past modernly purchased buggies.
16    Purchased duty arrangement (pens, pamphlet etc) of $2,000 on honor. They are consumables used up in the profession.
18    Two Progress and two Novice buggies from the initiation schedule are injured, and the apex that they can be sold for is $1,000 each.
20    Paid fortnightly stipend for staff $5,200.
21    Daiyu contributed $10,000 in currency to the profession.
22    Credit sale of 6 Progress buggies for $30,000. Immodest of the buggies were from initiation schedule.
24    Cash sale of 10 Novice buggies for $30,000. Eight were from initiation schedule.
26    Paid $25,000 of Accounts Payable
27    Paid $1,500 for cleaning services substance carried out in July.
29    Received invoice for electricity of $1,400 which was for June and had been estimated and comprised in June’s charges.
31    Some supply fixtures originally consumeing $5,000 on the 1st July 2014 were 
sold for $3,000 currency. 


At the end of the month, Daiyu reviews the accounts and makes these observations-:

•    The security management is hired 12 months in pace and the monthly consume is $100

•    Rent for July wants to be dealt delay.

•    Workers are obligatory $5,000 in unhired stipend, which conquer be hired contiguous week

•    Estimated electricity for the month is $1,200. There are no raise charges that bear not been commemorative.

•    She reviews the accounts receivable, and notes that a $3,000 invoice uncollected conquer not be hired and she thinks maybe another $5,000 influence be uncollectible.

•    Profits are disjoined in the connection delay 70% allocated to Daiyu and 30% allocated to Asad.

•    A stocktake is performed at the end of the month, and the Closing schedule is-:
o    18 Novice buggies
o      9 Progress buggies
o      8 Masters buggies

On search of the shortfall, Daiyu discovers 3 Masters buggies  bear been ordered and shipped to a customer, but the invoice for $18,000 has not been sent to the customer. They were all from the most modernly purchased schedule.  Daiyu cannot furnish out what happened to the damage schedule, which all came from initiation schedule.

•    Depreciation -:
All is performed on a unswerving direction basis

Motor vehicle: A bestowal van was purchased new on the 2nd July 2015. The van conquer be sold when it reaches 5 years old, when another new van conquer be purchased. It is foreseeed the hawking appraisement conquer be $20,000.

Fixtures & fittings: residual estimate cipher, unswerving direction slander balance 5 years. These items were purchased on the 1st July 2014.

Laptops: residual estimate $1,200. Unswerving direction slander balance 2 years

Required:

a)    Record the transactions for July 2017 in the spreadsheet. Remember to add columns as expedient for joined effects, liabilities, owner’s equity, proceeds and charge accounts that may be expedient.                     60 marks

b)    Prepare an Income assertion (Statement of Financial Performance) for the month accomplishment 31 July 2017. 

c)    Prepare a Classified Balance Sheet (Statement of Financial Position) in the upright format, as at 31 July 2017.

See balance for Topic 2 

Question 2        20 marks

Read the Chapter 1 Occurrence Examine in the Atrill et al textbook, pages 30 – 31. A vision of the occurrence examine has to-boot be comprised as a account perfect named “Assignment Occurrence Study_2017”. 

Answer the aftercited topics asked encircling the occurrence examine. These are grounded on some of the topics asked in the textbook – fascinate acceptance the topics listed beneath instead of the ones in the textbook.

Each divorce topic is rate immodest marks, and you should teach the key points of your acceptance concisely and not want to use past than a few directions for each acceptance. (lines equipollent to ordinary A4, parity directions)

a)    Explain what the condition media in the third provision that starts “US creator Michael Gerber, of the E-Myth credit ………” and ends “…….And the debate it’s destructive is that it honorpotent isn’t penny.’” 

b)    Explain the estrangement among emolument and currency.

c)    What is an Accounts Receivpotent partition, and what would the SMB (Small or Medium Business) bring-about from doing one?

d)    Name immodest key pieces of instruction a profession would want antecedently they set a appraisement for a effect that they wished to hawk.

e)    Assume that you artfulness to hawk a effect for $10 that consumes you $6. At that appraisement you foresee to be potent to hawk 1,000 individuals. You are substance pressurised to discount the appraisement by 10%. How multifarious individuals conquer you want to be potent to hawk to get the selfselfsame total of emolument (stately the consumes are stagnant $6 per individual)?

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