Week 7 Tutorial Questions Solutions

Week 7 Tutorial Questions Solutions - for 2006. This...

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ACCT1501 2011S1 Week 7 Tutorial Questions Solutions Tutorial Questions: Case 5A CASE 5A 1 Indication in the accounts a Prepayments – Yes Note 5, 8. b Unearned revenue – Yes Note 12 c Accrued expenses – No d Accrued revenues – No 2 Post-closing trial balance would be similar to balance sheet with separate items for accounts detailed in the notes. Contra accounts would be included as credit balances and related assets would be shown at gross figures. 3 Woolworths Limited use 24 June 2007 because this is exactly 52 weeks after the fiscal year end
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Unformatted text preview: for 2006. This enables the results of each year to be compared with those for previous years. 4 $m a Net book value of land and buildings 1,909.6 b Net book value of plant and equipment 2,713.4 4,623.0 5 Trade debtors 95.7 Trade receivables are presented net of impairment allowance (Note 8) 6 2007 2006 Amounts provided for bad and doubtful debts 2.3 3.1 (see note 2d) 7 Journal entry to record bad debt: Dr Allowance for doubtful debts Cr Accounts receivable Journal entry to increase provision: Dr Bad debts expense Cr Allowance for doubtful debts...
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