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BUACC2603 – Corporate Accounting Semester 1

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BUACC2603 – Corporate Accounting

Semester 1, 2012

ASSIGNMENT

Assessment weight: 25%

Due Date: Week 10

Length: 1000 words

Group Assignment: 2 people

Format: Part A – Report

Part B – Consolidated worksheet and journals

Part A – (15%)

If we look at a reporting entity’s balance sheet we will see a total given for all the entity’s assets (this is a requirement of AASB101). This aggregate total is derived by adding together the various classes of current and non-current assets. Do you think it is appropriate that the various classes of assets are simply added together, even though they have probably been measured on a number of quite different measurements bases? (Deegan, 2010)

What does the aggregated total actually represent?Justify your answer by giving examples (e.g. inventory valuation AASB102 and property, plant and equipment AASB116).

What alternative/s would you recommend?

Assessment criteria

1000 words max.

Excellent

Very Good

Good

Satisfactory

Unsatisfactory

(HD)

(D)

(C)

(P)

(F)

1.

Introduction (10)

2.

Body/Discussion (30)

Critical evaluation of topic

3.

Conclusion (15)

4.

Examples (10)

6.

Referencing, citations (5)

7.

Evidence of reading,

quality and quantity (10)

8.

English expression,

coherence, grammar and

spelling. Logical flow of

ideas (10)

90/6 = 15%

Part B (10%)

Alpha Ltd owns 100% of the shares of Belmont Ltd, acquired on 1 July 2010 for $3.5 million when the shareholders’ funds of Belmont Ltd were:

Share Capital

1,750,000

Retained Earnings

1,400,000

3,150,000

All assets of Belmont Ltd are fairly stated at acquisition date.

The directors believe that there has been an impairment loss on the goodwill of $35,000 for the year ended 30 June 2011.

During the 2011 financial year, Belmont Ltd sells inventory to Alpha Ltd at a sales price of $700,000. The inventory cost Belmont Ltd $420,000 to produce. At 30 June 2011, half of the inventory is still on hand with Alpha Ltd.

The tax rate is 30%.

The accounts of Alpha Ltd and Belmont Ltd as 30 June 2011 are as follows;

Eliminations and

Alpha

Belmont

adjustments

Consolidated

Company

Company

Dr

Cr

Statement

$000

$000

$000

$000

$000

Income statement

Sales revenue

4 200

1 400

Less: cost of goods sold

(1 750)

(490)

Less: other expenses

(210)

(105)

Other revenue

245

87.5

Profit

2 485

892.5

Tax expense

700

350

Profit after tax

1 785

542.5

Retained earnings

1 July 2010

3 500

1 400

5 285

1 942.5

Dividends paid

700

140

Retained earnings

30 June 2011

4 585

1 802.5

Balance sheet

Shareholders’ equity

Retained earnings

30 June 2011

4 585

1 802.5

Share capital

14 000

1 750

Current liabilities

Accounts payable

350

297.5

Non-current liabilities

Loans

2 100

875

21 035

4 725

Current assets

Cash

875

87.5

Accounts receivable

525

612.5

Inventory

2 100

1 050

Non-current assets

Land

5 040

1 400

Plant

8 645

1 400

Investment in Belmont Ltd

3 500

—

Deferred tax asset

350

175

Goodwill

21 035

4 725

Required

Prepare the consolidated journals for Alpha Ltd and its controlled entity for 2011 Use the above worksheet and complete the consolidated statement.

a. Determine goodwill or gain on acquisition

b. Eliminate inter-company sales transaction.

c. Eliminate unrealized profit in closing inventory

d. Adjust the tax expense for unrealized profit or losses

e. Eliminate dividend paid by Belmont to Alpha

f. Impair goodwill

Each pair of students is to submit a single assignment (essay and consolidate worksheet) for which the two students will usually receive the same mark. This is based on the expectation that each student will contribute equally to the preparation of the assignment. Where this expectation has not been satisfied separate marks may be allocated.

Selected students may be invited to discuss their assignment with the person responsible for marking it. This discussion will only be taken into account in marking assignment where it provides evidence that the integrity of students’ work has been compromised. This may, for example, be evidenced by students being unable to explain the meaning of their assignment, or being unable to explain why certain information has been included.

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