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Acct1501 Tut Sol W5
ACCT1501 2012 Sem1 Tutorial Question Solution Week 5
DQ4. 14 The main reason for not including human capital on the balance sheet is the measurement problem. If we take the consulting firm, the problem is putting a dollar figure on each staff member. Would it be based on years of past service, years to retirement, ability to generate future revenues etc. There is also an issue of control, as you will see in later chapters. Options for measurement include: i Present value of future profits generated by firms ii Amounts previously spent on training iii Cost of obtaining a replacement and training that person.

Problem 4.14
1

Morilla Ltd General journal

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Inventory Accounts Payable Accounts Receivable Sales COGS Inventory Cash Accounts Receivable Accounts Payable Cash Misc. Expenses Cash Salaries Expense Cash Depreciation Expense Accumulated Depreciation Long-­‐term loan Cash $ 8 250

11 000 7 700

19 000

11 000

1 500

2 600

200

800 $ 8 250

11 000 7 700

19 000

11 000

1 500

2 600

200

800

Problem 4.14(cont’d) Please note that all the t-accounts we use in this course are based on the traditional method, which includes calculating the sum of debits and credits and transferring the value in closing balance to the opening balance for next accounting period. This is

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