Topic 10 - TutorialSolutions - S1 2016 - 21.9 and 21.11 PDF

ACW2491 Company Reporting
Tutorial Solution
Semester 1 2016
Topic 10: Consolidations: Non-Controlling Interest_a
CHAPTER 21
PQ 21.9 (**identify the entries made with short descriptions as follows in exam**)
Acquisition analysis
FVINA
Consideration transferred
Gain on bargain purchase
=
=
=
$266 400
$236 400
$30 000
WORKSHEET ENTRIES AT 30 JUNE 2017

BCVR-land
Land
Deferred tax liability
Business combination valuation reserve
BCVR-plant
Gain on sale/carrying amount of plant sold
Depreciation expense
Retained earnings
Income tax expense
Transfer from business combination
valuation reserve
Pre-acq (combined entry)
Retained earnings *
Share capital
General reserve **
Goodwill
Shares in Rat Ltd
Dr
Cr
Cr
16 000
Dr
Dr
Dr
Cr
14 000
2 000
2 800
4 800
11 200
4 800
Cr
Dr
Dr
Dr
Dr
Cr
Cr
14 000
25 500
150 000
45 000
18 900
3 000
236 400
* 75%($40 000 + $17 500 BCVR transfer inventory

- $3 500 BCVR transfer accs. receivable
+ $20 000 general reserve transfer) - $30 000 gain on bargain purchase
**75% ($80 000 - $20 000)
Transfer from BCVR

Dr
Cr
10 500
NCI Pre-acq NCI

Retained earnings
Share capital
General reserve
NCI
Transfer from BCVR
Dr
Dr
Dr
Dr
Cr
Dr
Cr
10 000
50 000
9 800
20 000
10 500
89 800
3 500
3 500

Tutorial Solution
Semester 1 2016
NCI post-acq RE
Retained earnings
General reserve
NCI
Dr
Cr
Cr
Cr
31 050
5 000
3 500
22 550
(RE: 25%($167 000 - $40 000 ($4 000 - $1 200 depn on plant))
GR: 25% x $20 000)
NCI share of equity current

NCI share of profit
Dr
NCI
Cr
(25%($150 000 ($14 000 + $2 000 - $4 800) plant)
Dividend paid
Dividend revenue
Dividend paid
34 700
34 700
Dr
Cr
12 000
4 000
Dividend paid
Dr
Cr
URP Opening inventory

Retained earnings
Income tax expense
Cost of sales
Dr
Dr
Cr
1 750
750
Dr
Cr
437.50
NCI
NCI share of profit

Retained earnings
12 000
4 000
2 500
437.50
PQ 21.11 (**identify the entries made with short descriptions as follows in exam**)
Acquisition analysis
FVINA
= $362 400
Consideration transferred
= $397 200
Goodwill
= $34 800
Unrecorded goodwill
= $4 800
BCVR-inventory
Cost of sales
Income tax expense
Transfer from BCVR
Dr
Cr
Cr
15 000
BCVR-land
Gain on sale of land
Income tax expense
Transfer from BCVR
Dr
Cr
Cr
30 000
4 500
10 500
9 000
21 000

Tutorial Solution
Semester 1 2016
BCVR-brands
Brands
Dr
Cr
Cr
15 000
BCVR-plant
Accumulated depreciation - Plant
Plant
Dr
Cr
Cr
Cr
180 000
Depreciation expense - Plant

Accumulated depreciation - Plant
Income tax expense
Dr
Cr
Dr
Cr
6 000
Pre-acq
Retained earnings (1/7/16)
Share capital
General reserve
Asset revaluation surplus
Goodwill
Shares in Bettong Ltd
4 500
10 500
150 000
9 000
21 000
6 000
1 800
1 800
Dr
Dr
Dr
Dr
Dr
Dr
Cr
12 000
300 000
12 000
18 000
50 400
4 800
Transfer from general reserve

General reserve
(80% x $12 000)
Dr
Cr
9 600
Transfer BCVR
(inventory)
Transfer from BCVR
(land)
Dr
Cr
8 400
Dr
Cr
16 800
NCI pre-acq
Retained earnings (1/7/16)
Dr
Share capital
General reserve
Asset revaluation surplus
NCI
Transfer from general reserve
General reserve
3 000
Dr
Dr
Dr
Dr
Cr
Dr
Cr
397 200
9 600
8 400
16 800
75 000
3 000
4 500
12 600
98 100
2 400
2 400

Tutorial Solution
Semester 1 2016
NCI share of equity current

NCI share of profit*
Dr
1 860
NCI
Cr
1 860
(20% ($45 000 ($15 000 - $4 500) ($30 000 - $9 000) ($6 000 $1 800)))
Transfer from BCVR
(inventory and land)
Dr
Cr
6 300
Gains/Losses: asset revaluation surplus

NCI
Dr
Cr
1 500
Interim dividend paid

Dividend revenue
Dr
Cr
12 000
NCI
Dr
Cr
3 000
Dr
Cr
Dr
Cr
4 800
Dr
Cr
1 200
Dr
Cr
Cr
Dr
Cr
12 000
Dr
Cr
112
Dr
Cr
Dr
Cr
7 500
Dr
Cr
1 050
Final dividend declared

Dividend revenue
Dividend declared
Dividend payable
Dividend receivable
NCI
Dividend declared
Intragroup-closing inventory
Sales
Cost of goods sold
Inventory
Deferred tax asset
Income tax expense
NCI
NCI share of profit
Intragroup - plant
Gain on sale of plant
Inventory
Deferred tax asset
Income tax expense
NCI
NCI share of profit
4
6 300
1 500
12 000
3 000
4 800
4 800
4 800
1 200
11 200
800
240
240
112
7 500
2 250
2 250
1 050

Topic 10 - TutorialSolutions - S1 2016 - 21.9 and 21.11 PDF

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ACW2491 Company Reporting

WORKSHEET ENTRIES AT 30 JUNE 2017

* 75%($40 000 + $17 500 BCVR transfer inventory

Transfer from BCVR

NCI Pre-acq NCI

ACW2491 Company Reporting

NCI share of equity current

URP Opening inventory

NCI share of profit

ACW2491 Company Reporting

Depreciation expense - Plant

Transfer from general reserve

ACW2491 Company Reporting

NCI share of equity current

Gains/Losses: asset revaluation surplus

Interim dividend paid

Final dividend declared

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