Corporate accounting

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)

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