2103afe Company Accounting Group Assignment T1 2745905

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 [email protected] 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 [email protected] 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…

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