ENGG433/956 - Financial Management For Engineered Assets Assignment

Assignment Task

The following factors have not yet been recorded in these accounting records:

a) The value of inventory as at 31/12/2023 was $52,000. Inventory was purchased on credit, but not yet recorded.

b) As at 31/12/2023, there were prepayments on insurance of $1000 and on rent of $3000. There were accruals of $1000 on electricity and $2000 on stationary expenses but not yet recorded.

c) Bad debts of $2000 should be written off.

d) A vehicle that has originally cost $5000 in July 2023 was sold for $2000 on 31 December 2023, and the sales proceeds were mistakenly credited to the Motor Vehicles expense account instead of Sales revenue. Ignore depreciation in calculating the motor vehicles book value on 31 December 2023 when adjusting the Motor vehicles Asset account.

e) Depreciation should be charged (on a straight-line basis) at a rate of 25 per cent for motor vehicles and 20 per cent for equipment. No motor vehicles or equipment became life-expired during the year.

Required:

i) Prepare adjusting entries to adjust the record for the above factors.

ii) Prepare a worksheet for the year ended on 31 December 2023

iii) Prepare Financial statements for 31 December 2023 (Income statement, Statement of changes in equity, and Balance sheet.)

Use the following chart of accounts in preparing your answer:

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