LAMS

1.

2.
3.
Class discussion
Seminar 1

I don’t understand what is the gain and loss options, is it the decrease or the increase in each of the
classification?

1. Liabilities
2. Assets
3. Assets
4. Assets
5. Assets
6. Its in both revenue and expense
7. Assets
8. Decrease in Asset
9. Assets
10. Liabilities
11. Assets
12. Assets
13. Revenue
14. Revenue
15. Increase Shareholder’s Equity  I assume this is going to revaluation reserve. (impairment of
impairment of PPE)
16. Assets
17. Assets
18. Expense
19. Assets
20. Expense
21. Assets
22. Expense
23. Reduce Equity
24. Expense
25. Equity
26. Liabilities
27. Revenue
28. Equity
29. Liabilities
30. Liabilities
31. Equity
SMRT

i.

Asset = Liabilities + Equity

2,720,022 = +
1,805,775 914,247
ii.

Vision: Moving People, Enhancing Lives (from FY2016 FS)

to be the people’s choice by delivering a world-class transport service and lifestyle
Mission:
experience that is safe, reliable and customer-centric (from the FY2016 FS)
iii.

2016 2015
108,275 90,454 Increase
iv.

Dividend/share
$2.50 Note 28

Decrease Asset and Equity, no change to liabilities

v.

a Account affected Account affected

Debit: Loans Credit: Cash
Transaction details: Loan repayment

b Account affected Account affected

Debit: Cash Credit: Loans
Transaction details: Issue of unsecured notes

c Account affected Account affected

Debit: Inventories Credit: Cash
Transaction details: Inventory purchases

d Account affected Account affected

Debit:
Receivables Credit: revenue
Transaction details: Sales of flights

e Account affected Account affected

Debit: PPE Credit: Revaluation Reserve
Transaction details: Upwards Revaluation of PPE
 vi.

Audited:
Yes By: PWC
Provide reasonable assurance to stakeholders of the company
Value of that the financial statement is free from material
Audited misstatements. The Audit opinion concludes the audit's view
Financial of SMRT FS, that is it is a true and fair view of the financial
Statements position of the Group and Company as of year end
Seminar 2

Normal
Accounts Balance
1 Debit
2 Debit
3 Credit
4 Debit
5 Debit
6 Credit
7 Debit
8 Credit
9 Debit
10 Debit
11 Credit
12 Debit
13 Credit
14 Debit
15 Debit
16 Credit
17 Credit
18 Debit
19 Debit
20 Credit
CengageNow