Advanced Financial Accounting: Methods, Revaluations, Journal Entries, and Lease Accounting

In this assignment we will discuss about advanced financial accounting and below are the summaries point:- The text discusses advanced financial accounting methods, including straight-line, sum-of-digits, declining-balance, and units of production. It provides answers and journal entries for revaluation, implicit interest rate demonstration, and lease accounting. The bibliography lists relevant sources on topics such as lease asset accounting and asset revaluation accounting.

Running head: ADVANCED FINANCIAL ACCOUNTING
Advanced financial accounting
Name of the student
Name of the university
Student ID
Author note

1ADVANCED FINANCIAL ACCOUNTING
Table of Contents
Answer to question 1..................................................................................................................2
Answer to question 2..................................................................................................................3
Answer to question 3..................................................................................................................3
Answer to question 4..................................................................................................................5
Bibliography...............................................................................................................................6

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Answer 1
(a) Straight – line method
(b) Sum – of – digits method
(c) Declining – balance method
(d) Units of production method

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Answer 2
Journal entries for revaluation on 30th June 2018
Answer 3
(a) Demonstration of 10% implicit interest rate

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(b) Journal entries in books of City Vans Ltd
(c) Journal entries in books of Deliveries Ltd
(d) Journal entries for purchase of truck on termination of lease

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Answer 4
(a) Weekly journal entries to record Jerry Lopez’s annual leave entitlements recognition
(b) Journal entries, assuming that Jerry Lopez avails 2 weeks annual leave

6ADVANCED FINANCIAL ACCOUNTING
Bibliography
Lin, K.C. and Graham, R.C., 2017. How Will the New Lease Accounting Standard Affect the
Relevance of Lease Asset Accounting?.
Maffei, M., 2016. Amortization and Depreciation. Global Encyclopedia of Public
Administration, Public Policy, and Governance, pp.1-7.
Vollmer, S., 2017. Lease Accounting Revamp. Journal of Accountancy, 223(4), p.16.
Walker, J. and Zimmer, I., 2015. Asset Revaluation Accounting. Wiley Encyclopedia of
Management, pp.1-5.