Q3.
Cashless Ltd went into deliberate gift on 1 April 2019.
Cashless Ltd
Statement of Financial Position
as at 1 April 2019
Liabilities and equity
Divide capital:
280 000 conventional divides
fully paid
Retained earnings
Advance hypothecation
Debentures
Bank aggravatedraft
Accounts rapidable
Other rapidables
$322 000
7 000
105 000
70 000
56 000
56 000
33 600
Assets
Plant and buildings (net)
Set (net)
Bank deposit
Accounts receivable
Investments
Inventory
$175 000
280 000
7 000
68 600
35 000
84 000
$649 600 $649 600
Additional information
(a) The liquidator discovered that debenture attention of $5 250 was attributable on 1 April 2019. The aggravatedraft with
the Katherine Bank had been trustworthy by a advance aggravate the set. The bank has agreed that the
liquidator may hawk the set and explanation the allowance to requite the aggravatedraft. The advance hypothecation is trustworthy
aggravate plant and buildings which procure be sold by the advancee to requite the equality due. The inventory
has been explanationd as a circulating safeguard ce the debentures. The other rapidables were hypothecations from directors
that were made on 1 December 2018.
(b) The sale of the goods realised the folldue equalitys:
Plant and buildings
Less: Rates and hawking expenses
Less: Advance hypothecation
$ 280 000
(11 200)
(105 000)
$163 800
Set and equipment
Bank deposit
Accounts receivable
Investments
Inventory
273 000
8 400
63 000
21 000
70 000
$ 599 200
(c) The folldue rapidments were made by the liquidator:
Debentures
Debenture attention
Bank aggravatedraft
Accounts rapidable (succeeding creditors’ discounts)
Other rapidables
Additional equalitys referable attributable attributable attributable commemorative in the records:
Liquidator’s remuneration
Gift expenses
Holiday rapid — employee
Retrenchment rapidment — employee
Income impost penalty
$70 000
5 250
56 000
53 200
33 600
17 500
7 700
7 000
2 800
2 100
$255 150
You are required to order the folldue recitals, using T recitals, and referable attributable attributable attributable narrative entries:
A. The Gift Recital.
B. The Liquidator’s Statement of Receipts and Rapidments.
C. The Divideholders’ Distribution recital.
(20 marks)
Q4 George Ltd artificial 60% of the divides of Orwell Ltd in February 2017. Although George Ltd has 100%
subsidiaries this is the primeval compensation that George Ltd has made with a non-controlling attention (NCI) partly
funding the other assembly. Eric Blair, the financial recitalant of George Ltd has asked you to transcribe a communication
advising him as to the best admittance he should admit when he orders the consolidated financial statements
ce the Orwell Group of companies.
As he has never had to count the divide of the equity in Orwell Ltd funded by the NCI he is worried about
how he should count it. He is distinctly attentioned in how the watchfulness should admit attribute in the years
succeeding the compensation continuance. He tells you that some of his colleagues in other companies enjoy mentioned a ‘step’
admittance which pretentious makes recitaling ce the recitaling periods succeeding the continuance of compensation very
easy as it is then inevitable to order merely individual tramp.
Required
Order a communication ce Eric, explaining the tramp admittance to the watchfulness of NCI and the proceeds of this
admittance in the years succeeding the continuance of compensation.
(5 marks)
The communication should admit the cemat of a cemal calling communication, written by your rooted with yourself as transfer producer.
Marks procure be awarded ce endowment title and an divert calling cemat.
(5 marks)
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions with attention to details. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. We have native speakers and ESL and are able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, 24/7 you can send your order for a free revision, unlimitted times. You have 14 days to submit the order for review after you have received the draft or final document. You can do this yourself after logging into your personal account or by contacting our support through chat.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper or need some instructions clarification, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We have mordernized our writing. We use several writing tools checks to ensure that all documents you receive are free from plagiarism eg, safeassign, turnitin, and copyscape. Our editors carefully review all quotations in the text. We also promise maximum privacy and confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 - 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these steps to get your essay paper done
Place your order
Fill all the order form sections by providing details of your assignment.
Proceed with the payment
Choose the payment model that suits you most.
Receive the final file of the done paper
Once your paper is ready, we will email it to you.
Our Services
No need to work on your paper at very late hours of the night. Sleep tight, we will cover your back. We offer all kinds of custom writing services.
Essays
We work on all models of college papers within the set deadlines. You just specify the required details e.g. your academic level and get well researched papers at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admissions
Admission Essays & Business Writing Help
An admission essay is an application essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can rest assurred that through our service we will write the best admission essay for you.
Reviews
Editing Support
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
Reviews
Revision Support
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.
For all your orders at Homeworkacetutors.com get discounted prices!
Top quality & 100% plagiarism-free content.