ACC204 CORPORATE ACCOUNTING AND REPORTING T121
Assessment Details
Assessment 4
Assessment Type: Assignment – individual assessment – short report on financial statements and calculations
Purpose: To allow students to demonstrate their ability to relate corporate accounting concepts and applying their understanding of accounting standards AASB 3, AASB 10 and AASB 12. Students will be required to complete complex calculations and journal entries for business combinations, consolidation and other relevant accounting standards covered in the lectures. This assessment relates to learning outcomes a, b, c and d.
Value: 20%.
Consolidation Non-controlling Interest
Task details:
Melissa Ltd purchased all the issued shares of Soren Ltd for $.on 1 July 2020 when the equity of Soren Ltd was as follows;
Share capital | $...... |
…………………. | $...... |
…………………. | $...... |
At this date, Soren Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the following assets.
Account | Cost | Carrying Amount | Fair value | Further life (Years) |
Inventories | ………………. | ……………… | ||
………………. | ………………. | …………….. | ||
………………… | …………………. | ……….. | ………… | ………………….. |
Contingent Liability | …………………………………………… | ………………… | ||
Unrecorded Asset | …………………………………….. | ……………….. | ||
Unrecorded Asset | …………………………… | …………… |
…..% of inventory were sold by 30 June 2021.Differences between carrying amounts and fair values are recognised in the consolidation worksheet.
Required:
If Melissa Ltd purchased just ……% of the issued shares of Soren Ltd on 1 July 2020, considering the tax rate of 30%, partial goodwill method is under use and the NCI at acquisition date is measured based on the proportionate share of the identifiable assets and liabilities in Soren Ltd.
Required:
For solution, connect with our online professionals.