We're Open
+44 7340 9595 39
+44 20 3239 6980

[Solved] Corporate Accounting:Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and li

  100% Pass and No Plagiarism Guaranteed

[Solved] Corporate Accounting:Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities

In this paper of Corporate Accounting: you are asked to prepare the consolidated worksheet entries for the consolidated financial statements prepared by Lisa, Show acquisition analysis calculation, BCVR entries and Pre-acquisition entries for question 1. And for question 2, Prepare a statement of profit or loss and other comprehensive income for Samoa Ltd, for the year ended 30 June 2016, and notes to the accounts in compliance with AASB 101. Also, classify expenses by function.

Trimester 1 2016

ACC705 Corporate Accounting

Individual Assignment

30 marks worth

Due: week 10, 24th May 2016, submit hard copy to lecturer in class at 1pm for Tuesday

students and Wednesday students submit hardcopy to lecturer at 9am class on the 25th of May

  1. Please ensure the assignment is typed with Arial font 12, attach a KOI cover sheet

Late assignments will receive a 10% deduction per day

Question 1 (20 marks)

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

and liabilities

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

equity of Sunshine Ltd consisted of:

Share capital $ 40 000

General reserve 10 000

Retained earnings 8 000

All the identifiable assets and liabilities of Sunshine Ltd were recorded at amounts equal to their fair

values except for:

Carrying amount Fair value

Fixtures & Fittings (cost $70 000) $50 000 $55 000

Inventory 10 000 15 000

Of the inventory on hand at 1 January 2016, 90% was sold by 30 June 2016. The remainder was all

sold by 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 5,000 and patents of 60,000. 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

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

$ 6 000

7 060 000

$11 000 000

Finance costs

Distribution costs

Transfer from general reserve

Marketing costs

Administrative costs

Proceeds from sale of plant and machinery

Carrying amount of plant and machinery

88 000

204 000

55 000

99 000

40 000

11 000

60 000

Tax rate is 30%.

Required

Prepare a statement of profit or loss and other comprehensive income for Samoa Ltd, for the

year ended 30 June 2016, and notes to the accounts in compliance with AASB 101. Please

classify expenses by function

 


100% Plagiarism Free & Custom Written,
Tailored to your instructions


International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

UK Registered Company # 11483120


100% Pass Guarantee

STILL NOT CONVINCED?

View our samples written by our professional writers to let you comprehend how your work is going to look like. We have categorised this into 3 categories with a few different subject domains

View Our Samples

We offer a £ 2999

If your assignment is plagiarised, we will give you £ 2999 in compensation

Recent Updates

Details

  • Title: [Solved] Corporate Accounting:Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities
  • Price: £ 140
  • Post Date: 2021-10-27T05:06:34+00:00
  • Category: Assignment Queries
  • No Plagiarism Guarantee
  • 100% Custom Written

Customer Reviews

[Solved] Corporate Accounting:Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets  and liabilities [Solved] Corporate Accounting:Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

I ordered the literature review for my research project in rush delivery. I was not expecting that they would complete my order 2 hours before my chosen time. The quality is also nice. Thank you for help.
Reviews: 5

A masterpiece of assignment by , written on 2020-03-12

My psychology assignment just came on time and the overall quality is good. It’s also free from errors. I simply loved it!