Assessment 2
Assessment Type: Short report on consolidated financial statements and calculations

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Assessment 2
Assessment Type: Short report on consolidated financial statements and calculations

Tribute 2 Tribute Type: Short repute on obscure financial statements and calculations – indivisible tribute. Purpose: This tribute is purposed to grant students to scholarship and analyse accounting standards and eluciage how they integralot to manifold corporate groups. It enables students to fulfill and unfold problems relating to accounting control obscure groups. It grants students to reveal the financial affairs of a posse to financial repute users. This relates to scholarship quenchedcomes a, b and c. Value: 30% Due Age: Week 10 – Friday 8.00 pm. Submission: Soft portraiture uploaded to Moodle via KOI’s Moodle topic homepage. Topic: Obscure worksheet, obscure financial statements Task Details: On 1 July 2016, Rock Ltd acquired (ex div.) integral of the issued important of Wallaby Ltd. The narrative equity of Wallaby Ltd

Rate 2
Rate Type: Short tidings on conjoined financial statements and calculations – single rate.
Purpose: This rate is planned to suffer students to lore and analyse accounting standards and understand how they entireot to multitudinous urbane groups. It enables students to confirm and clear-up problems relative-to to accounting coercion conjoined groups. It suffers students to reveal the financial affairs of a fraternity to financial tidings users. This relates to tuition quenchedcomes a, b and c.
Value: 30% Due Bound: Week 10 – Friday 8.00 pm.
Submission: Soft delineation uploaded to Moodle via KOI’s Moodle question homepage.
Topic: Conjoined worksheet, conjoined financial statements
Task Details: On 1 July 2016, Rock Ltd adventitious (ex div.) entire of the issued important of Wallaby Ltd. The narrative equity of Wallaby Ltd at this bound consisted of:
Portion-quenched important
Unconcealed restraint Retained rights
ACC705 CORPORATE ACCOUNTING AND REPORTING T220 02/07/2020 12:27
?AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979
Approved by KOI Academic Board coercion T2 2020
K/’ KOI
King’s Own in»fitvl«
At 1 July 2016, entire the identifiable property and liabilities of Wallaby Ltd were narrative at equitable appraise exclude coercion the aftercited property:
Carrying total Equitable appraise
Plant $100000 $130000
Inventories 78500 86100
Machinery (consume $86 000) 52000 56000
Vehicles (consume $58 000) 47000 53000
Additionally, Wallaby Ltd’s records showed a dividend payable at 1 July 2016 of $8000. This dividend was hired on 31 October 2016. The property of Wallaby Ltd at wages bound interjacent kind-heartedness narrative at $15 000 arising from a duty coalition occurrence in 2012.
At 1 July 2016, Wallaby Ltd owned barring had referable narrative an internally generated vestige indicate. This vestige indicate was considered by Rock Ltd to possess a equitable appraise of $29 000 and an tortuous adapted history. An feebleness touchstone conducted with reference to the vestige indicate on 30 June 2019 concluded that its recoverable total at that bound was $2000 short than its carrying total.
The vehicles and machinery were expected to possess a excite adapted history of 6 and 8 years referenceively, with benefits to be accepted evenly aggravate those periods. Inventory on index at 1 July 2016 was entire sold by 31 January 2017. The plant owned at 1 July 2016 was sold in September 2017 coercion $150 000. The machinery on index at 1 July 2016 was sold on 1 January 2019 coercion $38 000.
Adjustments coercion the differences between carrying totals and equitable appraises of property and liabilities on index at wages bound are recognised on connection. When property are sold or derecognised, any cognate valuation restraints are infectious to retained rights.
In June 2018, Wallaby Ltd hired a portion-quenched dividend estimate $20 000 from the unconcealed restraint on index at 1 July 2016.
The affliction balances of twain companies at 30 June 2019 showed the aftercited balances:
Debit balances
Cash $ 2 500 $ 1 250
Receivables 27 000 13000
Inventories 39 700 24 500
Other prevalent property 15200 8 200
Deferred tribute property 7 500 3 500
Vehicles 88 000 158 000
Equipment — 42 000
Plant 140 000 180 000
Financial property 68 000 14 800
Kind-heartedness 28 000 15 000
Shares in Wallaby Ltd 250 000 —
Debentures in Rock Ltd — 25 000
Dividend hired 10000 5 000
Dividend professed 20 000 12 000
Transfer to unconcealed restraint 10000 5 000
Consume of sales 210 000 192 550
Proceeds tribute cost 30 000 32 000
Derogation and other costs 39 000 36 000
Carrying total of machinery sold — 30 500
Carrying total of equipment sold 21 000
$1 005 900 $798 300
Credit balances
Portion-quenched important $ 200 000 $140 000
Unconcealed restraint 35 000 10000
Retained rights (1/7/18) 51 300 67 500
Accounts payable 69 500 36 000
Loan payable (due 30/6/23) 25 000 15 000
Dividend payable 20 000 12 000
Provisions 12 500 9 300
Prevalent tribute burden 43 000 34 000
Deferred tribute burden 11 800 5 000
Accumulated derogation — vehicles 16 400 60 000
Accumulated derogation — equipment — 34 500
8% Debentures (matures 30/6/22) 25 000 —
Sales proceeds 450 000 320 000
Dividend proceeds 17 000 —
Other proceeds 11 400 17 000
Proceeds on sale of equipment 18000 —
Proceeds on sale of machinery $1 005 900 38 000
$798 300
Required: Prepare the connection worksheet life entries coercion the making-ready of the conjoined financial statements of Rock Ltd at 30 June 2019.
Interpretation and justice 20%
Calculations 50%
Analysis 10%
Assumptions 10%
Communication 10%
Total vestige gain be scaled to a vestige quenched of 30 question vestiges

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