BUSN9113 - Accounting Fundamentals - Creative Paving and Landscaping - Accounting Assignment Help

Assignment Task:

BUSN9113: Accounting Fundamentals Assignment Help

Creative Paving and Landscaping (CPL) offers a complete, creative and fully tailored paving and landscaping design and build service to the local community in Adelaide
for over 10 years. CPL has recently hired you as their casual accounts assistant. The owner’s wife, Julia Sweeney, also a part time accounting tutor at a local university,
assist with overseeing the financial aspect of the business. However, she is going on maternity leave and has asked you to prepare the relevant financial statements for
CPL for the financial year ending 30 June 2018. Due to concern about unsatisfactory quality of transaction recording and reporting by the previous accounts assistant, Julia reviewed and found the accounting records were incomplete and the recognition of revenues and expenses was not consistent with accrual accounting. Before the commencement of her maternity leave, Julia has rectified the errors up to the end of May 2018 and have provided you with the correct opening balances. You are given the following account balance as at May 31, 2018.

Cash at Bank $16,800
• Accounts Receivable $6,720
• Supplies - Herbicides $2,800
• Supplies - Fuel and Oil $1,200
• Motor Vehicles $80,000
• Accumulated Depreciation – Motor Vehicle $16,000 *
• Paving Equipment - $30,800
• Accumulated Depreciation – Paving Equipment $12,320 **
• Accounts Payable $3,500
• Unearned Revenue $5,000
• Bank Loan $20,000
• Capital $20,000
• Paving Revenue $91,500
• Landscaping Revenue $61,100
• Wages Expense $62,200
• Utilities Expense $28,900

*depreciation expense for motor vehicle is $8,000 per annum

** depreciation expense for paving equipment is $6,160 per annum

The following transactions occurred in the month of June. Ignore GST.

1 CPL signed a lease agreement to lease a storage shed for a monthly rental of $2,600. Rent for 3 months was paid in advance.

1 Paid for insurance premium $4,000, period of cover from 1 Jun 18 till 31 May 19.

4 CPL acquired a chipper and stump grinder equipment for a total cost of $40,320. A deposit of $8,500 was paid immediately and the balance was to be paid in 60 days. The equipment was expected to have a useful life of 6 years.

5 Purchased a quantity of herbicide supplies for $1060 cash. Purchased fuel and oil supplies for $1740 cash.

6 Signed a contract with Community Newspapers for 12 weeks of advertisements in its weekly free newspaper delivered to local homes. The business paid $1,800 in advance for these advertisements.

7 Received cash of $1,800 from a grateful client on a small paving job completed by CPL before the open inspection for sale. Received cash of $2800 for several
lawns that had been mowed for clients during the week.

10 Signed a contract with the local shopping centre to provide landscaping maintenance services to its outdoor eating area for a monthly fee of $3200. The shopping centre paid for 2 months’ services in advance.

11 Received payment of $3,000 for landscaping services provided to clients during the past week.

12 Paid casual wages of $4,540 for services provided to the business during the past fortnight. 22 Earned $7,600 for paving services provided to client (of which $5,000 deposit was paid back in May) and balance owing collected this week. Also, earned $2,790 for landscaping during the past week. All money was received in cash
except for one client for mowing services, who arranged to pay CPL $300, in 3 weeks’ time for services rendered. 26 Paid casual wages $3,670 for services provided to the business during the past fortnight. 28 Owner withdrew $4,000 in cash from the business in order to pay for the son’s private school fees.

Taking Julia’s advice, you have paid attention to transaction analysis and records, in particular, the recognition of income and expenses. You want to make sure they are
consistent with accrual accounting. In preparing for the analysis, you have collected additional information for the end of year adjustments (CPL uses straight line method
for depreciation and it is CPL policy to account for depreciation at financial year end):

1. Wages owing to all casuals on 30 June amounted to $1,620.

2. A physical count showed that only $860 of herbicide supplies and $750 of fuel and oil supplies were still on hand.

3. Four weeks of advertisements had appeared in the local community newspaper up to 30 June.

4. Paving services of $13,500 had been rendered to one of CPL major client on the last week of June but invoice has not been issued.

5. The business had provided landscaping maintenance services to its local shopping centre client for 3 weeks of the first month (assumed to be 4 weeks long).

6. Utilities bills arrived late, totalling to $2,650, have not been paid or recorded.

7. Interest accrued on the bank loan came to $1,200.

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