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ACC1100 - ACF1100 - Introduction to financial accounting - S2 2025
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An extract of the balance sheet of ABC Ltd at 1 July 2024 is shown below:
Shareholder’s Equity $
Share Capital (5,000,000 ordinary shares) 10,000,000
General Reserves 275,000
Retained Earnings 1,830,000
12,105,000
The following events occurred during the year ended 30 June 2025:
- ABC Ltd purchased a block of land in exchange for issuing 500,000 new ordinary shares for the total value of $2,000,000.
- ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each share.
On 30 June 2025
- Tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a profit before tax of $1,340,000 (which is currently in the P&L Summary account).
- Directors of ABC Ltd transferred $300,000 to a general reserve.
- Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July 2025 (on ALL shares issued).
Required: Calculate the Retained Earnings balance at 30 June 2025 after recording the transactions above.
Use only whole numbers. Do not include dollar signs or commas.
Magenta Ltd issued 450,000 shares at $4 each to commence trading on 1 July 2024.
During the financial year ending 30 June 2025, the company reported a before-tax profit of $1,080,000 (after-tax profit $762,000).
They also transferred $370,000 to a General Reserve.
Directors declared a dividend of $0.30 per share to be paid in September 2025.
An extract of the balance sheet of Magenta Ltd at 30 June 2025 based on the information above would be presented as:
Current Liabilities Dividend Payable Tax PayableEquityShare CapitalRetained EarningsGeneral ReserveWhat amount would be shown for General Reserve?Enter only digits, no dollar sign, no comma.
An extract of the balance sheet of ABC Ltd at 1 July 2024 is shown below:
Shareholder’s Equity $
Share Capital (5,000,000 ordinary shares) 10,000,000
General Reserves 275,000
Retained Earnings 1,830,000
12,105,000
The following events occurred during the year ended 30 June 2025:
- ABC Ltd purchased a block of land in exchange for issuing 500,000 new ordinary shares for the total value of $2,000,000.
- ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each share.
On 30 June 2025
- Tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a profit before tax of $1,340,000 (which is currently in the P&L Summary account).
- Directors of ABC Ltd transferred $300,000 to a general reserve.
- Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July 2025 (on ALL shares issued).
Required: Calculate the Share Capital balance at 30 June 2025 after recording the transactions above.
Use only whole numbers. Do not include dollar signs or commas.
Magenta Ltd issued 450,000 shares at $4 each to commence trading on 1 July 2024.
During the financial year ending 30 June 2025, the company reported a before-tax profit of $1,080,000 (after-tax profit $762,000).
They also transferred $370,000 to a General Reserve.
Directors declared a dividend of $0.30 per share to be paid in September 2025.
An extract of the balance sheet of Magenta Ltd at 30 June 2025 based on the information above would be presented as:
Current Liabilities Dividend Payable Tax PayableEquityShare CapitalRetained EarningsGeneral Reserve What amount would be shown for Dividend Payable?Enter only digits, no dollar sign, no comma.Magenta Ltd issued 450,000 shares at $4 each to commence trading on 1 July 2024.
During the financial year ending 30 June 2025, the company reported a before-tax profit of $1,080,000 (after-tax profit $762,000).
They also transferred $370,000 to a General Reserve.
Directors declared a dividend of $0.30 per share to be paid in September 2025.
An extract of the balance sheet of Magenta Ltd at 30 June 2025 based on the information above would be presented as:
Current Liabilities Dividend Payable Tax PayableEquityShare CapitalRetained EarningsGeneral ReserveWhat amount would be shown for Share Capital?
An extract of the balance sheet of ABC Ltd at 1 July 2024 is shown below:
Shareholder’s Equity $
Share Capital (5,000,000 ordinary shares) 10,000,000
General Reserves 275,000
Retained Earnings 1,830,000
12,105,000
The following events occurred during the year ended 30 June 2025:
- ABC Ltd purchased a block of land in exchange for issuing 500,000 new ordinary shares for the total value of $2,000,000.
- ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each share.
On 30 June 2025
- Tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a profit before tax of $1,340,000 (which is currently in the P&L Summary account).
- Directors of ABC Ltd transferred $300,000 to a general reserve.
- Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July 2025 (on ALL shares issued).
Required: Calculate the Tax Payable balance at 30 June 2025 after recording the transactions above.
Use only whole numbers. Do not include dollar signs or commas.
An extract of the balance sheet of ABC Ltd at 1 July 2024 is shown below:
Shareholder’s Equity $
Share Capital (5,000,000 ordinary shares) 10,000,000
General Reserves 275,000
Retained Earnings 1,830,000
12,105,000
The following events occurred during the year ended 30 June 2025:
- ABC Ltd purchased a block of land in exchange for issuing 500,000 new ordinary shares for the total value of $2,000,000.
- ABC Ltd issued a further 500,000 ordinary shares for cash at an issue price of $3 each share.
On 30 June 2025
- Tax expense was estimated at $370,000, payable in August. In addition, ABC Ltd reported a profit before tax of $1,340,000 (which is currently in the P&L Summary account).
- Directors of ABC Ltd transferred $300,000 to a general reserve.
- Directors of ABC Ltd declared a final dividend of $0.15 per share to be paid on 22 July 2025 (on ALL shares issued).
Required: Calculate the General Reserve balance at 30 June 2025 after recording the transactions above.
Use only whole numbers. Do not include dollar signs or commas.
When preparing the financial statements of Delta Ltd, the accountant found the following information: opening balance of Retained earnings $25,000; Dividends declared $10,000, After-tax profit earned $20,000; Transfer to a reserve $13,000. The closing balance of Retained earnings for Delta Ltd is:
Expo Ltd has been operating for years and currently employs 12 staff. The total weekly wages expense is $21,125.
Each staff member is entitled to two weeks of sick leave per year, which is non-cumulative. Based on past experience, Find Ltd expects 80% staff to use their full sick leave entitlement annually.
Assuming Find Ltd records sick leave provisions on a weekly basis, what amount should be recorded each week?
Round to the nearest whole dollar if required. Enter only digits, no dollar sign, no comma. For example: 32567 NOT $32,567
Font Ltd has been operating for years and currently employs 14 staff. The total weekly wages expense is $16,800 ($1,200 × 14 staff). Employees are entitled to four weeks of annual leave (with a 17.5% loading) and two weeks of sick leave per year.
Font Ltd raised an annual provision for sick leave of $33,600. By the end of the year, staff had taken the following sick leave:
2 staff members had taken all of their sick leave (2 weeks each)
8 staff members had taken one week of sick leave each
4 staff members had taken no sick leave
Assuming no other entries have been made to the Provision for Sick Leave account, what is the closing balance of the Provision for Sick Leave account at this time?