Question

NewCat Ltd, a manufacturer and retailer for pet products, commenced operations on 1 July, 2018 by issuing 100 000 $2.00 share

Financial assets held for trading are equity investments that are held for the purpose of . selling and short-term profit tak

Required: For the year ending 30 June, 2019 (NOTE: comparative financial statements are not required), 1. Using the pro forma

APPENDIXB NewCat Ltd Trial Balance as at 30 June 2019 DR CR S000 $000 Sales of goods Other income Cost of sales Administratio

Current tax payable Deferred tax liability Land revaluation reserve Share Capital Dividends paid Retained eanings, transfer t

NewCat Ltd, a manufacturer and retailer for pet products, commenced operations on 1 July, 2018 by issuing 100 000 $2.00 shares, payable in full on application. There were no share issue costs For the year ending 30 June 2019, the company recorded the following aggregate transactions S'000 4 265 1 800 723 285 130 95 212 210 120 Accounts les Cost of sales Other income Administration charges Selling and distribution expenses Employee entitlement expenses - (selling) Wages and salaries - (selling) Wages and salaries - (admin) Doubtful debts expense Depreciation expense -to be calculated Interest expense Other borrowing expense Income tax expense 160 20 120 The following additional information was noted during the preparation of financial statements for the year ended 30 June 2019 Additional 35 000 $2.00 fully paid shares have been issued and fully paid on 1 March 2019 A cash dividend of $10 000 (10 cents per share) was declared and paid during the 2019 financial year and a final dividend for 2019 of $15 000 was proposed but not recognised in the financial statements Inventory was measured at the lower of cost and net realizable value Buildings. plant and equipment were measured at cost. The benefits were expected to be received evenly over the useful life of the asset Land was revalued upward by $20 000 (assume zero income tax for this transaction) The valuation was conducted by the registered valuer, Valuation Easy Pty Ltd . . . .
Financial assets held for trading are equity investments that are held for the purpose of . selling and short-term profit taking. .$200 000 of other loans are repayable within 1 year. The remaining amount is payable in full at the end of 2022 .The provision for employee benefits includes $22 000 payable within 1 year .The warranty provision is in respect of a 12-month warranty given on certain goods sold. . NewCat Ltd transferred $10 000 out of retained earnings into general reserve. .The bank loan is for 5 years and repayable in full at the end of the term. The interest rate is 9% and it is secured over the land. . NewCat Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies e xpenses by function within the statement. .The following assets were purchased on 1 July 2018 Useful life (vears Asset Plant and Cost 890000 Bui 20 . Summarised account balances account balances are provided below: Year-end balances, 30 June 2019 Cash on hand Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Inventory Financial assets held for trading Land Buildings Plant and equipment Patents Amortisation of patent Bank loans Other loans Trade creditors Provision for employee benefits Warranty provision Current tax payabl Deferred tax liability Land revaluation reserve 20 25 950 120 50 985 100 50 1000 890 900 489 253 95 30 95 25 20
Required: For the year ending 30 June, 2019 (NOTE: comparative financial statements are not required), 1. Using the pro forma table supplied in appendix B, prepare a preliminary trial balance for NewCat Ltd (5 Marks) 2. Prepare a statement of comprehensive income for NewCat Ltd in accordance with the requirements of AASB 101. NewCat Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function within the statement; ( marks) 3. Prepare a statement of changes in equity for NewCat Ltd in accordance with the 4. Prepare a statement of financial position for NewCat Ltd in accordance with AASB 101. Use the current/non-current presentation format; (5 marks) 5. Prepare appropriate notes to the accounts. (You do not need to prepare notes related to income taxes. Include the following note as note 1. You may optionally add accounting policies to this note): (10 marks).
APPENDIXB NewCat Ltd Trial Balance as at 30 June 2019 DR CR S000 $000 Sales of goods Other income Cost of sales Administration charges Selling and distribution expenses Employee entitlement expenses - (selling) n expense plant ande eqiment (selling) e building - (administration) on Wages and salaries - (selling) Wages and salaries - (administration) Doubtful debts expense Interest expense Other borrowing expense Income tax expense Cash on hand Cash on Trade debtors Allowance for doubtful debts Other debtors Inventory Financial assets held for trading Land Building Accumulated depreciation -buildings Plant and equipment Accumulated depreciation - plant and equipment Patents Amortisation of patent Bank loans Other loans Trade creditors Provisio Warranty provision at call n for employee benefits
Current tax payable Deferred tax liability Land revaluation reserve Share Capital Dividends paid Retained eanings, transfer to general reserve General reserve Totals
0 0
Add a comment Improve this question Transcribed image text
Answer #1

SOLUTION:-


rs Date Cash 2 -120) OUD- Tradiny So,aDr Bui 30,O0D iua Cest 1800 xp ens e oje es) Page No. Date eoi tro 1313Page No. Date edit Reuision 300Page No. Date トル enasa p ue ugh ans lo bord hoPageNo.一 Nur - Cat Itel- by カ 산LA nl hililis huld es Patint aerPage ) Page No. Date allo

Add a comment
Know the answer?
Add Answer to:
NewCat Ltd, a manufacturer and retailer for pet products, commenced operations on 1 July, 2018 by issuing 100 000 $2.00 shares, payable in full on application. There were no share issue costs For...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT