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        留學生會計專業作業定制:ACCOUNTING ASSIGNMENT

        時間:2011-04-08 08:40:11 來源:www.equineteleseminar.net 作者:英國論文網 點擊聯系客服: 客服:Damien

        ACCOUNTING (FINANCI

         MAJOR ASSIGNMENT

        SEMESTER 1 2010

          DUE IN TUTORIAL WEEK
            QUESTION 1- BUSINESS COMBINATION (25 MARKS)
         Red Ltd is seeking to expand its share of the cosmetics market and has negotiated to acquire the operations of Lip Ltd.
        留學生論文網At 1 July 2009, the trial balances of the two companies were as follows:
         

         
        Red Ltd
        LipLtd
         
         
         
        Cash
        $145 000
        $    5 200
        Accounts receivable
        34 000
        21 300
        Inventory
        53 000
        30 000
        Shares in listed companies
        16 000
        22 000
        Land and building (net)
        70 000
        40 000
        Plant and equipment (net)
        130 000
        105 000
        Goodwill (net)
        #p#分頁標題#e#    6 000
            5 000
         
        Accounts payable
                $456 000
                 $65 000                        
                   $228 500
                    $ 40 000
        Debentures
        50 000
        0
        Mortgage loan
        100 000
        30 000
        Contributed equity:
         
         
             Ordinary shares of $1, fully paid
        200 000
        150 000
             Other reserves
        15 000
        6 500
        Retained earnings (30/6/09)
         27 000#p#分頁標題#e#
            2 000
         
        $457 000
        $228 500
        Red Ltd is to acquire all assets (except cash and shares in listed companies) of Lip Ltd. Acquisition-related costs are expected to be $7,600. The net assets of Lip Ltd are recorded at fair value except for the following:

         
        Carrying amount
        Fair Value#p#分頁標題#e#
        Inventory
        $ 30 000
        $ 26 000
        Land and buildings
            40 000
            80 000
        Shares in listed companies
            22 000
            18 000
        Accounts payable
            (40 000)
            (49 100)
        Accrued leave
                     0
            (29 700)
        #p#分頁標題#e#
         
        In exchange, the shareholders of Lip Ltd are to receive, for every three Lip Ltd shares held, one Red Ltd share worth $2.50 each. Costs to issue these shares are $950. Additionally, Red Ltd will transfer to Lip Ltd its ‘Shares in Listed Companies’ asset, which has fair value of $15,000. These shares, together with those already owned by Lip Ltd, are sold and the proceeds distributed to the Lip Ltd shareholders. Assume that the shares were sold for their fair values.
        Red Ltd will also give Lip Ltd sufficient additional cash to enable Lip Ltd to pay all its creditors. Lip Ltd will then liquidate. Liquidation costs are estimated to be $8,700.
        Required
        1. Prepare the acquisition analysis and journal entries to record the acquisition in the records of Red Ltd.
        (10 marks)
        1. Prepare the liquidation account and shareholders’ distribution account for LipLtd.
                                                                                                                                           ( 15 marks)
        QUESTION 2 – CONSOLIDATION (25 MARKS)
         On 1 July 2010, Blue Ltd acquired all the shares of Stick Ltd for $330,000 on an ex-div basis. On this date, the equity and liabilities of Stick Ltd included the following balances:
                         
                          Share capital                                     $200 000                                 #p#分頁標題#e#
                          General reserve                                    25 000
                          Retained Earnings                                45 000
                          Dividend payable                                 10 000
                          Provisions                                           129 500                                   
         
        At acquisition date, all the identifiable assets and liabilities of Stick Ltd were recorded at amounts equal to fair value except for:
                                                                                  Carrying                          Fair
                                                                                    Amount                       Value#p#分頁標題#e#
                          Inventory                                           $70 000                    $80 000
                          Plant & equipment (cost $260,000)   146 000                    150 000
                          Machinery (cost $18 000)                    15 000                      16 000
                          Trademark                                          100 000                    110 000
                          Land                                                     50 000                      70 000
                          Goodwill                                              25 000                      55 000
         Goodwill was not impaired in any period. The plant and equipment had a further five year life at acquisition date and was expected to be used evenly over that time. The trademark was considered to have #p#分頁標題#e#http://www.equineteleseminar.net/Thesis_Writing/Accounting_Assignment/an indefinite life. The machinery, which was estimated to have a further four year life at acquisition date, was sold on 1 January 2012. Any adjustments for differences between carrying amounts at acquisition date and fair values are made on consolidation.
         During the year ended 30 June 2011, all inventories on hand at acquisition date were sold, and the land was sold on 1 June 2012. Any valuation reserves created are transferred on consolidation to retained earnings when assets are sold or fully consumed.
         Additional information:
        (i)                             Shareholder approval is not required in relation to dividends.
        (ii)                           On 1 July 2011, Stick Ltd has on hand inventory worth $12 000, being transferred from Blue Ltd in June 2011. The inventory had previously cost Blue Ltd $8 000.
        (iii)                         On 31 March 2012, Stick Ltd transferred an item of plant with a carrying amount of $10 000 to Blue Ltd for $15 000. Blue Ltd treated this item as inventory. The item was still on hand at the end of the year. Stick Ltd applied a 20% depreciation rate to this plant.
        (iv)                         On 1 January 2012, Stick Ltd acquired $8 000 inventory from Blue Ltd. This inventory originally cost Blue Ltd $5 000. The profit in inventory of hand at 30 June 2012 was $1 000.
        (v)                           #p#分頁標題#e#During the year ending 30 June 2012, Stick Ltd sold inventory costing $12 000 to Blue Ltd for $18 000. One third of this was sold to external parties for $9 000.
        (vi)                         On 1 January 2011, Blue Ltd sold furniture to Stick Ltd for $8 000. This had originally cost Blue Ltd $12 000 and had a carrying amount at the time of sale of $7 000. Both entities charge depreciation at a rate of 10% p.a.
        (vii)                       Blue Ltd sold some land to Stick Ltd in December 2011. The land had originally cost Blue Ltd $25 000, but was sold to Stick Ltd for only $20 000. To help Stick Ltd pay for the land, Blue Ltd gave Stick Ltd an interest-free loan of $12 000. Stick Ltd has as yet made no repayments on the loan.
        (viii)                     The tax rate is 30%.
         On 30 June 2012 the trial balances of Blue Ltd and Stick Ltd were as follows:
         
                                                                                         Blue Ltd                    Stick Ltd
         
                 Shares in Stick Ltd                                         $330 000                                   -
                 Cash                                                                      2 800                       $40 000#p#分頁標題#e#
                 Receivables                                                           6 000                         20 000
                 Inventory                                                            20 000                         50 000
                 Deferred tax assets                                             10 200                                   -
                 Machinery                                                           15 000                         15 000
                 Plant & equipment                                            113 000                       300 000
                 Land                                                                    25 000                         50 000#p#分頁標題#e#
                 Furniture                                                               7 000                           8 000
                 Trademark                                                                     -                       100 000
                 Goodwill                                                                       -                         25 000
                 Cost of sales                                                      162 000                       128 000
                 Other expenses                                                    53 000                         31 000
                 Income tax expense                                            20 000                         18 000#p#分頁標題#e#
                 Interim dividend paid                                         12 000                           5 000
                 Final dividend declared                                        6 000                           4 000
                 Loan to Stick Ltd                                                12 000                                            -
                                                                                           794 000                       794 000
         
                 Share capital                                                      312 000                       200 000
                 General Reserve                                                  20 000                         25 000#p#分頁標題#e#
                 Retained earnings (1/7/11)                                  30 000                         75 000
                 Final Dividend Payable                                        6 000                           4 000
                 Current Tax Liabilities                                          8 000                           2 500
                 Provisions                                                            78 000                       169 500
                 Loan from Blue Ltd                                                     -                         12 000
                 Sales                                                                  220 000                       152 000#p#分頁標題#e#
                 Other income                                                      84 000                         35 000
                 Accumulated depreciation – P & E                    34 000                       114 000
                 Accumulated depreciation – Machinery               1 000                           3 000
                 Accumulated depreciation – Furniture                 1 000                            2000
                                                                                         $794 000                     $794 000
         
         
        Required
         
        a)                  Prepare the  acquisition analysis at 1 July 2010.            ( 5 Marks)
         
        b)                  #p#分頁標題#e#Prepare the consolidation worksheet entries at 30 June 2012.
        (12 marks)
         
         
         
        c)      Complete the worksheet below.                                                (8 Marks)
         
         

        Financial Statements
        Blue
        Ltd
        Stick
        Ltd
        Adjustments
        Group
         
        Dr#p#分頁標題#e#
        Cr
         
         
        Sales revenue
        220 000
        152 000
         
         
         
         
         #p#分頁標題#e#
        Other income
        84 000
        35 000
         
         
         
         
         #p#分頁標題#e#
         
        304 000
        187 000
         
         
         
         
         #p#分頁標題#e#
        Cost of sales
        162 000
        128 000
         
         
         
         
         #p#分頁標題#e#
        Other expenses
        53 000
        31 000
         
         
         
         
         #p#分頁標題#e#
         
        215 000
        159 000
         
         
         
         
         #p#分頁標題#e#
        Profit before tax
        89 000
        28 000
         
         
         
         
         #p#分頁標題#e#
        Tax expense
        20 000
        18 000
         
         
         
         
         #p#分頁標題#e#
        Profit
        69 000
        10 000
         
         
         
         
         #p#分頁標題#e#
        Retained earnings
        (1/7/11)
        30 000
        75 000
         
         
         
         
         #p#分頁標題#e#
        Transfer from BCV reserve
        --
        --
         
         
         
         
         #p#分頁標題#e#
         
        99 000
        85 000
         
         
         
         
         #p#分頁標題#e#
        Dividend paid
        12 000
        5 000
         
         
         
         
         #p#分頁標題#e#
        Dividend declared
        6 000
        4 000
         
         
         
         
         #p#分頁標題#e#
         
        18 000
        9 000
         
         
         
         
         #p#分頁標題#e#
        Retained earnings
        (30/6/12)
        81 000
        76 000
         
         
         
         
         #p#分頁標題#e#
        Share capital
        312 000
        200 000
         
         
         
         
         #p#分頁標題#e#
        General Reserve
        20 000
        25 000
         
         
         
         
         #p#分頁標題#e#
        BCVR
        -
        -
         
         
         
         
         #p#分頁標題#e#
        Total Equity
        413 000
        301 000
         
         
         
         
         
        DTL
        -
        -
         
         
         
         
         #p#分頁標題#e#
        Dividend Payable
        6 000
        4 000
         
         
         
         
         #p#分頁標題#e#
        Current Tax Liability
        8 000
        2 500
         
         
         
         
         
        Loan from Blue Ltd
        -
        12 000
         
         
         
         
         #p#分頁標題#e#
        Provisions
        78 000
        169 500
         
         
         
         
         
        Total Liabilities
        92 000
        188 000
         
         
         
         
         
        Total Liabilities + Equity
        505 000
        489 000
         
         
         
         
         #p#分頁標題#e#

         
         
         
         
         

         
        Blue
        Ltd
        Stick
        Ltd
         
        Adjustments
         
        Group#p#分頁標題#e#
        Dr
        Cr
         
        Shares in Stick Ltd
        330 000
        --
         
         
         
         
         
        Cash
        2 800
        40 000
         
         
         
         
         #p#分頁標題#e#
        Receivable
        6 000
        20 000
         
         
         
         
         #p#分頁標題#e#
        Inventory
        20 000
        50 000
         
         
         
         
         #p#分頁標題#e#
        Land
        25 000
        50 000
         
         
         
         
         #p#分頁標題#e#
        Plant & Equipment
        113 000
        300 000
         
         
         
         
         #p#分頁標題#e#
        Accumulated depreciation – P & E
        (34 000)
        (114 000)
         
         
         
         
         #p#分頁標題#e#
        Machinery
        15 000
        15 000
         
         
         
         
         
        Accumulated depreciation – Mach.
        (1 000)
        (3 000)
         
         
         
         
         
        Furniture
        7 000
        8 000
         
         
         
         
         #p#分頁標題#e#
        Accumulated depreciation – Furn.
        (1 000)
        (2 000)
         
         
         
         
         #p#分頁標題#e#
        Trademark
         
        100 000
         
         
         
         
         #p#分頁標題#e#
        Goodwill
        -
        25 000
         
         
         
         
         #p#分頁標題#e#
        Deferred tax asset
        10 200
        -
         
         
         
         
         #p#分頁標題#e#
        Loan to Stick Ltd
        12 000
        -
         
         
         
         
         
        #p#分頁標題#e#Total assets
        505 000
        489 000
         
         
         
         
         

         
        END OF ASSIGNMENT
         
         
         #p#分頁標題#e#
         
         
         
        (責任編輯:未知)


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