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Individual Assignment

Unit: TACC102 Accounting 1B

Total Marks: 100 marks (20%)

Number of Questions: 2 Parts

Instructions: All questions should be attempted.


The marks of each question would be awarded based on your
understanding of the questions, concepts and procedures; hence
you should demonstrate your answers step by step.

No hard copy is required, please submit your work through


the Turn-it-in system
PLEASE READ THIS DOCUMENT CAREFULLY BEFORE YOU

BEGIN, SO YOU DO NOT LOSE MARKS.

INSTRUCTIONS TO FOLLOW:

NO Suggested length
Any list of the references actually cited must be included in your assignment paper.
Font type should be Times New Roman (size 12), paragraph spacing should be equal
to 1.5.

Marks:
The assignment is worth 20% of the total mark for the unit. The marks awarded will depend
on the quality of the reasoning exhibited and the ability to express the argument in a concise
manner.

Due date:
The assignment must be submitted on or before 5pm Friday, 15 Sept 2017.
Late assignments will be accepted up to 72 hours after the submission deadline. There will be
a deduction of 20% of the total available marks made from the total awarded mark for each
24 hour period or part thereof that the submission is late (for example, 25 hours late means a
40% penalty).

HOW TO SUBMIT YOUR ASSIGNMENT


You MUST submit an electronic copy through TURNITIN on Moodle for checking
plagiarism. Failure to submit it may result in a zero mark for the entire assessment.
Part A (50 marks)

Refer to the consolidated financial statements and notes in the 2013 financial report of JB Hi-
Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:

1. Have the current liabilities of JB Hi-Fi Limited increased or decreased over the year?
By how much? What classes of liabilities are recorded under the classification
Current Liabilities?
2. What are the major liabilities of JB Hi-Fi Limited at the end of the financial year?
3. What items are included under the heading Provisions in the Current Liabilities
section of the statement of financial position (balance sheet)? Explain the nature of
these items. Do these satisfy the definition of provisions as contained in
IAS37/AASB137? By how much have liabilities for employee benefits increased over
the year?
4. How much cash has been raised by interest-bearing loans in the most recent financial
year? How much of such loans has been repaid? How do these amounts compare with
the previous year?
5. Determine whether any of the non-current liabilities are secured.
6. How much of the non-current borrowings are due to be repaid within 2 years?
Between 2 years and 5 years? Beyond 5 years?
7. Are there any non-current provisions? If so, what, in very general terms, do these
represent?
Part B (50 marks)

Refer to the 2013 annual report of Country Road Limited on its website,
www.countryroad.com.au (or google annual report 2013 country road), and answer the
following questions using the consolidated income statement and balance sheet/ statement of
financial position and notes to the consolidated financial statements.

1. The Country Road Limited income statement shows a deduction (in brackets) for
income tax expense. Would this expense item be seen in the income statement of a
partnership? Explain your answer.
2. In the statement of changes in equity regarding retained earnings, how is the total
profit available appropriated? How does the allocation of the total profit available for
appropriation in a partnership differ from that shown for Country Road Limited?
Explain the reasons for any differences.
3. Refer to the balance sheet (statement of financial position) of Country Road Limited
and the note titled issued capital. How do these differ from that of a typical
partnership? Explain.
4. Country Road Limited is required to produce a statement of cash flows (cash flow
statement) and include this in its annual financial statements. Would the typical
partnership be required to prepare such a statement? Why or why not? Would a
typical partnership prepare such a statement? Explain.