一站式論文代寫,英国、美国、澳洲留学生Essay代寫—FreePass代写

程序代寫案例-UESTION 1
時間:2021-06-11
1

AYB340T1.171 cont/…
QUESTION 1


Part A

On 1 July 2015, Adelaide Ltd, an Australian company, acquired shares in Mong Kok
Ltd, a company based in Hong Kong. At this date, the equity of Mong Kok Ltd was:

HK$
Share capital 200?000
General reserve 100?000
Retained earnings 300?000

At 30 June 2016 and 2017 respectively, the retained earnings balances of Mong Kok
Ltd were HK$400?000 and HK$450?000 respectively. All transactions occurred evenly
throughout these years. The internal financial statements of the two companies at 30
June 2018 were as follows:
Statements of Profit or Loss and Other Comprehensive Income

Adelaide Ltd
A$
Mong Kok Ltd
HK$
Sales 700?000 595?000
Cost of sales 300?000 400?000

400?000 195?000
Expenses 210?200 100?000

189?800 95?000
Dividend revenue 12?000 —
Profit before income tax 201?800 95?000
Tax expense 51?800 20?000
Profit 150?000 75?000
Retained earnings as at 1/7/17 750?000 450?000

900?000 525?000
Dividend paid 100?000 25?000
Retained earnings as at 30/6/18 800?000 500?000




Question 1 continued overleaf

Practice exam AYB340 cont/…
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Question 1 continued
Statements of Financial Position

Adelaide Ltd
A$
Mong Kok Ltd
HK$
Current assets 311?520 250?000
Shares in Cantonese Ltd 288?480 —
Property, plant and equipment (net) 700?000 500?000
Patents and trademarks 100?000 150?000
Total assets 1?400?000 900?000
Liabilities 100?000 100?000
Net assets 1?300?000 800?000
Equity:

Share capital 500?000 200?000
General reserve — 100?000
Retained earnings 800?000 500?000
Total equity 1?300?000 800?000

Additional information
1. The dividend paid by Mong Kok Ltd was paid on 1 May 2018.
2. Some relevant exchange rates are:

1 July 2015 HK$1 = $A0.80
Average 2015–16 0.82
1 July 2016 0.85
Average 2016–17 0.88
1 July 2017 0.90
Average 2017–18 0.85
1 May 2018 0.80
30 June 2018 0.78

Required
Translate the financial statements of Mong Kok Ltd as at 30 June 2018 into the
presentation currency of Australian dollars, assuming that the functional currency is the
Hong Kong dollar.
(10 marks)

(Total: 10 marks)

End of Part A

Question 1 continued overleaf
Practice exam AYB340 cont/…
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Question 1 continued

Part B

What is an operating segment?

Briefly explain how we determine an entity’s operating segments.

(5 marks)

What is a reporting segment?

Briefly explain how we determine an entity’s reporting segments.

(5 marks)


(Total: 10 marks)


End of Part B

(Total marks for Question 1: 20 marks)

Practice exam AYB340 cont/…
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QUESTION 2

On 1 July 2013, Cymbal Ltd purchased 40% of the shares of Gong Ltd for $63,200 and
signed a joint venture agreement with the two other shareholders in Gong Ltd. At that
date, equity of Gong Ltd consisted of:

Share capital $125,000
Retained earnings $ 11,000

At 1 July 2013, the identifiable assets and liabilities of Gong Ltd were recorded at
amounts equal to their fair values.

Information about income and changes in equity for both companies for the year ended
30 June 2016 was as shown below.

Cymbal Ltd Gong Ltd
Profit before tax $26,000 $23,500
Income tax expense (10,600) (5,400)
Profit 15,400 18,100
Retained earnings (1/7/15) 18,000 16,000
33,400 34,100
Dividend paid (5,000) (4,000)
Dividend declared (10,000) (5,000)
(15,000) (9,000)
Retained earnings (30/6/16) $18,400 $25,100


Additional information
1. Cymbal Ltd recognised the final dividend revenue from Gong Ltd before receipt of
cash. Gong Ltd declared a $6,000 dividend in June 2015, this being paid in August
2015.
2. On 31 December 2015, Gong Ltd sold Cymbal Ltd a motor vehicle for $12,000.
The vehicle had originally cost Gong Ltd $18,000 and was written down to $9,000
for both tax and accounting purposes at time of sale to Cymbal Ltd. Both
companies depreciated motor vehicles at the rate of 20% p.a. on cost.
3. The beginning inventory of Gong Ltd included goods at $4,000 bought from
Cymbal Ltd; their cost to Cymbal Ltd was $3,200.
4. The ending inventory of Cymbal Ltd included goods purchased from Gong Ltd at a
profit before tax of $1,600.
5. The tax rate is 30%.





Question 2 continued overleaf
Practice exam AYB340 cont/…
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Question 2 continued


Required
i) Prepare the journal entries in the records of Cymbal Ltd to account for the
investment in Gong Ltd in accordance with AASB 128 for the year ended 30
June 2016 assuming Cymbal Ltd does not prepare consolidated financial
statements.
(10 marks)


ii) Prepare the consolidated worksheet entries in relation to the investment in Gong
Ltd, assuming Cymbal Ltd does prepare consolidated financial statements at 30
June 2016.


(10 marks)




(Total marks for Question 1: 20 marks)























Practice exam AYB340 cont/…
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QUESTION 3

The trial balance of Locust Ltd on 1 September 2018, the date on which the court
ordered that the company be wound up, is presented below.

LOCUST LTD
Trial Balance
as at 1 September 2018
Debit Credit
Bank (secured over land and buildings) $114?000
Accounts payable 91?000
Accrued expenses 2?000
Unsecured notes 150?000
Debentures (secured by a circulating security interest over the
company’s assets)
200?000
Share capital:
7% preference issued at $1 50?000
‘A’ ordinary issued at $1 200?000
‘B’ ordinary issued at $1 40?000
‘C’ ordinary issued at $1 20?000
Allowance for doubtful debts 1?000
Accumulated depreciation: Vehicles 17?000
Plant and equipment 40?000
Cash $ 100
Accounts receivable 97?000
Inventory 146?400
Shares in Bee Pty Ltd 17?500
Vehicles 29?000
Plant and equipment 181?000
Land and buildings (net) 250?000
Goodwill 24?000
Retained earnings 180?000 _____ _
$925?000 $925?000

Additional information
a) Share capital consisted of:
- 50?000 7% preference shares fully paid
- 200?000 ‘A’ ordinary shares fully paid
- 100?000 ‘B’ ordinary shares paid to 40c
- 100?000 ‘C’ ordinary shares paid to 20c

The constitution provided that preference shareholders were preferential as to
return of capital in a winding up, and ‘C’ ordinary shareholders were deferred as
to return of capital until all other classes of shares had been paid in full.




Question 3 continued overleaf


Practice exam AYB340 cont/…
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Question 3 continued

b) Proceeds from sale of assets (the bank agreed to allow the liquidator to sell the
land and buildings):

Accounts receivable $ 71?000
Inventory 100?000
Shares in Bee Pty Ltd 10?000
Vehicles 10?000
Plant and equipment 116?000
Land and buildings 240?000

c) Calls on shares: The liquidator called up the uncalled balance on ‘B’ ordinary
shares and ‘C’ ordinary shares. Holders of 10?000 ‘C’ ordinary shares and
10?000 ‘B’ ordinary shares failed to pay the call and these shares were
subsequently forfeited.

d) Payments made by liquidator after negotiation with creditors:

Liquidation expenses $ 2?100
Liquidator’s remuneration 4?000
Bank overdraft and interest 116?000
Accounts payable 89?000
Accrued expenses 2?200
Unsecured notes and interest 154?500
Debentures and interest 206?000


Required
i) Prepare journal entries to wind up the affairs of Locust Ltd.
(12 marks)

ii) Prepare the Liquidation account, the Cash account and the Shareholders’
Distribution account, clearly showing the share of cash for each class of
shares.

(8 marks)



(Total marks for Question 3: 20 marks)











Practice exam AYB340 cont/…
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QUESTION 4





Question 4 continued overleaf

partial goodwill method

2 400
Practice exam AYB340 cont/…
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Question 4 continued

Required:

On the attachment to this examination paper:

i. Prepare the consolidation worksheet general journal entries necessary for the
preparation of the consolidated financial statements for the year ended 30 June
2012. (Note: The worksheet and consolidated financial statements do not have
to be prepared).
(36 marks)

ii. What differences would arise if the full goodwill method was used?

(4 marks)


(Total marks for Question 4: 40 marks)




END OF PAPER

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Practice exam AYB340
AYB340 COMPANY ACCOUNTING Name:___________________________
PRACTICE EXAM Student number: _________________
FINAL EXAM: ATTACHMENT


QUESTION 4 [Consolidation]
ANSWER TO QUESTION 4 (a) - consolidation worksheet general journal entries

Acquisition analysis

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Business combination valuation entries

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Question 4 attachment continued overleaf

Practice exam AYB340
ii
Question 4 attachment continued

Pre-acquisition entry

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NCI entries
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Question 4 attachment continued overleaf


Practice exam AYB340
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Question 4 attachment continued


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Question 4 attachment continued overleaf

Practice exam AYB340
iv
Question 4 attachment continued

Intragroup Transactions
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ANSWER TO QUESTION 4 (b) –

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Question 4 attachment continued overleaf
Practice exam AYB340
v

Question 4 attachment continued


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(Total marks for Question 4: 40 marks)


END OF ATTACHMENT

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