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Accounting Assignment

801 words - 4 pages

Question 1 Solution
i. Property, plant and equipment represent the cost of property, plant and equipment together with any directly traceable costs to purchase them. The cost also includes the transport necessary to bring them to their planned location and any additional costs to bring them up to their proper condition for their proposed use. Any self constructed asset costs include the materials and labour to construct, finance and any regulatory consent required. Property, plant and equipment is valued with depreciation on a straight line basis, less any residual value over there useful life. The Warehouse Group deal with the trade off between relevance and faithful representation by ...view middle of the document...

Question 2 Solution
i. The locations within the financial statements of fresh food and liquor decommissioning costs are under Consolidated Income Statements under the sub heading of Operating profit with the accounting note of 12. It is then found under Consolidated Reconciliation of Operating Cash Flows under the sub heading of Items classified as Investing or financing activities with the same accounting note of 12. It is also present in the notes under Segment Information under the sub heading of Unallocated (expenses)/revenue. Fresh food and liquor decommissioning costs represent non operating costs and the profit or loss from decommissioning of fresh food and liquor. The Warehouse decided to discontinue The Warehouse Extra format therefore phasing out and withdrawing this inventory.
ii. The locations within the financial statements of investments are; on the Consolidated Balance Sheet under the sub heading Non-current assets with a note of 27. It is also found on 5. Segment Information under the subheading Unallocated assets/liabilities. Investments represent movements in the carry amount of the Groups investments in associates namely The Warehouse Financial Services Limited. This entity offers consumer credit and risk related products that include credit cards and basic insurance cover. The Group has a 49% interest and Westpac Holdings-NZ-Limited a 51% interest.
Question 3 Solution
The auditors have confirmed in order the for the audit report to be issued, that the proper accounting records...

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