2009 FinalExam Answers - 1 University of New South Wales...

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Please see over 2 Present Value Tables (extract): Years PV of \$1 @ PV of \$1 ordinary annuity @ PV of \$1 @ PV of \$1 ordinary annuity @ PV of \$1 @ PV of \$1 ordinary annuity @ 5% 5% 7% 7% 10% 10% 1 .9524 .9524 .9346 .9346 .9091 .9091 2 .9070 1.8594 .8734 1.8080 .8264 1.7355 3 .8638 2.7232 .8163 2.6243 .7513 2.4869 4 .8227 3.5460 .7629 3.3872 .6830 3.1699 5 .7835 4.3295 .7130 4.1002 .6209 3.7908 6 .7462 5.0757 .6663 4.7665 .5645 4.3553 7 .7107 5.7864 .6227 5.3893 .5132 4.8684 8 .6768 6.4632 .5820 5.9713 .4665 5.3349 9 .6446 7.1078 .5439 6.5152 .4241 5.7590 10 .6139 7.7217 .5083 7.0236 .3855 6.1446 If present values are needed in any questions, you must use the present values in the table above.
Please see over 3 Part A Multiple Questions (2 marks each) 1. Verity Vineyard Ltd owns grapevines. At 1 July 2008 Verity Vineyard Ltd’s grape vines had a net market value of \$300,000. During the year ended 30 June 2009, \$20 000 was spent on fertilisers. Grapes with a market value of \$200,000 were harvested on 15 th June 2009 at a cost of \$30 000. \$10,000 was spent packaging and delivering the grapes to market and they were sold on 30 June 2009 at a price of \$210,000. At 30 June 2009 the net market value of Shoreham Vineyard Ltd’s grape vines was \$350,000. Applying the principles of AASB 141 “Agriculture”, which of the following is correct for the year ended 30 June 2009? Change in value of grapevines Gain recorded on 15 th June Profit or loss recorded for 30th June a) zero \$150,000 zero b) \$50,000 \$150,000 \$10,000 loss c) \$50,000 \$200,000 \$30,000 profit d) \$50,000 \$200,000 Zero e) answer \$50,000 \$150,000 Zero Use the following information to answer questions 2 and 3 On 1 July 2008 the College of Knowhow commenced operations providing students with

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This note was uploaded on 07/19/2011 for the course ACCT 3563 at University of New South Wales.

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2009 FinalExam Answers - 1 University of New South Wales...

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