Hello Sir, I need assistance in Financial Accounting Standards and Corporate Reporting.
Need solution of question on excel sheet and Students are required to follow AASB Standards on the application of Financial Statements.
1. Demonstrate an understanding of influences on the regulation of financial reporting, and the development and role of accounting standards in Australia and internationally.
2. Demonstrate an understanding of the theoretical constructs of contemporary financial accounting.
3. Demonstrate an understanding of selected accounting standards, including the ability to apply such standards in appropriate circumstances.
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Sem 3, 2018; ACC202/ACC2004 Financial Accounting Standards and Corporate Reporting Spreadsheet Assignment hardcopy (in-class) and softcopy (on moodle) – 15% thDue Monday, 5 pm; 4 February 2019 – Week 11 You are advised to show your work-in-progress in class every week to obtain feedback and improve on your assignment. The spreadsheet file should have your surnames (each group member) as the filename. You should clearly indicate your full name and student ID on the spreadsheet either on the bottom or the top of Sheet1. Prepare a Statement of Profit and Loss and Other Comprehensive Income and ththe Statement of Changes in Equity for the reporting period ending 30 June 2018.You are to adhere to the requirements of AASB101 Presentation of Financial Statements with relevant notes and is to be presented professionally. (Please see annual financial statements of public companies as a reference). This is a group assignment (2 members per group) and must be completed in an electronic spreadsheet with formulae being applied. The following transactions occurred for a logistics company during the year. Finanzial Ltd generated revenues from the provision of services for the financial year ended 30 June 2018 of $3 500 000. (a) Balance of retained earnings on 1 July 2017 was $1 301 577. (b) On 1 January 2018 the company revalued its buildings by $600 000. (c) Other expenses given below: Wages $800 000 Electricity 100000 Rates 50 000 Selling expenses 200 000 Administrative expenses 400 000 Other expenses 80 000 1(d) Dividends paid on 1 April 2018 were $800 000. (e) Plant and equipment was purchased for $600 000. (f) Depreciation using the straight-line method was $400 000. (g) On 31 August 2016 the company entered into a non-cancellable finance lease agreement with lorries-r-uz Ltd to acquire a numberof additional trucks. Finance costs related to this transaction amounted to $49789 for the current financial year. (h) On…