Corporate Accounting – Critically Analyse and Interpret the Financial Statements – Accounting Assignment Help

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Assignment Task :

 

Unit Learning Outcomes Assessed:

1. Examine conceptual issues and the sources of authority for the accounting requirements which apply to reporting by Australian companies and corporate groups, including Company Law, International and Australian Accounting Standards, and Stock Exchange requirements;

2. Critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups;

3. Apply Australian Accounting Standards and Corporate Legislation to the financial reporting processes of a range of corporate forms including companies and joint ventures;

4. Evaluate financial accounting problems and select appropriate accounting strategies for the accounting entity;

5. Prepare accounting reports for companies and other corporate forms that meet the compliance requirements of the professional and legal bodies in Australia;

6. Make judgments about appropriate use of accounting standards and accurately apply appropriate treatments and communicate these outcomes to a diverse range of stakeholders.

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 for weeks 6 to 10 inclusive and submit these answers in a single document.

 

Question 3

a) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities:

On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previously costed Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000.

During the 2016–17 period, Jordan Ltd sold inventory to Liala Ltd for $6,000, this being at cost plus 20% mark-up. Of this inventory, 20 % remained on hand in Liala Ltd at 30 June 2017. The tax rate is 30%.

Required:

(i) Prepare the consolidation worksheet entries for Liala Ltd at 30 June 2017 in relation to the intragroup transfers of inventory.  

(ii) Compute the amount of cost of goods sold to be reported in the consolidated income statement for 2017 relating to the relevant intra-group sales.  

b) On 1 July 2016, Liala ltd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying value in Liala Ltd book was $200,000 (costs $300,000, accumulated depreciation $100,000). This plant has a remaining useful life of five (5) years form the date of sale. The group measures its property plants and equipment using a costs model. Tax rate is 30 percent.

 

Required:

Prepare the necessary journal entries in 30 June 2017 to eliminate the intra-group transfer of equipment. 

 

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