824
2103AFE Company Accounting Group Assignment T1 2018 This assignment requires students to prepare the consolidated financial statements in accordance with AASB 10 Consolidated Financial Statements. DUE DATES: Assignment: 18 May, 2018 SPARK ratings: 25 May, 2018 TOTAL WEIGHTING: 20% This piece of assessment task will consist of Part A- Group work (10%) and Part B- Self & Peer assessment (10%). Part A (10%). The aim of Part A is to apply the knowledge and understanding of Consolidation from lectures and workshops in a practical and detailed manner. The assignment is to be completed in groups of three or four. Students will sign up in a group on Learning@Griffith from Week 4. Part B (10%). This assignment involves the completion of Self and Peer Assessment Ratings and feedbacks using SPARKplus. All information pertaining to SPARKplus is located in the Learning@Griffith course site under Assessment>>SPARKplus Student Resources. Please see the attached rubric for Part B that shows you how the ratings Document Preview:
2103AFE Company Accounting Group Assignment T1 2018 Solutions: Acquisition analysis at 1st July 2012. At 1st July 2012: Net Fair Value of identifiable assets, liabilities and contingent liabilities of River Ltd (80%) NFVINA Share Capital$210,000 General Reserve$6,100 Retained Earnings$75,000 Total$291,100 Land ($79,500-$61,500) x (1-30%) = $12,600 Machinery ($120,000-$105,000) x (1- 30%) = $10,500 Receivable ($34,000 – $40,000) x (1 – 30%) = -$4,200 Total Fair Value Adjustments$18,900 Total NFVINA$310,000 Consideration Transferred $270,000 NCI in Subsidiary$66,000 Aggregate of (i) & (ii)$336,000 Total Goodwill on acquisition $336,000 – $310,000 = $26,000 Goodwill of River Ltd FV of River Ltd $66,000.00/20%=$330,000 NFVINA of River Ltd$310,000 Goodwill of River Ltd$20,000 Goodwill of Sky Ltd Total Goodwill Acquired$26,000 Goodwill of River Ltd$20,000 Goodwill of Sky Ltd – Control Premium$6,000 B. Prepare the consolidation journal entries, including: The Business combination valuation entries: DescriptionDRCRAccumulated Depreciation – Machinery (135,000 – 105,000) $30,000 Machinery (135,000 – 120,000) $15,000 Differed Tax Liability ($120,000 – $105,000) x 30% $4,500 BCVR$10,500Depreciation expense ($15,000/10years)$1,500Retained Earnings $12,000 Accumulated Depreciation – Machinery $13,500Deferred Tax Liability (13,500 x 30%)$4,050 Income Tax Expense ($1,500 x 30%)$450 Retained Earnings$3,600Goodwill$20,000 BCVR$20,000Land$18,000 Deferred Tax Liability $5,400 BCVR$12,600Receivable$6,000Deferred Tax Assets$1,800BCVR$4,200 Pre-Acquisition Journal…
Attachments:
Group9.docx
Consolidation….xlsx
ASSisgement-N….pdf
