Accounting Journal Entries and Statements

Sovereign Ltd.'s financial information for the years ended 30 June 2015, 2016, and 2017 includes goodwill impairment at 30 June each year. The company's share capital increased from $63,000 on June 30, 2015 to $73,000 on June 30, 2017. There were no journal entries required for 30 June 2016. The financial statements also include the acquisition of Yellow Ltd by Red Ltd in July 2015, which eliminated the investment in Yellow Ltd. The worksheet extract shows the consolidated financial statements for Red Ltd and its subsidiary, Yellow Ltd. Additionally, Roberto Limited's financial information includes the sale of goods, interest income, consultancy fees received, cost of sales, finance costs, distribution expenses, marketing expenses, warehouse services expenses, administration expenses, other expenses, and income tax expense. The company also has an asset revaluation reserve with a balance of $40,000 as at July 1, 2016, which increased by $150,000 on June 30, 2017 due to the restatement of land carrying value. The statements required are the Statement of Comprehensive Income, Statement of Changes in Equity, and Notes to the Financial Statements.

FNS5017 Diploma of Accounting
Module 1.2 Assignment
Instructions:
 This assignment contains multiple Assessment Activities
 Please complete the Declaration of Authenticity at the bottom of this page
 Save this assignment (e.g. on your desktop)
 To complete the assignment, read the instructions for each question carefully.
 You may be required to refer to your learning materials or other sources to complete
this assessment.
 You are required to type all your responses in the spaces provided
 Once you have completed all parts of the assignment and saved it, login to the
Monarch Institute LMS to submit your assignment for grading
 To submit your assignment click on the file “Submit Diploma of Accounting Module 1.2
Assignment” in the Module 1 section of your course and upload your assignment file.
 Please be sure to click “Continue” after clicking “submit”. This ensures your assessor receives
notification of your submission – very important!
Declaration of Understanding and Authenticity *
I have read and understood the assessment instructions provided to me in the Learning Management System.
I certify that the attached material is my original work. No other person’s work has been used without due
acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose
of detecting plagiarism.
Student Name*: Date:
* I understand that by typing my name or inserting a digital signature into this box that I agree and am bound by the
above student declaration.
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 1 of 26

Units Covered: FNSACC514
Important assessment information
Aims of this assessment
This assessment focuses on the preparation of financial reports for corporate entities.
Marking and feedback
This assignment contains multiple Assessment Activities each containing specific instructions.
This particular assessment forms part of your overall assessment for the following unit(s) of
competency:
 FNSACC514 Prepare financial reports for corporate entities
Grading for this assessment will be deemed “competent” or “not-yet-competent” in line with specified
educational standards under the Australian Qualifications Framework.
What does “competent” mean?
These answers contain relevant and accurate information in response to the question/s with limited
serious errors in fact or application. If incorrect information is contained in an answer, it must be
fundamentally outweighed by the accurate information provided. This will be assessed against a
marking guide provided to assessors for their determination.
What does “not-yet-competent” mean?
This occurs when an assessment does not meet the marking guide standards provided to assessors.
These answers either do not address the question specifically, or are wrong from a legislative
perspective, or are incorrectly applied. Answers that omit to provide a response to any significant issue
(where multiple issues must be addressed in a question) may also be deemed not-yet-competent.
Answers that have faulty reasoning, a poor standard of expression or include plagiarism may also be
deemed not-yet-competent. Please note, additional information regarding Monarch’s plagiarism policy
is contained in the Student Information Guide which can be found here:
http://www.monarch.edu.au/student-info/
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 2 of 26

Units Covered: FNSACC514
What happens if you are deemed not-yet-competent?
In the event you do not achieve competency by your assessor on this assessment, you will be given
one more opportunity to re-submit the assessment after consultation with your Trainer/ Assessor. You
will know your assessment is deemed ‘not-yet-competent’ if your grade book in the Monarch LMS says
“NYC” after you have received an email from your assessor advising your assessment has been graded.
Important: It is your responsibility to ensure your assessment resubmission addresses all areas
deemed unsatisfactory by your assessor. Please note, if you are still unsuccessful in meeting
competency after resubmitting your assessment, you will be required to repeat those units.
In the event that you have concerns about the assessment decision then you can refer to our
Complaints & Appeals process also contained within the Student Information Guide.
Expectations from your assessor when answering different types of assessment questions
Knowledge based questions:
A knowledge based question requires you to clearly identify and cover the key subject matter areas
raised in the question in full as part of the response.
Performance based questions:
A performance based question requires you to clearly demonstrate your ability to complete certain
tasks, that is, to perform these tasks.
Good luck
Finally, good luck with your learning and assessments and remember your trainers are here to assist
you 
The following questions are based on the material in the text “Prepare Financial Reports for Corporate
Entities” (3rd or 4th Edition) by Gavin Dumbrell & Damien Kelly.
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 3 of 26
Assessment Activities
Short Answer and Worked Answer Questions
FNSACC514 Financial Reports for Corporate Entities

Units Covered: FNSACC514
Activity instructions to candidates
 This is an open book assessment activity.
 You are required to read this assessment and answer all questions that follow.
 Please type your answers in the spaces provided.
 Please ensure you have read “Important assessment information” at the front of this assessment
 Estimated time for completion of this assessment activity: 2-3 hours
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 4 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 1:
1. List three (3) differences between a small and a large proprietary company?
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 5 of 26
1.
2.
3.

Units Covered: FNSACC514
The following questions are based on the material in Chapter 2:
2. Rufflander Ltd offered for subscription 300,000 $1 ordinary shares payable in full on application.
All 300,000 shares were applied for and allotted.
Required: Prepare general journal entries to record the share issue. (Ignore dates).
Rufflander Ltd. – General Journal Entries
Date Accounts Debit Credit
Receipt of application money
Issue of 300,000 $1 fully paid ordinary
shares
Transfer of application funds to
bank
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 6 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 3:
3. Prepare general journal entries to record the issue of 1,000 $100 8% debentures at par, payable in
full on application. (Ignore dates).
Date Account Debit Credit
Receipt of application money for debentures
Issue of Debentures
Transfer of application funds to bank on
issue of debentures
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 7 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 4:
4. Elliot forms a company, Smelliot Ltd, to take over his business as a going concern.
The consideration for the sale of the business is 500,000 shares issued at $1.00 each and $300,000 in
cash. The assets and liabilities (in $) of the business were:
Freehold Land and Buildings 400,000
Plant and Equipment 150,000
Motor Vehicles 74,000
Inventory 164,000
Accounts Receivable 125,000
Allowance for Doubtful Debts 15,000
Accounts Payable 115,000
All assets and liabilities are at fair value except accounts receivable that are expected to realise
$100,000.
Required: Prepare the general journal entries in the books of Smelliot Ltd to record the purchase
of the business and discharge of the purchase consideration.
Cash transactions are to be recorded in the general journal.
Smelliot Ltd. – General Journal
Account Debit Credit
Acquisition of business
Payment of Purchase Consideration
The following questions are based on the material in Chapter 5:
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 8 of 26

Units Covered: FNSACC514
5 a. Why would a company establish a reserve?
5 b. List three (3) types of reserves which may be established?
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 9 of 26
1.
2.
3.

Units Covered: FNSACC514
6. Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30 June:
September Quarter 11,000
December Quarter 11,000
March Quarter 11,000
June Quarter 11,000
Total 44,000
Taxable income for the year ended 30 June, was $168,000. Company tax rate is 30%.
Required:
Prepare general journal entries to record the company’s income tax instalments and final payment.
Cool Hats Ltd. – General Journals
Date Account Debit Credit
1st Qtr
PAYG Tax Instalment due for quarter
1st Qtr
Payment of PAYG tax instalment for
2nd Qtr
PAYG Tax Instalment due for quarter
2nd Qtr
Payment of PAYG tax instalment for
3rd Qtr
PAYG Tax Instalment due for quarter
3rd Qtr
Payment of PAYG tax instalment for
4th Qtr
PAYG Tax Instalment due for quarter
4th Qtr
Payment of PAYG tax instalment for
4th Qtr
Additional tax payable for year
4th Qtr
Balance transferred
The following questions are based on the material in Chapter 6:
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 10 of 26

Units Covered: FNSACC514
7. (a) Describe the difference between the tax payable method and tax effect method of accounting for
income tax.
(b) Provide two (2) examples of items treated differently under the two methods, that is, treated differently
under the accounting treatment and the tax effect method.
Item Accounting
treatment Tax treatment
1.
2.
(c) Which method must be used by reporting entities?
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 11 of 26

Units Covered: FNSACC514
8. Prepare the tax effect Journal Entries for the following independent situations and explain why each gives
rise to a Deferred Tax Asset or a Deferred Tax Liability at June 2016.
Tax Rate is 30%.
Enter your answers in the grids provided.
(a)The current period Doubtful Debts expense for a company was $9,000. The balance in the Allowance for
Doubtful Debts account at the beginning of the period was $7,000. During the current period $6,000 of
Bad Debts had been written off against the Allowance for Doubtful Debts.
Account Debit Credit
$
$
Explanation:
(b)A publishing company has received $20,000 of subscriptions in advance of publications. This revenue will
be recognised in the accounting records over the next four years. This amount is treated as assessable
income for income tax purposes.
Account Debit Credit
$
$
Explanation:
(c) Plant and Machinery was acquired for $200,000 on 1 July 2015. Accounting depreciation is 25% p.a. and
tax depreciation is 30% p.a.
Account Debit Credit
$
$
Explanation:
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 12 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 7:
9. (a) Tommy Company Ltd provided the following information in regard to its operations for the
year ended 30 June 2016:
Cash Book
Opening balance 324,000 Accounts Payable 144,000
Accounts Receivable 260,000 Bills Payable (suppliers) 16,000
Dividends Received 18,000 Land and Buildings 270,000
6% Debentures 50,000 Other Operating Expenses 188,000
Interest Income 20,000 Petty Cash 3,000
Machinery 41,000 Dividend paid 40,000
Share Capital 200,000 Provision for Holiday Pay 24,000
Salaries & Wages 101,000
Current Tax Payable 22,000
Closing balance 105,000
$913,000 $913,000
Required: Prepare a Cash Flow Statement for the financial year ended 30 June 2016, including the
required reconciliation of cash.
( a ) Statement of Cash Flows for Financial Year Ended 30 June 2016
( i ) Cash flows from Operating Activities
Receipts from Customers $
Dividends Received $
Interest Income $
Payments to Suppliers $
Payments to Employees $
Taxation Paid $
Other Operating Expenses $
Net cash used in Operating Activities $
( ii ) Cash flows from Investing Activities
Proceeds from disposal of Machinery $
Purchase of Property, Plant & Equipment $
Net cash used in Investing Activities $
( iii ) Cash flows from Financing Activities
Proceeds of Share Issue $
Proceeds of Debenture Issue $
Dividends Paid $
Net Cash from Financing Activities $
Net decrease in cash and cash equivalents $
Cash and cash equivalents at beginning $
Cash and cash equivalents at end of year $
Reconciliation of cash and cash equivalents
Cash at bank $
Petty cash on hand $
Cash and cash equivalents at end of year $
9(b) An extract from the Statements of Financial Position of Catbird Ltd showed the following for the years
ended 30 June 2016 and 30 June 2017 were:
30 June 2016 30 June 2017
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 13 of 26

Units Covered: FNSACC514
$ $ $ $
Current Assets
Accounts Receivable 60,000 70,000
Allowance for Doubtful Debts – 5,000 55,000 – 5,000 65,000
Bank 21,000 16,000
Bills Receivable (from debtors) 0 8,000
Inventory 104,000 100,000
Current Liabilities
Accounts Payable 40,000 36,000
Current Tax Payable 30,000 33,000
Final Dividend Payable 32,000 40,000
Provision for Annual Leave 20,000 17,000
Additional Information:
Net profit after taxation is $200,000 in 2017. This profit was determined after accounting for the following
income and expense items:
Depreciation $22,000
Profit on sale of non-current asset $2,000
Required:
Determine the cash provided or used in operating activities for the year ended 30 June 2017 by completing the
reconciliation of cash flows from operating activities with net profit.
Catbird Ltd - Reconciliation to determine cash flows from operating activities:
Net Profit after Tax
+ / - Add (subtract) Non-Cash Items:
Changes in Current Assets and Liabilities
Net cash from Operating Activities $
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 14 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 8:
10. Lozza Limited had the following trial balance as at 30 June 2016:
Account $ $
Cash at Bank 81,000
Cash on Hand 3,500
Land & Buildings 1,920,000
Accounts Receivable 269,300
Plant & Equipment 267,000
Goodwill 220,000
Allowance for Doubtful Debts 5,200
Accumulated Depreciation – Buildings 76,000
Shares in Private Companies 110,000
Accrued Income 8,900
Raw Materials 47,600
Work in Progress 36,000
Accumulated depreciation – Plant &
Equipment
58,000
Accumulated Impairment – Goodwill 22,000
Spare Parts 7,400
Prepaid Expenses 15,600
Licenses 85,000
Finished Goods 286,500
Accumulated Amortisation – Licenses 34,000
Shares in Listed Companies 370,000
Deferred Tax Assets 58,000
Deferred Tax Liabilities 21,000
Bills Receivable 82,000
Deposits at Call 50,000
Other Liabilities (current) 654,000
Retained Earnings 2,047,600
Share Capital 1,000,000
Total 3,917,800 3,917,800
Additional Information:
■ A $30,000 bill of exchange is due on 15 March 2018. All other bills are due before December 2016.
■ Impairment testing has revealed that further impairment losses of $11,000 on goodwill and $17,000 on
licences are to be recorded.
■ On 30 June 2016, land & buildings were re-valued at $2,400,000 by an independent valuer.
■ All inventories are recorded in the ledger at cost.
■ The market value of shares in listed companies as at 30 June 2016 was $420,000.
■ Director’s estimate that the shares in private companies are worth $145,000.
■ Tax rate is 30%.
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 15 of 26

Units Covered: FNSACC514
Required:
(a) Complete a Statement of Financial Position as at 30 June 2016.
(b) Complete notes accompanying the Statement of Financial Position for assets.
Tips:
We suggest you follow these steps in completing your answer:
1. Transfer all of the items from the Trial Balance items to the respective "(b) Notes to Statement of Financial
Position".
Now transfer the total from each "Note" at (b) to the "(a) Statement of Financial Position".
Total the "(a) Statement of Financial Position" and ensure that it balances.
2. Next, one at a time, process each "Additional Information" adjustment and record each adjustment in the
relevant "Note" at (b).
Now, transfer the revised total of any adjusted "Notes" to the "Statement of Financial Position". You may need
to revise some values in the "Statement of Financial Position" that you previously reported (in Step 1).
After processing each adjustment, again total the "Statement of Financial Position" and ensure that it
balances.
3. Any income or expense adjustments should be posted to Retained Earnings.
4. Any revaluation adjustment should be applied to the asset value after allowing for accumulated
depreciation. This also means that any accumulated depreciation is reset to nil upon revaluation of the asset.
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 16 of 26

Units Covered: FNSACC514
(a) Statement of Financial Position of Lozza Limited at 30 June 2016
ASSETS
CURRENT ASSETS Note: $
Cash and cash equivalents 1 $
Trade and other receivables 2 $
Inventories 3 $
Other Current Assets 4 $ $
NON CURRENT ASSETS
Available for sale investments 5 $
Other financial assets 6 $
Property plant and equipment 7 $
Goodwill 8 $
Other intangibles 9 $
Other non-current assets 10 $ $
TOTAL ASSETS $
CURRENT LIABILITIES
Other Current liabilities $
NON CURRENT
LIABILITIES
Deferred tax liabilities 11 $
TOTAL LIABILITIES $
NET ASSETS $
EQUITY
Share capital $
Reserves 12 $
Retained Earnings $
TOTAL EQUITY $
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 17 of 26

Units Covered: FNSACC514
(b) Notes to Statement of Financial Position
1. Cash and cash equivalents
Cash at bank $
Cash on hand $
At call deposit $ $
2. Trade and other
receivables
Trade Receivables $
Allowance for Doubtful Debts $ $
Bills Receivable ( due 12/16) $ $
3. Inventories
Raw Materials at cost $
Work in Progress at cost $
Finished Goods at cost $ $
4. Other current assets
Spare parts $
Accrued Income $
Prepayments $ $
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 18 of 26

Units Covered: FNSACC514
(b) Continued…..Notes to Statement of Financial Position
5. Available for sale investments
Shares in Listed Companies
- at market value (Cost $370,000) $
6. Other Financial Assets
Shares in Private Companies
- at Directors’ value (Cost $110,000) $
7. Property, plant & equipment
Land & Buildings
( revalue 30/06/16 ) independent valuer $
Plant & Machinery (at cost) $
Less Accumulated Depreciation $ $ $
8. Goodwill
Goodwill (at cost) $
Less Accumulated Impairment $ $
9. Other Intangible Assets
Licenses (at cost) $
Less Accumulated Amortisation $ $
10. Other Non-Current Assets
Bills Receivable ( due 15/03/18 ) $
11. Deferred Tax Liabilities
Deferred Tax Labilities $
Revaluation Land, Buildings $
Revaluation Shares $
Deferred Tax Assets $ $
12. Reserves
Asset Revaluation Reserve
- buildings $
- shares in listed companies $
- shares in private companies $
- tax effect of revaluations $
$
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 19 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 9:
11. Dynamite Limited has determined its explosive division is a cash generating unit.
The carrying amount of the assets at 30 June 2016 is:
Building 105,000
Land 75,000
Equipment 60,000
Inventory 30,000
Dynamite calculated the value in use of the division as $260,000.
Required: Provide the journal entries for the impairment loss assuming that the fair value of the
land less the costs to sell the land is:
(a) $70,000
(b) $62,500
( a ) Workings:
Fair value Carrying Value
Building
Land
Equipment
Inventory
Total
$ Notes:
Carrying Value
Less Recoverable
amount
Note: fair value less
costs to sell
Impairment Loss
Journal:
DR CR
Narration: Journal entries to account for impairment loss under
AASB136
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 20 of 26

Units Covered: FNSACC514
( b )
Fair value $ Carrying Value $
Building
Land
Equipment
Inventory
Total
$ Notes:
Carrying Value
Less Recoverable
amount
Note: value in use
Impairment Loss
Journal:
DR CR
Narration: Journal entries to account for impairment loss under
AASB136
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 21 of 26

Units Covered: FNSACC514
12. The acquired goodwill value for Sovereign Ltd is $73,000. The goodwill is tested for impairment and the
appropriate carrying amounts were established at:
30 June 2015 $68,000
30 June 2016 $73,000
30 June 2017 $63,000
Required:
Journal entries, if necessary, to account for any goodwill impairment at 30 June of each year.
Sovereign Ltd.
Date Account Debit Credit
30 June
2015
$
$
Impairment allowance for the year
$
$
Balance transferred
30 June 2016 Hint: Carefully consider whether you think a journal is required at 30/6/16.
Provide your explanation if no journal is required:
Date Account Debit Credit
30 June
2017
$
$
Impairment allowance for the year
$
$
Balance transferred
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 22 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 10:
13. Red Limited acquired 100% of the issued capital of Yellow Limited on 1 July 2015 for $80,000.
At that date the shareholders’ equity of Yellow Limited was:
Share Capital $60,000
Reserves $15,000
Retained Earnings $ 5,000
Required:
(a) Prepare the journal entry to eliminate the investment in Yellow Ltd by Red Ltd.
Date Account Debit Credit
30 June
2016
$
$
$
$
Journal entry to eliminate the
investment in Yellow Ltd by Red Ltd.
(b) Complete the worksheet extract, as at 30 June 2016.
Worksheet extract
as at 30 June 2016 Red Ltd Yellow Ltd Eliminations Consolidation
Balance
Dr Cr
Operating Profit after tax 48,000 33,000
Retained Earnings 01/07/15 20,000 5,000
68,000 38,000
Appropriations 28,000 14,000
Retained Earnings 30/06/16 40,000 24,000
Share Capital 200,000 60,000
Reserves 72,000 15,000
Shares in Yellow Ltd 80,000
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 23 of 26

Units Covered: FNSACC514
The following questions are based on the material in Chapter 8:
14. The following relates to Roberto Limited for the year ended 30 June 2017:
Sale of goods $2,050,000
Interest income 12,500
Consultancy fees received 60,000
Cost of sales 325,000
Finance costs 44,500
Distribution expenses 60,000
Marketing expenses 115,000
Warehouse services expenses 250,000
Administration expenses 55,000
Other expenses 110,000
Income tax expense 440,000
Additional information:
 The balance of the asset revaluation Reserve at 1 July 2016 was $40,000. On 30 June 2017 the carrying
value of land was restated to a directors’ valuation resulting in a credit to the asset revaluation
Reserve of $150,000. Assume a company tax rate of 30%.
 Retained earnings at 1 July 2016 $150,000
 As at 1 July 2016 there were 400,000 fully paid ordinary shares on issue $400,000
 Dividends paid and proposed during the FY:
o Interim dividend paid, fully franked $30,000
o Final dividend proposed, fully franked $22,500
 Transfer from retained earnings to General Reserve $35,000
 General Reserve at 1 July 2016 $nil
 During the FY, a further $100,000 ordinary shares were issued and fully paid on application $100,000
 Pending legal action against the company for infringement of a patent for $500,000. Directors’ don't
believe that this action will be successful.
 One of the directors provided warehouse services for $50,000 in the current financial year. The service
was provided at arm’s length. This transaction has already been included the financial values provided
in the table (above).
Required: Prepare the following:
 a Statement of Comprehensive Income,
 a Statement of Changes in Equity and
 Notes to the Financial Statements at 30 June 2017.
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 24 of 26

Units Covered: FNSACC514
Roberto Limited
Statement of Comprehensive Income for the year ended 30 June 2017
Note $
Sales revenue
Cost of goods sold
Gross Profit
Other income
Finance costs
Distribution costs
Marketing costs
Warehouse services costs
Administration costs
Other expenses
Profit before income tax
Income tax expense
Profit after tax
Other comprehensive income:
Gain on revaluation of land
Income tax on revaluation of land
Total other comprehensive income
Total comprehensive income
Statement of Changes in Equity – Roberto Ltd.
For the year ended 30 June 2017
Notes Share capital
$
Revaluation
reserve
$
General
reserve
$
Retained
earnings
$
Total
equity
$
Balance at 1 July 2016
Total comprehensive
income for the year
Transfer to/from reserves
Transactions with owners:
Issue of share capital
Dividends provided for or
paid
Total transactions with
owners
Balance at 30 June 2017
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 25 of 26

Units Covered: FNSACC514
Notes to the financial statements (extract):
For the financial year ended 30 June 2017
1. Revenue
Sale of goods $
Other income:
Interest income $
Consultancy fees received $
Total other income $
Total revenue $
2. Related parties
{enter your note here}
3. Reserves
Asset revaluation reserve
General reserve
Movement in reserves:
Asset revaluation reserve
Balance at 1 July 2016
Revaluation of land
Tax effect on revaluation
Balance at 30 June 2017
$
$
$
$
$
- $
$
4. Contingent Liabilities
{enter your note here}
FNS50217 Diploma of Accounting - Module 1.2 Assignment 170813 Page 26 of 26