Assignment
FNS50210 Diploma of Accounting
HPFR Prepare Financial Reports
Name:
Student Number:
Date:
HPFR Financial Reports assignment
Instructions:
1. This assignment is to be completed individually.
2. This assessment must be returned by the end of week four (last module class) or as directed by your lecturer. Late assignments will incur a 10% penalty (against assignment value for each day late). After five (5) days, assignments will not be accepted.
3. An assignment header form must be attached confirming that this is your own work.
4. Where appropriate, all workings MUST be shown.
QUESTION 1
On 1 July 2003, Murphy & Co Limited purchased from Crowley Industries furniture
$280,000 and depreciated the asset at 20% per annum using the straight-line method.
Required
Enter the above information in the Asset Register (below) and show the up to date state of the Asset Register as at 30 June 2006.
ASSET REGISTER
Asset ____________________________
Employee responsible for the asset Marketing Department
Cost ____________________________
Depreciation method ____________________________
Useful life ____________________________
Location Consumer Advice - Marketing Dept
Purchased from ____________________________
Residual value ____________________________
QUESTION 2
The trial balance of Launceston Duplicating Services as at 31 August 2005 and the data needed for the month-end adjustments are as follows:
Debit ($) Credit ($)
Cash at bank 7,100
Accounts receivable 19,780
Prepaid rent 2,420
Supplies inventory 1,180
Furniture 19,740
Accumulated depreciation -Furniture 3,630
Accounts payable 3,310
Unearned service revenue 2,790
Capital, M. Hofmann 35,510
Drawings, M. Hofmann 5,350
Service revenue 15,700
Salary expense 3,800
Depreciation expense
Advertising expense 1,570
TOTAL 60,940 60,940
Adjustment data:
• Unearned service revenue still unearned at 31 August 2005, $1,670.
• Prepaid rent still in force at 31 August 2005, $620.
• Supplies used during the month, $700.
• Depreciation for the month, $400.
• Accrued advertising expense at 31 August 2005, $610. (Credit Accounts Payable) • Accrued salary expense at 31 August 2005, $550.
Required:
a) Open T accounts for the accounts listed in the trial balance inserting their 31
August unadjusted balances.
b) Journalise the adjusting entries and post them to the T-accounts.
c) Prepare the adjusted trial balance at 31 August 2005.
d) Prepare statement of financial performance for the period ended 31 August 2005
e) Prepare statement of financial position as at 31 August 2005.
(a)


(b) Journal
Date Accounts Debit Credit
c. Worksheet and adjusted trial balance
Debit Credit Debit Credit Debit Credit
Cash at bank 7,100
Accounts receivable 19,780
Prepaid rent 2,420
Supplies inventory 1,180
Furniture 19,740
Accumulated depreciation -Furniture 3,630
Accounts payable 3,310
Accrued salaries payable
Unearned service revenue 2,790
Capital, M. Hofmann 35,510
Drawings, M. Hofmann 5,350
Service revenue 15,700
Salary expense 3,800
Depreciation expense
Advertising expense 1,570
Rent expense
Supplies expense
TOTAL 60,940 60,940
Launceston Duplicating Services
Statement of Financial Performance
For the period ended 30 June 2005
Revenues
Less Expenses
Launceston Duplicating Services
Statement of Financial Position
As at 30 June 2006