Accounting Equation Adjustment Entries Homework Help
- November 24, 2017
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- Category: Accounting
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1.What is meant by the control function of management accounting?
2.Adjustments are to be made in respect of the following:
(a) Accrued expenses: Salaries (Office) $5000, Salaries (Factory) $3000
(b) Insurance paid in advance, $2000
(c) Taxation expense for current year, $500 000
(d) Depreciation of factory plant, $35 000
(e) Insurance and rates are to be apportioned three-quarters to the factory and one-quarter to the office.
(a) Prepare a manufacturing statement for the year.
(b) Prepare an income statement for the year.
3.The Materials Control account balance was $20 000 on 30 June. Raw materials purchased during June cost $90 000. Direct materials issued to production during June were $50 000 and indirect materials consumed were $30 000.
Materials Control T-account to record these transactions and to determine the balance of Materials Control on 1 June.
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4.Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March’s direct labour totalled $18 000.
T-account for Accrued Payroll and general journal entries for recording salaries and wages earned by, and paid to, factory employees during March.
5.At 30 June 2017, an entity holds a block of land from which it generates revenue by leasing it to agricultural enterprises. The land has a carrying amount of $2.5 million. An independent market appraisal has valued the land at $2.36 million but costs to dispose of the land are estimated at $100 000. The value in use of land is determined to be $2.33 million.
1. Determine the recoverable amount of the land.
2. Prepare the appropriate journal entry to record any impairment loss that should be recognised. Suppose now that this same block of land was carried under the revaluation model.
3. Prepare the journal entry to record any necessary adjustment assuming there had been no prior revaluations.
4. Prepare the journal entry to record any necessary adjustment assuming there had been a prior revaluation increase of $200 000.
5. Prepare the journal entry to record any necessary adjustment assuming there had been a prior revaluation increase of $120 000.
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