Could you pease complete the attached the PDF has all the questions and the excel is for the answers it must be in the format provided on the excel spreadsheet.
Assessment 2 FNSACC504: Assessment 2 (Ed1&2) What you have to do This assessment consists of 5 questions. You are required to attempt every question in this assessment. The excel answer template provided on the OLS is Compulsory. Students must achieve a satisfactory result in each element to pass this assessment. In order to achieve a satisfactory result in this assessment you must meet the performance levels set out in the requirements of this unit below. Question Topic Element of competency Marks available Marks required for a satisfactory result 1 Income statement and changes in equity FNSACC504/2.2 FNSACC504/2.3 25 13 2 Balance sheet FNSACC504/2.2 FNSACC504/2.3 25 13 3 Cash flow statement FNSACC504/2.2 FNSACC504/2.3 15 8 4 Consolidation FNSACC504/1.2 FNSACC504/2.1 10 5 5 Consolidation FNSACC504/1.2 FNSACC504/2.1 25 13 If you do not achieve a satisfactory result in this assessment, you will be required to complete the assessment again. You will not be able to attempt the assessment more than twice. Ensure you refer to “Assessment instructions” (Located on the link for Assessment Information) on the OLS for any updates that may have been made since publication of this assessment. LA019349 Assessment 2, FNSACC504, Ed 1 & 2 1 © State of New South Wales, Department of Education and Communities, 2015 (TAFE NSW – WSI), Archive Version 1, June 2015 Question 1 (25 Marks) Part (a) (17 Marks) Monet Ltd recorded the following operational income and expenses for the year ending 30 June 2016. $’000 Revenue (Sales) 1,055 Cost of sales 295 Commission received 50 Interest received 20 Distribution expenses 195 Marketing expenses 85 Occupancy expenses 110 Administration expenses 150 Other expenses 48 Finance cost expenses 42 Additional information: 1. Administration expenses included: • Audit fees: $7,000 • Fees for taxation services paid to the auditors: $4,000 • Depreciation of plant & equipment: $10,000 2. Share capital at 1 July 2015 was 1,500,000 ordinary shares of $1.00 each, fully paid 3. The company issued 200,000 ordinary shares on 1 April 2016 at $1.25 each, fully paid 4. Retained earnings balance 1 July 2015 (credit) $288,000 5. General reserve balance 1 July 2015 $30,000 6. Transferred during the year to general reserve from retained earnings $25,000 7. Asset revaluation reserve balance 1 July 2015 $110,000 8. On 30 June 2016, the directors adopted a new valuation of land and buildings of $950,000. The previous valuation of land and buildings was $900,000. 9. A fully franked interim dividend of $0.04 per ordinary share was paid on 15 February 2016 10. The directors declared a proposed final dividend of $0.05 per ordinary share, fully franked, on 30 June 2016 11. Income tax rate is 30% 12. Franking credits available at the end of the year were $58,000 2 LA019349 Assessment 2, FNSACC504, Ed 1 & 2 © State of New South Wales, Department of Education and Communities, 2015 (TAFE NSW – WSI), Archive Version 1, June 2015 Required: (i) Prepare a Statement of comprehensive income with both expenses (classified by function) and revenues disclosed on the face of the statement. (ii) Prepare the following notes to support the statement of comprehensive income and statement of changes in equity: • Profit for the period • Dividends • Dividend franking credit (iii)In order to prepare information in a business report, Prepare graphical information to illustrate the breakup of expenses. Part (b) (8 Marks) From the information supplied in part (a), prepare the Statement of Changes in Equity for the year ended 30 June 2016. LA019349 Assessment 2, FNSACC504, Ed 1 & 2 3 © State of New South Wales, Department of Education and Communities, 2015 (TAFE NSW – WSI), Archive Version 1, June 2015 Question 2 (25 Marks) The following trial balance of Matisse Ltd as at 30 June 2012, extracted from the company’s MYOB accounting software, disclosed: Matisse Ltd Trial Balance at 30 June 2012 Account YTD Debit YTD Credit Cash at Bank $55,080.00 Petty cash $1,275.00 Accounts receivable $220,575.00 Allowance for doubtful debts $6,375.00 Inventory (at cost) $124,950.00 Land & Buildings (valued 2011) $3,570,000.00 Plant & Machinery (at cost) $969,000.00 Acc. deprec - Plant & Mach. $191,250.00 Investments (at market value) $459,000.00 Goodwill (at cost) $165,750.00 Accum. Impairment Goodwill $51,000.00 Trade marks (at cost) $63,750.00 Deferred tax assets $18,360.00 Accounts payable $106,080.00 Accrued expenses $16,320.00 Taxation Payable $70,125.00 Deferred tax Liabilities $6,885.00 Mortgage $1,530,000.00 Prov. for Long Service Leave $45,900.00 Share Capital $2,550,000.00 General Reserve $127,500.00 Asset Revaluation Reserve $114,750.00 Retained Earnings $831,555.00 Total: $5,647,740.00 $5,647,740.00 Additional information: 1. Investments include shares in companies listed on the Australian Stock Exchange ($191,000) and debentures available for trading ($268,000). 2. The mortgage, secured by land & buildings, is due to be repaid in six equal instalments, due on 1 July each year, commencing on 1 July 2016. 3. Land was re-valued by the directors on 30 June 2016 to $2,420,000. 4. Buildings were re-valued by the directors on 30 June 2016 to $1,150,000. 5. Long service leave payable within the next twelve months is $12,000. 4 LA019349 Assessment 2, FNSACC504, Ed 1 & 2 © State of New South Wales, Department of Education and Communities, 2015 (TAFE NSW – WSI), Archive Version 1, June 2015 6. The company is currently involved in a lawsuit where damages amounting to $500,000 are being claimed against the company. The company’s legal advisers believe that there is a 30% chance that the company may lose this case. Required: (i) Prepare the Statement of financial position for Matisse Ltd as at 30 June 2016. (ii) Prepare the notes to the Statement of financial position (balance sheet) showing all the required disclosures as per AASB 101 for all items listed above. Question 3 (15 Marks) Part (a) (8 Marks) A summary extract from the Cash Book of Turner Ltd for the year ended 30 June 2016 disclosed: Cash Book Opening balance 48,048 Accounts payable 243,600 Accounts receivable 755,440 Office Furniture 50,400 Sales - cash 117,600 Inventory purchased 95,200 Commission received 15,120 Salaries & wages 604,800 Office furniture 44,000 Taxation payable 124,320 Share capital 448,000 Provision for annual leave 23,640 Motor vehicles 45,600 Petty Cash 1,000 Interest income 7,952 Other operating expenses 228,480 Deposits at call 67,200 Dividend payable 67,200 Closing balance 110,320 $1,548,960 $1,548,960 Additional Information – The petty cash float was $1,000 on 30 June 2015. There was $127,200 in deposits at call on 30 June 2015. Required: Prepare a cash flow statement for the financial year ended 30 June 2016, including the note required for the reconciliation of cash. LA019349 Assessment 2, FNSACC504, Ed 1 & 2 5 © State of New South Wales, Department of Education and Communities, 2015 (TAFE NSW – WSI), Archive Version 1, June 2015 Part (b) (7 Marks) An extract from the balance sheets of Dali Pty Ltd showed the following for the years ended 30 June 2015 and 30 June 2016 were: 30 June 2015 30 June 2016 Current Assets Bank 46,200 53,760 Accounts receivable 361,200 337,680 Allowance (provision) for doubtful debts (5,880) (5,880) Inventory 147,840 154,560 Current Liabilities Accounts payable