BFA312 Management Accounting : GST Inclusive

BFA312 Management Accounting : GST Inclusive

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BFA312 Management Accounting

Questiions:

Question 1 (6 marks)

Brelle Ltd is a well-established company in the construction of roads and has a great track record of successfully fulfilling its construction. On 3rd December 2021, it signed a deal with the government to construct a freeway. Construction will commence on 1st January 2022. After construction is completed, the road will be a toll road and Brelle Ltd is given the rights that entitle it to obtain the toll charges for the following 20 years. Given the long horizon, the 2 experts hired by Brelle Ltd cannot reach a consensus on the expected toll receipts. One expert predicts Brelle Ltd to collect $130 million per year while the other predicts $200 million per year. No other predictions are available.

Required:

Should the expected toll receipts be recorded as an asset in Brelle Ltd’s Balance Sheet at the end of December 2021? Explain, using the definition and recognition criteria of asset in your explanation.

Question 2 (6 marks)

Liam and Eliza operate Lializa Specs, a business selling sunglasses of a popular brand “Roy Bon”. The following transactions occurred during the month of June 2021:

7th Lializa Specs sold 30 units of inventory at $187 each (GST inclusive) to customers. Customers paid 50% of the total amount, with the remainder on credit. The cost of goods sold per unit is $120.

15th Lializa Specs purchased shop fittings for $2,530 (GST inclusive). The total amount was paid in cash.

30th Gross salaries for the month of June amounted to $15,000 with a PAYG deduction of $3,000. No payment has been made yet.

Required:

Record the above transactions in the General Journal provided below.

Narrations are not required.

Question 3 (4 marks)

White Rock Corporation provided you with the following information for the month of July 2021:

Total non-current assets on 1st July 2021 $110,000

Total liabilities on 1st July 2021 $130,000

Total current assets on 1st July 2021 $95,000

Total assets on 31st July 2021 $260,000

Total revenues for the month of July 2021 $120,000

Total expenses for the month of July 2021 $80,000

Total cash receipts for the month of July 2021 $66,500

The owners contributed additional $20,000 capital to the business on 19th July 2021.

The owners took home some office supplies worth $700 for personal use on 25th July 2021.

Required:

Calculate White Rock Corporation’s TOTAL OWNER’S EQUITY on 31st July 2021. 

(4 marks)

Question 4

Ledecky and Sons is a business registered for GST, and it lodges its Business Activity Statement (BAS) at the end of each quarter. For the quarter ending 30th June 2021, Ledecky and Sons recorded the following transactions.

Made $171,776 sales on credit

Provided $200,354 worth of services to customers on cash basis

Purchased a van for $53,900 to deliver inventory

Paid $44,440 for various operating expenses (not including wages)

Paid net wages $90,550

Withheld PAYG amounted to $37,770

Purchased $96,987 worth of inventory

Paid $13,500 interest on the bank loan for the April to June quarter

Note: the above amounts include GST where appropriate

Additional information:

GST Paid, GST Collected and PAYG Withheld accounts commenced 1st April 2021 with $0 balances.

Required:

Calculate total GST Paid, GST Collected, PAYG Withheld, and the Net Amount Payable/Refundable for the April to June quarter of 2021.   

Answer here:

Total GST Paid

Total GST Collected

Total PAYG Withheld

Net Amount Payable/Refundable

Required:

Is the Net Amount Payable to the ATO or Refundable to the Business?

Question 5

Brianna Bligh operates the business Bligh’s Dream in Geelong. The following is an extract of selected accounts from Bligh’s Dream’s Unadjusted Trial Balance as at 31st October 2021.

Unadjusted Trial Balance (Extract) as at 31st October 2021

Accounts Dr ($) Cr ($)

Cash 32,444 

GST Paid 1,780 

Prepaid Marketing 3,780 

Delivery Van 19,200 

Accumulated Depreciation – Delivery Van 4,000

Accounts Payable 13,500

GST Collected 1,912

The balance day adjustments have NOT yet been made for the month of October 2021. Brianna is considering the following information:

i.On 1st July 2021, Bligh’s Dream paid a yearly fee of $5,544 (GST inclusive) for a sign displayed on the fence at a football oval. When it was paid, the debits were posted to Prepaid Marketing account and GST Paid account.

ii.Depreciation on the Delivery Van is at 25% per annum using the straight-line method.

iii.Bligh’s Dream collected $1,474 (GST inclusive) in cash on 21st September 2021 for services to be provided to customers in October and November 2021. When $1,474 cash was collected, the credits were posted to Unearned Revenue account and GST Collected account. By the end of October, half of the services have been completed. 

Required:

Record the balance day adjustments in the General Journal provided below.   

General Journal

Date Accounts Dr ($) Cr ($) 

     

Question 6

Bell Inc. has provided you with the following accounts and their adjusted closing balances for the year ending 31st December 2021.

Accounts Balances ($) Accounts Balances ($)

    

Accumulated Depreciation – Equipment 18,000 Bank Loan (due on 1st July 2023) 34,300

Utilities Expense 2,520 Equipment 72,000

Accounts Payable 25,350 Inventory 50,700

Costs of Goods Sold 39,000 PAYG Withheld 1,680

Depreciation Expense – Equipment 6,000 Cash 42,600

Accounts Receivable 33,600 Sales Revenues ??

Capital, 1st January 2021 104,970 Drawings 8,000

Wages Expense 16,800 Wages Payable 8,400

GST Collected 12,400 Rent Expense 6,700

GST Paid 9,920 Delivery Expense 1,260

Additional information

The gross profit is $45,000 for the year ending 31st December 2021.

Required:

Calculate the missing value (box filled with “??”) of the above table.

Required:

Prepare a Classified Statement of Financial Position for Bell Inc. as at 31st December 2021.   (7 marks)

Statement of Financial Position as at 31st December 2021

Assets ($) ($) Liabilities and Owner’s Equity ($) ($)

BFA312 Management Accounting

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