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UBSS_BAP11_Assignment 1_Semester_3




Question;Principles of;Accounting;BAP 11;Assignment 1 2013;Semester 3;Class Day/Time;Due Date: Week 6 Friday 17th January;2014;Time: 5 PM;Total;marks for all questions 75;Weight: 25%;This is an individual assignment.;The assignment consists of 6 questions all of which are to be attempted. Please;submit into Moodle directly, by the due date. Late submissions will attract a;penalty of 5% for each day it is late.;This assignment must be your own work;and submitted with an assignment cover sheet.Question 1. 25 marks;The following questions are required to;be answered relate to the course text;Questions;a) Statement of Cash flows direct method Chapter 18;Required;i.;Prepare a cash flow;statement using the direct method for operating cash flows;ii.;Prepare a;reconciliation of the [profit and cash provided by the operations;b) Bank;reconciliation 5 marks;Required prepare a bank;reconciliation for the Month ended the 31 March 2001;c) Accounting;for Shares 10 marks;Demons;Ltd issued a prospectus for the issue of 100,000 $5.00 shares on 1;January2012.The prospectus required payment of $3.00 per share on application;and $2.00 to be paid when called.;The;company received applications for 120,000 shares by the closing date of;28February 2012.100,000 shares were issued on 1 March 2012 with excess;application money being refunded.;On;30 April 2012 the company called the balance of $2.00 on the shares. All call;money was received by 15 May 2012.On 30 June 2012 Demons Ltd declared and paid;a dividend of 5 cents per share.;Required;Prepare;the journal entries for the year ended 30 June 2012 to account for the above transactions.;d) Accounting;for Liabilities 5 Marks;Easy;Company Ltd issues a debenture at a premium for a period of 10 years the;company pays interest on 31 December and 1 July. The debenture has a par value;of $1,000,000.00 and is issued at premium of 105 at an interest rate of 9%;Prepare;journal entries to reflect the following;i.;issue of debentures on;1-July;ii.;payment of interest on;1 January;iii.;accrual on 31 March;e) Accounting;for Inventory 10 marks;f) Analysis;of Accounting Information 10 Marks;g) Preparation;of production and cash budget 10 marks;Budget data;unit sales;January;25,000.00;February;30,000.00;March;32,000.00;selling price;$;10.00;per unit;cash sales;20%;during month of sale;Collections on account;50%;in month of sale;Collections on account;25%;after month of sale;Amount uncollectable;5%;balance on accounts receivable at 1 January;$;420,000.00;Of which $350,000 relates to December;sales and the remainder related to November sales;5% of the total balance is uncollectable;1;prepare sales budget for the quarter;2;prepare cash collections budget for;the quarter;3;Calculate the balance in accounts receivable at the end;of March


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