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ACT503
UNIT NAME:
CORPORATE
ACCOUNTIN
G
Assignment
Information
Semester Two
2017
Assessment
30%
Maximum
Marks: 100
Instructions:
If you create
your
worksheets in
excel, please
copy and paste
them into
MSWord.
Points are
given for the
quality of your
calculation
formats even if
your final
calculations
are not
correct.
Once you have
completed the
assignment, it needs to be lodged through Safe Assign in the Assessments section of Learnline with an
appropriate CDU cover sheet. Your assessments must be lodged using MSWord. Note: PDF, Excel or
paper copies will not be accepted.
Required:
Make sure your entire assignment can be readily printed on A-4 paper in portrait (preferred) or
landscape format with appropriate page breaks. Do not have a portion of a “wide” worksheet
expand beyond 1 page.
Make sure your name and student number are on every page of your submission.
ACT 503 Corporate Accounting
Due Date: 11.59 pm Friday 29th September in Study Week 10
Assignment
Question 1: (Marks 15)
ShouldBeMyOwnWork Ltd had the following balances in their books showing Carrying Amount and
Tax Base amounts at 30 June 2018 which creates temporary differences:
The following information is available for the following year, the year ending 30 June 2019.
Revenue 4,000
Assets
Liabilities
Required
State whether the following assets may be revalued, support your answer with a brief
explanation to your reason. (maximum 100 words in each scenario). Prepare journal entries
for any revaluations permitted by accounting standards. Assume that each item listed below
$(‘000) $(‘000)
Assets Liabilities
Inventory 100
1,000 1,000
Additional Information:
Tax rate is 30 per cent
As at the date of acquisition, all assets of TakeItEasy Ltd were at fair value, other than the property,
plant and equipment, which had a fair value of $530 000. TakeItEasy Ltd adopts the cost model for
measuring its property, plant and equipment. The property, plant and equipment is expected to have a
remaining useful life of 10 years, and no residual value.
One year following acquisition it was considered that TakeItEasy Ltd’s goodwill had a recoverable
amount of $60 000.
TakeItEasy Ltd declared a dividend of $40 000 on 10 July 2018, with the dividends being paid from pre-
acquisition retained earnings.
ACT 503 Corporate Accounting
Due Date: 11.59 pm Friday 29th September in Study Week 10
Assignment
The statements of financial position and statements of
comprehensive income of
ChallengeMe Pty Ltd and TakeItEasy Ltd one year after acquisition are as follows:
Statement of financial position of ChallengeMe Pty Ltd and TakeItEasy LTd as at 30 June 2019
($000) ($000)
Assets
Cash 80 40
Accounts receivable 50 50
Liabilities
Shareholders’ equity
Required:
Provide the consolidated accounts of ChallengeMe Pty Ltd and TakeItEasy Ltd as at 30 June 2019 with
the following:
Acquisition analysis show relevant calculations All relevant worksheet journal entries
Fair Value of assets adjustment
Pre-acquisition eliminating entries
Consolidated worksheet for ChallengeMe Pty Ltd and its controlled entity for the period ending 30 June
2019 showing columns of Eliminations and adjustments and consolidated amounts
Consolidated statement of financial position of ChallengeMe Group.