Australia Food Ltd Case Study - Creative Problem Solving Graduate Capabilities - Management Assignment Help

Assignment Task :

Question 1  

Australia Food Ltd is a company with several branches across Victoria and NSW. The Company produces various food products including meats and milks. You work as a management accountant in this company. 

Your manager has asked one of your colleagues in the management accounting department to prepare a comparative profit or loss report for the current and previous month. The manager wants the report to cover only meat production in Victoria’s branches. Your colleague suggests that since the company has different branches and products, financial statements should cover all of the company’s activities. He also suggested that the report should be prepared for a financial year in accordance with accounting standards. 

Using your knowledge of financial and managerial accounting, general and specific purpose financial reports and various users of accounting information, advise your colleague as to the approach they should adopt to meet the manager’s requirements and ensure the information correctly reflects the department’s operations.

Question 2  You have been provided with the unadjusted and adjusted trial balance for Cleaning Services Ltd as of 30 June 2019. 

Required: 

a) Record the unadjusted opening balance of each account in the correct T–account before recording adjusting entries. 

b) Record the adjusting entries in the General Journal using the below format: 

Cleaning Services Ltd General Journal Date Account (Narration) Post ref Debit $ Credit $ xxx XXX xxx (hold your CTRL and TAB key to indent) XXX (Don’t forget your narration). 

c) Record the adjusting entries in the correct T-accounts. 

d) Balance the T-accounts. (Only use one set of T-accounts for parts a, c and d – if there is only one entry in the T-account you may balance using double underlines directly under the individual figures. Once the account has more than 1 figure please use the full balancing process). 

e) Prepare an Income Statement, Statement of Changes in Owners’ Equity and a classified Statement of Financial Position 

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