{"id":5608,"date":"2020-05-02T16:43:11","date_gmt":"2020-05-02T06:43:11","guid":{"rendered":"https:\/\/casestudyhelp.com\/sample-questions\/?p=5608"},"modified":"2020-05-02T18:38:10","modified_gmt":"2020-05-02T08:38:10","slug":"act3101-financial-accounting-reporting-1-assignment-answers","status":"publish","type":"post","link":"https:\/\/casestudyhelp.com\/sample-questions\/act3101-financial-accounting-reporting-1-assignment-answers\/","title":{"rendered":"ACT3101 Financial Accounting & Reporting 1 Assignment Answers"},"content":{"rendered":"

ACT3101 <\/strong>FAR 1 SEM 2 <\/strong>Financial Accounting & Reporting 1 Assignment 2\/2020<\/strong><\/h2>\n
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Looking for\u00a0ACT3101 Financial Accounting & Reporting 1 Assignment Answers<\/strong><\/a>? Get Case Study\u00a0Answers on ACT 3101 (FAR 1 SEM 2)\u00a0<\/strong>Financial Accounting & Reporting\u00a0Assignment . We Provide Financial Accounting Assignment Help<\/strong><\/a>,\u00a0Financial Accounting Reporting Assignment Answers<\/strong><\/a> &\u00a0ACCM 4200 Financial Accounting & Reporting Assignment Sample<\/strong><\/a> from Masters and PhD Expert at affordable price? Acquire HD Quality research work with 100% Plagiarism free content.<\/p>\n<\/blockquote>\n

\"ACT3101<\/a><\/p>\n

BLUE LANE BERHAD <\/strong>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.<\/p>\n

 <\/p>\n

Instructions:<\/span><\/strong><\/p>\n

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).<\/p>\n

 <\/p>\n

Each group are given an adjusted trial balance of BLUE LANEBERHAD as at 31 December, 2018<\/strong>. The information will be treated as beginning balance for the year 2019<\/strong>. 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:<\/p>\n

 <\/p>\n

    \n
  1. Journalize<\/strong> all transactions for the year 2019.<\/li>\n
  2. Post<\/strong> all journals to respective column account.<\/li>\n
  3. Prepare an adjusted trial balance<\/strong> as at 31 December, 2019.<\/li>\n
  4. Prepare the following statements<\/strong> for the financial year ended 31 December, 2019:<\/li>\n
  5. Statement of Financial Position<\/li>\n
  6. Statement of Profit or Loss and Other Comprehensive Income<\/li>\n
  7. Statement of Changes in Equity<\/li>\n
  8. Statement of Cash Flows<\/li>\n
  9. Notes to the Financial Statements<\/li>\n
  10. Analyze <\/strong>the financial performance of BLUE LANE BERHAD in 2019 using ratio analysis.<\/li>\n<\/ol>\n

     <\/p>\n

    Additional Notes:<\/strong><\/p>\n

      \n
    1. For preparing the above statements, you may refer to an Audited Financial Statements<\/strong> of any companies publicly available on the Bursa Malaysia website (http:\/\/www.bursamalaysia.com.).<\/li>\n
    2. You may add or create any relevant items<\/strong> for the purpose of preparing the above statements, especially Notes to the Financial Statements<\/strong>. Items encompass conditions, circumstances, elements etc. based on your creativity.<\/li>\n<\/ol>\n

       <\/p>\n

      Guidelines for Preparing Report<\/strong><\/p>\n

        \n
      1. Each group must submit a report by 10 June 2020<\/strong>. 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<\/strong> and soft copy of reports<\/strong> in Microsoft Document and workings in an excel file.<\/li>\n
      2. Each group is required to complete and submit a rubric for teamwork<\/strong> to assess your teammates.<\/li>\n
      3. Each group is required to prepare and submit minutes of meeting for every meeting<\/strong>.<\/li>\n<\/ol>\n

         <\/p>\n

        BLUE LANE BERHAD<\/strong><\/p>\n

        Adjusted Trial Balance<\/p>\n

        As at 31 December 2018<\/p>\n\n\n\n
        \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        \u00a0BLUE LANE BERHAD<\/strong><\/td>\n<\/tr>\n
        Adjusted Trial Balance<\/td>\n<\/tr>\n
        As at 31 December 2018<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n
        Description<\/strong><\/td>\nDebit (RM)<\/strong><\/td>\nCredit (RM)<\/strong><\/td>\n<\/tr>\n
        Non-current assets \u2013 at cost:<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Freehold land<\/td>\n2,500,000<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Building<\/td>\n3,800,000<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Equipment<\/td>\n1,500,000<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Machinery<\/td>\n1,200,000<\/td>\n<\/td>\n<\/tr>\n
        Accumulated depreciation:<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Building<\/td>\n<\/td>\n228,000<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Equipment<\/td>\n<\/td>\n400,000<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Machinery<\/td>\n<\/td>\n360,000<\/td>\n<\/tr>\n
        Long term investment<\/td>\n2,574,350<\/td>\n<\/td>\n<\/tr>\n
        Trademark<\/td>\n500,000<\/td>\n<\/td>\n<\/tr>\n
        Computer software<\/td>\n780,300<\/td>\n<\/td>\n<\/tr>\n
        Inventory<\/td>\n1,170,500<\/td>\n<\/td>\n<\/tr>\n
        Trade receivables<\/td>\n690,500<\/td>\n<\/td>\n<\/tr>\n
        Prepaid insurance<\/td>\n240,000<\/td>\n<\/td>\n<\/tr>\n
        Bank<\/td>\n753,890<\/td>\n<\/td>\n<\/tr>\n
        Allowance for doubtful debts<\/td>\n<\/td>\n69,050<\/td>\n<\/tr>\n
        Long term borrowing<\/td>\n<\/td>\n1,500,000<\/td>\n<\/tr>\n
        Deferred tax liability<\/td>\n<\/td>\n500,000<\/td>\n<\/tr>\n
        Trade payables<\/td>\n<\/td>\n740,360<\/td>\n<\/tr>\n
        Other payables<\/td>\n<\/td>\n168,620<\/td>\n<\/tr>\n
        Accumulated amortization \u2013 Computer software<\/td>\n<\/td>\n312,120<\/td>\n<\/tr>\n
        Share capital<\/td>\n<\/td>\n3,000,000<\/td>\n<\/tr>\n
        Share premium<\/td>\n<\/td>\n1,000,000<\/td>\n<\/tr>\n
        Retained profits<\/td>\n<\/td>\n3,560,890<\/td>\n<\/tr>\n
        Sales revenue<\/td>\n<\/td>\n10,339,750<\/td>\n<\/tr>\n
        Dividend income<\/td>\n<\/td>\n740,640<\/td>\n<\/tr>\n
        Sales return and allowance<\/td>\n450,400<\/td>\n<\/td>\n<\/tr>\n
        Cost of sales (Cost of goods sold)<\/td>\n3,462,845<\/td>\n<\/td>\n<\/tr>\n
        Finance cost<\/td>\n170,400<\/td>\n<\/td>\n<\/tr>\n
        Depreciation expense:<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Building<\/td>\n76,000<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Equipment<\/td>\n100,000<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0 Machinery<\/td>\n120,000<\/td>\n<\/td>\n<\/tr>\n
        Amortisation expense:<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
        \u00a0\u00a0\u00a0\u00a0\u00a0 Computer softwareInsurance expenseAdvertising expense<\/p>\n

        Salary and wages expense<\/p>\n

        Supplies expense<\/p>\n

        Utilities expense<\/p>\n

        Rent expense<\/p>\n

        Bad debt expense<\/p>\n

        Total<\/strong><\/td>\n

        		156,060120,000620,600<\/p>\n

        700,000<\/p>\n

        438,530<\/p>\n

        460,530<\/p>\n

        300,000<\/p>\n

        34,525\u00a0\u00a0\u00a0 <\/span><\/p>\n

        22,919,430<\/strong><\/td>\n

        		 <\/p>\n

         <\/p>\n

         <\/p>\n

         <\/p>\n

         <\/p>\n

        _________<\/p>\n

        22,919,430<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

         <\/p>\n

        \"Order-now\"<\/a><\/p>\n

        Additional Information:<\/strong><\/p>\n

        Summary of transactions for the year 2019 are as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        Property, Plant and Equipment (PPE)<\/strong><\/td>\n<\/tr>\n
        i.<\/td>\nBLUE LANE BERHAD uses the straight line method for depreciation. The estimated annual depreciation expense for PPE are as follows:a.\u00a0\u00a0\u00a0\u00a0 2% of building.b.\u00a0\u00a0\u00a0\u00a0 10 % of machinery.<\/p>\n

        c.\u00a0\u00a0\u00a0\u00a0 7% of equipment.<\/td>\n<\/tr>\n

        ii.<\/td>\nOn 1 January, 2019, BLUE LANE BERHAD exchanged it\u2019s old machinery plus RM140,000 cash for a new machinery. The old machinery had a fair value of RM1,860,000.<\/td>\n<\/tr>\n
        iii.<\/td>\nOn 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.<\/td>\n<\/tr>\n
        Receivables<\/strong><\/td>\n<\/tr>\n
        i.<\/td>\nSales on account of RM7,980,000.<\/td>\n<\/tr>\n
        ii.<\/td>\nSales returns and allowances of RM150,000.<\/td>\n<\/tr>\n
        iii.<\/td>\nCollections of trade receivables of RM5,520,000.<\/td>\n<\/tr>\n
        iv.<\/td>\nThe estimated bad debts expense is 5% of trade receivables.<\/td>\n<\/tr>\n
        Payables<\/strong><\/td>\n<\/tr>\n
        i.<\/td>\nCredit purchase of RM3,560,000 were made for merchandise.<\/td>\n<\/tr>\n
        ii.<\/td>\nPaid of RM2,438,120 on trade payables.<\/td>\n<\/tr>\n
        iii.<\/td>\nProvided services for customers who had made advance payments of RM168,620 (including in other payables).<\/td>\n<\/tr>\n
        iv.<\/td>\nShareholders approved the proposed a final dividend which is 25% of share capital at the annual general meeting held on 30 September 2019.<\/td>\n<\/tr>\n
        Intangible Assets<\/strong><\/td>\n<\/tr>\n
        i.<\/td>\nThe company uses straight line amortization method for all intangible assets that are subject to amortization.<\/td>\n<\/tr>\n
        ii.<\/td>\nOn 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\u2019s future economic benefits evenly over 15 years from the date of acquisition.<\/td>\n<\/tr>\n
        iii.<\/td>\nThe estimated annual amortization of computer software is 20%.<\/td>\n<\/tr>\n
        Inventories<\/strong><\/td>\n<\/tr>\n
        i.<\/td>\nBLUE LANE BERHAD uses the periodic inventory system.<\/td>\n<\/tr>\n
        ii.<\/td>\nA physical count of inventory on 31 December 2019 revealed that the company had inventory on hand amounted to RM1,580,790.<\/td>\n<\/tr>\n
        iii.<\/td>\nThe net realizable value of inventory on 31 December 2019 is RM1,472,350.<\/td>\n<\/tr>\n
        Others<\/strong><\/td>\n<\/tr>\n
        i.<\/td>\nCash sales of RM4,840,000.<\/td>\n<\/tr>\n
        ii.<\/td>\nCash purchases of RM2,890,000.<\/td>\n<\/tr>\n
        iii.<\/td>\nHalf of the prepaid insurance has been expired in the current year.<\/td>\n<\/tr>\n
        iv.<\/td>\nThe following expenses had an increment of 15% than the previous year and all expenses incurred have been paid:a.\u00a0 Advertising expenseb.\u00a0 Salaries and wages expense<\/p>\n

        c.\u00a0 Supplies expense<\/p>\n

        d.\u00a0 Utilities expense<\/p>\n

        e.\u00a0 Rent expense<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        RUBRICS FOR TEAMWORK [PLO5, A2]<\/strong><\/p>\n

        \"RUBRICS<\/a><\/p>\n

        Reference ID:\u00a0#getanswers2001192<\/span><\/strong><\/p>\n