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Q1
1 July 2010
DR Asset
CR Bank
100000
100000
30 June 2011
DR Deprec Asset
24000
CR Accum Deprec
24000
DR Accum Deprec
24000
CR Asset
24000
DR Loss on Revaluation
6000
CR Asset
6000
30 June 2012
DR Deprec Asset
CR Accum Deprec
22000
22000
DR Accum Deprec
DR Cash
CR Asset
CR Gain on sale
22000
50000
70000 4
2000
Q2
a) Carrying Amount
Recoverable Amount
Impairment Loss
Less Goodwill
Impairment loss
Carrying
Amount
Computers
Equipment
Building
620,000
500,000
120,000
(40,000)
80,000
Proportion
100800
151200
168 000 190000
Entry:
Dr Impairment Loss
120000
Cr Accum Imp Losses Goodwill
Cr Accum Deprec and Imp losses Computers
Cr Accum Deprec and Imp Losses Equipment
Cr Accum Deprec and imp Losses Building
40000
28000 (19200+8800)
42000 (28800+13200)
10000 (32000-22000)
Q3
a. Acquisition analysis:
a)Total value of purchase consideration
Cash
Deferred payment (PV)
Shares 2000000 x $2.50
Contingent Consideration
1000000
1851800
5000000
25000
7876800
FVINA
Accounts Receivable
Inventory
PPE
720000
1440000
5560000
Accounts Payable
Provision for EB
Prov for Cont. Liab
(680000)
(220000)
( 60000)
6760000
1116800
Dr
Dr
Dr
Cr
Cr
Cr
Dr
Cr
Cr
Cr
Cr
Costs
Cash
Share Capital
Cash
Dr
Cr
Dr
Cr
Interest Expense
Consideration Payable
Cash
Dr
Dr
Cr
720000
1440000
5560000
680000
220000
60000
1116800
1000000
1851800 5
5000000
25000
32 000
32 000
Bal 1/7/2010
GR
-
TCI
Transfer to Gen Reserve
Dividends
RS
350
(140)
80
8000
8000
148200 (2000000-1851800)
1851800
2000000
1
Q4
Wines Ltd
Statement of Changes in Equity
Year ended 30 June 2011 $000
SC
1500
RE Total
185 2035
620
480
( 80)
(100)
(100)
Issue of Shares
1000
Bal 30/6/2011
2500
1000
80
210
625
3415
Dr
Cr
Cr
Depec Asset
Retained Earnings
Accum Deprec
DTL
ITE
Retained Earnings
10000
2
Dr
Cr
Cr
2000
2000
4000
1200
600
600
Goodwill
BCVR
Dr
Cr
13000
13000
Share Capital
Retained Earnings
BCVR
Investment in B
Dr
Dr
Dr
Cr
50000
30000
20000
100000
Dr
Cr
5000
5000
Dividend Revenue
Dividend Paid
Dr
Cr
5000
5000
Q6 (i)
(ii)
Or
Sales Revenue
Cost of Sales
Cost of Sales
Inventory on Hand
Sales Revenue
Cost of sales
Inventory
DTA
Dr
Dr
7000
3000
Dr
Cr
180 000
Dr
Cr
15000
Dr
Cr
Cr
180000
Dr
4500
3
1
1
180000
15000 2
165000
15000
ITE
Cr
4500
Dr
Dr
Cr
10 000
30000
DTA
ITE
Dr
Cr
3000
Accum Deprec
Deprec Expense
Dr
Cr
1250
Dr
Cr
375
Dr
Cr
Dr
Cr
Dr
Cr
18000
ITE
DTA
(iv) Dividend Revenue
Dividend Paid
(v) Loan from Sam
Loan to Pan
Interest Revenue
Interest Expense
2
40000
3000
1250 2
375
18000 1
50000
50000
2000
2000
Q7
1)Dr Investment in Woods
Cr Cash
1200000
1200000
2)Calculation:
Net Profit after tax ($400000 120000)
280000
14000
266000
Investor
Share
35%
93100
Equity Entries
1 January 2011
Dr Cash
Cr Investment in Wood
35000
35000
8
Dr Investment in Wood
Cr Share of Profits of Associate
Dr Investment in Wood
Cr Asset Revaluation Surplus
93100
93100
17500
17500
3))Significant Influence:
- power to participate in financial and operating policy decisions
- not control or joint control
- presumed to exist where ownership of 20% of voting capital
Q8
a)
No of Shares Paid to Notional Call Notional Refund Actual Refund
75c
(Call)
OrdA
60000
$45000
OrdB
20000
$20000
Total
80000
Cash available
Deficiency
Total Notional Cash
65000
45000
20000
15000
15000
45000
45000
30000
15000
15000
60000
45000
60000
Total Notional Cash per share = $60000/80000 shares = $0.75 per share
Preference
ordA
ordB
Receive
Receive
Receive
$20000
30000
15000
65000
12
b)
-
Realise assets
Prove claims
Distribute funds to creditors/members
Report to ASIC