The Management Accounts Wine World Pty Ltd & External Financial Statements - Accounting Assignment Help

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Question 1

You have been presented with an extract of the management accounts (and in particular, the Balance Sheet) of Wine World Pty Ltd as at 30 June 2020.  

Wine World Pty Ltd is a wholesaler/distributor of Australian wines. It is based in Brisbane and buys Australian wines from wine producers, based in the Hunter Valley (in New South Wales) and the Margaret River (in Western Australia) and on?sells these wines to bottle shop retailers in Queensland. It has recently started selling some wine to a Japanese?based bottle shop located in Tokyo

The company is a large proprietary company and is considered a reporting entity. The company was incorporated on 9 May 2010. The company is in the process of preparing its external financial statements for the year ended 30 June 2020.

The company tax rate of 30% applies to Wine World Pty Ltd.

The managing director of the company, Billy Field, has drawn your attention to three assets which appear in the management accounts which have been prepared by the company’s management accountant, Peter Gabriel.

Neither Billy, nor Peter have any knowledge of IFRS, and as such, ask your group to prepare the notes to the accounts for inclusion in the company’s 2020 external financial statements.

Question 2 (Cont.)

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