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Exercise

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Exercises

a) Calculate revenues and expenses to be recognised for the years ending 30 June 2004, 30 June 2005 and 30 June 2006 according to AASB 111. b) Prepare ALL relevant journal entries for the year ended 30 June 2005.

a) Show the journal entries needed for the land (both blocks together, i.e. treated as one account) for the period 30 June 2006 to 30 June 2008 inclusive. Show appropriate calculations. b) Show the journal entries needed for the building located at George St for the period 30 June 2006 to 30 June 2008 inclusive. Show appropriate calculations. c) Show the journal entries needed for the Printing Press for the period 30 June 2006 to 30 June 2008 inclusive. Provide appropriate calculations and briefly describe whether the asset is impaired at the end of each year. d) Show the journal entries needed on 1 July 2008 for recording the sale of the Printing Press. Show appropriate calculations.

a) Can John Cabs Limited record the taxi licence? If so, show the journal entry to record the purchase on 1st July 2005, otherwise explain why John Cabs cannot record the licence. b) If relevant, record amortisation of the taxi licence for the year ended 30 June 2006. c) Can John Cabs Limited use a revaluation model for the taxi licence? If so, show all journal entries required to revalue the licence on 30 June 2006, otherwise explain why John Cabs cannot use the revaluation model to record them. d) Assuming John Cabs Limited uses the revaluation model, provide all journal entries needed for the financial year ending 30 June 2008 (with descriptions).

a) Provide the journal entries as required by the relevant accounting standards for Cameron Enterprises Ltd for 2011-2013 years.

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