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ACT3101 FAR 1 SEM 2 Financial Accounting & Reporting 1 Assignment 2/2020
Looking for ACT3101 Financial Accounting & Reporting 1 Assignment Answers? Get Case Study Answers on ACT 3101 (FAR 1 SEM 2) Financial Accounting & Reporting Assignment . We Provide Financial Accounting Assignment Help, Financial Accounting Reporting Assignment Answers & ACCM 4200 Financial Accounting & Reporting Assignment Sample from Masters and PhD Expert at affordable price? Acquire HD Quality research work with 100% Plagiarism free content.
BLUE LANE BERHAD is a conglomerate company which has expanded their operation into hospitality and beverages, with comprehensive hotel chain, theme parks and eco tourism. The BLUE LANE BERHAD business chain currently has 295 outlets and over 30,000 employees.
A group must consist of 4 or 5 members. The selection of group members will be determined by the class lecturer (either free selection or fixed arrangement).
Each group are given an adjusted trial balance of BLUE LANEBERHAD as at 31 December, 2018. The information will be treated as beginning balance for the year 2019. Using information available in the trial balance, you are required to complete this assignment in a group that has been assigned to you. Based on the knowledge you have acquired, complete the followings:
- Journalize all transactions for the year 2019.
- Post all journals to respective column account.
- Prepare an adjusted trial balance as at 31 December, 2019.
- Prepare the following statements for the financial year ended 31 December, 2019:
- Statement of Financial Position
- Statement of Profit or Loss and Other Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to the Financial Statements
- Analyze the financial performance of BLUE LANE BERHAD in 2019 using ratio analysis.
- For preparing the above statements, you may refer to an Audited Financial Statements of any companies publicly available on the Bursa Malaysia website (http://www.bursamalaysia.com.).
- You may add or create any relevant items for the purpose of preparing the above statements, especially Notes to the Financial Statements. Items encompass conditions, circumstances, elements etc. based on your creativity.
Guidelines for Preparing Report
- Each group must submit a report by 10 June 2020. The report should have a cover page and using a Microsoft Word document. The contents of the report must include all of the statements and address all the above requirements. Each group are required to submit the hardcopy of the report and soft copy of reports in Microsoft Document and workings in an excel file.
- Each group is required to complete and submit a rubric for teamwork to assess your teammates.
- Each group is required to prepare and submit minutes of meeting for every meeting.
BLUE LANE BERHAD
Adjusted Trial Balance
As at 31 December 2018
|Description||Debit (RM)||Credit (RM)|
|Non-current assets – at cost:|
|Long term investment||2,574,350|
|Allowance for doubtful debts||69,050|
|Long term borrowing||1,500,000|
|Deferred tax liability||500,000|
|Accumulated amortization – Computer software||312,120|
|Sales return and allowance||450,400|
|Cost of sales (Cost of goods sold)||3,462,845|
| Computer softwareInsurance expenseAdvertising expense
Salary and wages expense
Bad debt expense
Summary of transactions for the year 2019 are as follows:
|Property, Plant and Equipment (PPE)|
|i.||BLUE LANE BERHAD uses the straight line method for depreciation. The estimated annual depreciation expense for PPE are as follows:a. 2% of building.b. 10 % of machinery.
c. 7% of equipment.
|ii.||On 1 January, 2019, BLUE LANE BERHAD exchanged it’s old machinery plus RM140,000 cash for a new machinery. The old machinery had a fair value of RM1,860,000.|
|iii.||On 1 July, 2019, BLUE LANE BERHAD purchased a factory motor vehicle by cash at RM500,000 with a trade discount of 1%. The motor vehicle is estimated to have a RM15,000 residual value at the end of its 10-year useful service life.|
|i.||Sales on account of RM7,980,000.|
|ii.||Sales returns and allowances of RM150,000.|
|iii.||Collections of trade receivables of RM5,520,000.|
|iv.||The estimated bad debts expense is 5% of trade receivables.|
|i.||Credit purchase of RM3,560,000 were made for merchandise.|
|ii.||Paid of RM2,438,120 on trade payables.|
|iii.||Provided services for customers who had made advance payments of RM168,620 (including in other payables).|
|iv.||Shareholders approved the proposed a final dividend which is 25% of share capital at the annual general meeting held on 30 September 2019.|
|i.||The company uses straight line amortization method for all intangible assets that are subject to amortization.|
|ii.||On 1 January 2019, BLUE LANE BERHAD acquired a patent for RM300,000. The estimated useful life of the patent is 20 years from the date of acquisition. However, the entity will consume the patent’s future economic benefits evenly over 15 years from the date of acquisition.|
|iii.||The estimated annual amortization of computer software is 20%.|
|i.||BLUE LANE BERHAD uses the periodic inventory system.|
|ii.||A physical count of inventory on 31 December 2019 revealed that the company had inventory on hand amounted to RM1,580,790.|
|iii.||The net realizable value of inventory on 31 December 2019 is RM1,472,350.|
|i.||Cash sales of RM4,840,000.|
|ii.||Cash purchases of RM2,890,000.|
|iii.||Half of the prepaid insurance has been expired in the current year.|
|iv.||The following expenses had an increment of 15% than the previous year and all expenses incurred have been paid:a. Advertising expenseb. Salaries and wages expense
c. Supplies expense
d. Utilities expense
e. Rent expense
RUBRICS FOR TEAMWORK [PLO5, A2]
Reference ID: #getanswers2001192