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ACC201 Financial Accounting

Published : 01-Sep,2021  |  Views : 10

Question:

Provide enough information to staff to satisfy the following:
For staff to understand the nature of the news / change / development and its potential impact (so staff can decide whether they need to investigate further given the nature of their own work) Provide directions to staff of where they can access further information on the news / change / development if they wish to (including website links where appropriate).

Required:
Prepare a 2 page newsletter that identifies and summarises changes / developments and news in the financial reporting environment for the period from 1 May 2017 to 4 August 2017.. Identification of changes and developments This will involve extensive research on a number of sources over the required period. You will need to identify and consider a range of developments/changes such as:

Answer:

Balance Sheet of Winter Limited for the year ended  30th June 2017
Particulars Amount (in $)
Share capital  5,00,000 
Retained earnings   8,73,300 
General reserve  2,76,800 
Bank loan  5,00,000 
Less: Repayable in a year  17,000 
Less: Repayable in a year  19,000 
Less: Repayable in a year  12,000 
Debentures  6,00,000 
Add: Provisions repayable  1,07,800 
Accrued wages payable  8,200 
Interest payable  8,300 
Current tax liability  33,500 
Dividends payable  45,000 
Total  30,00,900 
Land  11,00,000 
Less: Accumulated depreciation  5,47,900 
Goodwill  68,300 
Investment property  6,14,000 
Raw materials  3,12,900 
Cash management account  1,68,200 
Less: Allowance for doubtful debts  1,09,300 
Interest receivable  6,700 
Loan receivable  60,000 
Prepaid rent  13,600 
Total  30,00,900 
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