HA2032 Corporate and Financial Accounting- Companies and Requirements

HA2032 Corporate and Financial Accounting- Companies and Requirements

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HA2032 Corporate and Financial Accounting

Task

Purpose:

This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Unit Learning Outcomes Assessed: 

  1. Demonstrate an understanding of the role of the Corporations Act, sources of authority, and accounting standards in the governance of companies and requirements for financial reporting;
  2. Explain the various methods available to companies in their resource expansion and the impact of each on the accounting records and financial statements;
  3. Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups;
  4. Achieve a high level of competence in applying prescribed accounting techniques to the preparation of the consolidated financial statements of Australian companies and corporate groups;
  5. Appreciate the role of each of the types of external administration and how each method is applied.

Description:

Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 6 to 10 inclusive and submit these answers in a single document.

The questions to be answered are:

Week 6 Question 1 (10 marks)

Redcliff Ltd acquired the entire share capital of ABC Ltd for $18,000 cash on 31 December 20X4. The balance sheets of the two companies as at that date were as follows:

Current assets

Redcliff Ltd

$                    $

240,000

ABC Ltd

$

28,800

Non-current assets: Investment in ABC at cost

18,000

Other asset

96,000            114,000

9,600

Total assets

354,000

38,400

Current liabilities

198,000

20,400

Net assets

156,000

18,000

Paid-up capital

120,000

12,000

Retained profits

36,000

6,000

Owners’ equity

156,000

18,000

Required:

Prepare the consolidated balance sheet of Redcliff Ltd and its subsidiary as at 31 December 20X4. (10 marks)

Week 7 Question 2 (10 marks)

Based on the information provided below, prepare appropriate consolidation journal entries for possible account adjustment or elimination. (7 Mark)

Reference appropriate accounting standards to explain the approach which needs to be taken for the adjusting journals. (3 Mark)

Parent paid $110 000 on 30 June for all the shares of Subsidiary, whose equity at that date is share capital $72 000 and retained profits $28 000. However, the assets of Subsidiary are not all recorded at their fair value. Assume that all companies adopt the revaluation model under AASB 116. The discrepancies are:

Carrying Amount

Fair Value

$

$

Investments

26 000

54 000

Accounts receivable

14 000

8 000

PPE

26 000

12 000

Inventory

70 000

76 000

Franchise

Nil

10 000

Week 8 Question 3 (10 marks)

A substitution elimination recognises consolidation goodwill of $60 000 at control date 1 January 20X2. Goodwill impairment recognised in the following year is below:

Goodwill Impairment:

20X2

20X3

20X4

5,000

22,000

2,000

Required:

a. Record the eliminations for goodwill and its impairment at 31 December 20X2, 20X3 and 20X4 into general (6 marks)

b. Record the eliminations of the goodwill and its impairment, if any, that are necessary 10 years after the control date, assuming no further impairment has been (4 marks)

Week 9 Question 4 (10 marks)

Non-controlling interest (NCI) is the ownership interest of those shareholders who hold shares in a subsidiary that are not owned by the immediate parent or the other group members.

Discuss the implication of reporting NCI as a separate item of owner’s equity.

Week 10 Question 5 (10 marks)

Compare and contrast the two (2) different consolidation processes of serial and single consolidation techniques when indirect ownership interests exist.

HA2032 Corporate and Financial Accounting

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