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ACC705 | CORPORATE ACCOUNTING ASSIGNMENT

BUGEN 5930 Business, Society & the Planet

ACC705 | CORPORATE ACCOUNTING ASSIGNMENT | ACCOUNTS

Accounting Assignment

Question 1 (20 marks)

Consolidation of a wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities

Lisa Ltd acquired all the issued shares of Kam Ltd on 1 January 2016 for $88 000. At this date the equity of Kam Ltd consisted of:

 

Share capital                            $         100 000

General reserve                                    50 000

Retained earnings                                  10 000

All the identifiable assets and liabilities of Kam Ltd were recorded at amounts equal to their fair values except for:

Carrying amount                     Fair value

Fixtures & Fittings (cost $70 000)          $50 000                                  $60 000

Inventory                                             10 000                                  20 000

Of the inventory on hand at 1 January 2016, 90% was sold by 30 June 2016. The remainder was all sold on 30 June 2017. The Fixtures & Fittings was considered to have a further 2-year life with benefits to be received equally in each of those years.  There were no records in the books for a provision of legal claim worth 15,000 and patents of 90,000. These were reflected at fair value. The tax rate is 30%.

Required

Prepare the consolidated worksheet entries for the consolidated financial statements prepared by Lisa Ltd at 30 June 2016.

Show acquisition analysis calculation, BCVR entries and Pre-acquisition entries for 30.6.16

ACC705 Assignment Help, Corporate Accounting Assignment Help, ACC705

Question 2 (10 marks)

The following information has been extracted from the accounting records of Samoa Ltd for the year ended 30 June 2016:

    Debit Credit  
  Sales

Dividends paid

Cost of sales

Finance costs

Distribution costs

Transfer from the general reserve

Marketing costs

Administrative costs

Proceeds from sale of plant and machinery

Carrying amount of plant and machinery

 

$  10 000

3 500 000

100 000

200 000

 

66 000

99 000

 

40 000

$5 000 000

 

 

 

 

33 000

 

 

80 000

 

 

The tax rate is 30%.

Required

You need to prepare a profit or loss statement and other inclusive income for Samoa Ltd, for the year ended 30 June 2017, and notes to the accounts in compliance with AASB 101. Please categorize expenses by function.

Students face several problems in completing ACC705 Corporate Accounting Assignment such as:

1. Deficiency of time
2. Preparing the statement of profit and loss
3. Calculating various costs

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