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HRM732 Individual Assignment 1

HRM732 Individual Assignment 1

HRM732 Individual Assignment 1

Ledge accounts showing conversion and adjustments

Accounts receivable

Bal b/d                                  67,000

Cash                   16,000

                                                                                                              Bal c/d               51,000

Cash A/C

Bal b/d                                     2,200

Accounts receivable            16,000                                                    Wages             15,000

Loan account                        65,000

Bal c/d              68,200

Salaries and wages A/C

                                                                                                                   Bal b/d      55,000

Cash                        15,000

Bal c/d                    40,000

Accounts payable

                                                                                                                      Bal b/d        85,000

Equipment      175,000

Patent              25,000

Bal c/d                                                      285,000

Equipment account

Bal b/d                                                    175,000

Accounts payable                                  175,000

Cash                                                         100,000

Share capital                                             20,000

Bal c/d                470,000

 

Land account

Bal b/d                                   490,000

Revaluation profit                  70,000

Bal c/d            560,000

Revaluation account

                                                                                                                                Land                  70,000

Bal c/d                                     70,000

Ordinary share capital account

                                                                                                                                  Bal b/d             936,200

Equipment              65,000

Share redemption                       300,000

Bal c/d                                           701,200

Share redemption A/C

Share capital                                 300,000

Bal c/d              300,000

Patent A/C

Bal b/d                                              25,000

Accounts payable            25,000

Bal c/d                                                 0.00

Purchase returns A/C

                                                                                                             Bottle inventory                       175,000

Bal c/d                                           175,000

 

Bottle inventory account

Bal b/d                                          195,000

Purchase returns                         175,000

Bal c/d                                            20,000

 

 

Bank Loan A/C

                                                                                                                                    Cash                    65,000

Bal c/d                                             65,000

Trial Balance

Particulars $ Dr $ Cr
Land 560,000
Equipment 470,000
Furniture and fixtures 15,000
Patent 25,000
Bottle stock 20,000
Accounts receivable 51,000
Cash 68,200
Wages payable 40,000
Accounts payable 285,000
Loan payable 65,000
Taxes payable 58,000
Notes payable 60,000
Ordinary share capital 701,200
  1,209,200 1,209,200

Balance sheet as at 30th November

Particulars $ $
Assets
Land 560,000
Equipment 470,000
Furniture and fixtures 15,000
Patent 25,000
Total fixed assets 1,070,000
Bottle stock 20,000
Accounts receivable 51,000
Cash 68,200
Total current assets 139,200
Total assets   1,209,200
Liabilities
Wages payable 40,000
Accounts payable 285,000
Loan payable 65,000
Taxes payable 58,000
Notes payable 60,000
Total liabilities 508,000
Net assets   701,200
Financed by ordinary share capital   701,200

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Question 


HRM732 Individual Assignment #1

Ron Abrams has come into your office for his weekly 1 on 1 in which you update him on your weekly progress on your projects.  He has arrived with a stack of paperwork in his hands and a befuddled look on his face.  You ask what’s going on and he responds as follows. “Last year, as you know, we purchased a bankrupt, closed down bottling facility in The Ukraine.  I don’t know if you know this but in countries other than Canada they are using somewhat different accounting policies than we do, and the reports I have for the first few months of operations for that location look nothing like anything I have seen before.  I’m aware that the company made no money this month as it’s had no sales or operations, but I cannot understand our capital position.  I’m leaving you with a new project.  I know you’ve been learning accounting so I want you to take the opening information for the business from the date of purchase and come up with the balance sheet as it should appear to me as a Canadian Reader.”  You are somewhat puzzled with this new challenge, yet flattered at the same time, and agree to take it on.

HRM732 Individual Assignment #1

HRM732 Individual Assignment #1


Given:

The newly purchased firm was bought on November 1.  At inception the balance sheet accounts of the firm were as follows:

Account Name $ Account Name $
Accounts Payable   85,000 Bonds Payable (Over 1 Year)   45,000
Accounts Receivable  67,000 Share Capital  936,200
Land  490,000 Furniture and Fixtures    15,000
Building  320,000 Wages Payable    55,000
Equipment  175,000 Bottle Processing Patent Fee’s Payable    25,000
Cash      2,200 Taxes Payable    58,000
Notes Payable    60,000 Bottle Inventory  195,000

During the month of November the following transactions occurred:

Accounts Receivable for $16,000 was collected.

Wages due of $15,000 were paid out in cash.

$175,000 in Equipment was purchased on credit ($100 was due on delivery and was paid in cash).

Their land was appraised and found to be worth $560,000.

A stakeholder, Bruce Wayne, provided the company with equipment and in return received $65,000 in shares.

$300,000 in shares was retired for bonds payable on December 15, 2025.

Bottle Processing Patent Fees were paid completely out on Credit.

$175,000 in Old Bottles was returned to the former supplier for their cash value.

A bank loan for $65,000 was taken out.  The amount was kept in cash over the end of the month.

Required:

Create a Balance Sheet for November 30th assuming no other transactions occurred for the month other than those noted above.

1-Conversion to Canadian Balance Sheet and T-Accounts (17 marks)

2- Final Balance Sheet (23 Marks)

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