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BUACC5932 Solutions Sample Exam Questions

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

Allocation Net CA FVlcts


of Loss

120 000 120/500x80000 = 19200


180000 180/500 x80000 = 28800
200000 200/500 x80000 = 32000
500000
80000

100800
151200
168 000 190000

Reallocation of excess impairment loss on Building (190000-168000 = 22,000)


Computers
100800
100800/252000
8800
Equipment
151200
151200/252000
13200
252000
22000

The journal entry to record the impairment loss is:

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)

c) Reversal of Impairment losses


- not allowed for goodwill
- possible for individual assets and CGU assets other than goodwill
- assets cannot be written up above their fair value or carrying amount had there been
no impairment writedown
2

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

Cost of the combination

7876800

FVINA
Accounts Receivable
Inventory
PPE

720000
1440000
5560000

Accounts Payable
Provision for EB
Prov for Cont. Liab

(680000)
(220000)
( 60000)
6760000

b)Goodwill = 7876800 6760000 =


b. Journal entries:
Accounts receivable
Inventory
PPE
Accounts Payable
Prov for EB
Prov for Conting. Liab
Goodwill
Cash
Consid Payable
Share Capital
Contingent Consideration

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

Dividends 8 cents per share


10 marks
Q5
Asset
BCVR
DTL

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

Accum Impairment losses Invest B


Impairment Losses Invest B

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

(iii) Gain on Sale


Equipment
Accum Deprec

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

Less Unrealised Profit $20000 30%

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