Assessment Type: Short report on Consolidated financial statements and calculations- Individual
Assessment
Assessment Type: Short report on Consolidated financial statements and calculations- Individual
assessment.
Submission requirements details:
Required
1. Calculate acquisition analysis as at 1 July 2018
2. Prepare the consolidation journal entries for 30 June 2022
3. Complete the consolidated worksheet for 30 June 2022
4. Prepare the consolidated financial statements at 30 June 2022
5. Write a report to explain the consolidation process as per AASB10 for wholly owned entities and provide suitable explanations for intragroup adjustments (a) and (c) in additional information above.
For students to use in Assignment
Consolidation Worksheet for 30 June 2022
Priscilla
Ltd Lisa Marie
Ltd Adjustments Group
Dr Cr Sales revenue 64 500 78 000 Cost of sales (30 900) (46 350) Gross profit 33 600 31 650 Trading expenses (4 800) (9 000) Office expenses (7 950) (4 050) Depreciation exp (1 800) (3 900) (14 550) (16 950) Profit from trading 19 050 14 700 Proceeds from sale of plant 9 000 15 000 Carrying amount of plant sold (7 500) (14 000) Profit before tax 20 550 15 700 Income tax expense (11 100) (7 300) Profit for the year 9 450 8 400 Retained earnings (1/7/21) 48 000 31 500 Retained earnings (30/6/22) 57 450 39 900 Share capital 96 000 66 000 BCVR -- -- Total equity 153 450 105 900 Current liabilities 21 100 10 500 Deferred tax liability 11 000 15 000 Total liabilities 32 100 25 500 Total equity and liabilities 185 550 131 400 Priscilla
Ltd Lisa Marie
Ltd Adjustments Group
Dr Cr Plant 57 000 107 250 Accumulated depreciation (18 300) (33 450) Intangibles 12 000 11 100 Shares in Lisa Marie Ltd 90 000 - Deferred tax asset 8 100 9 450 Inventories 28 500 24 600 Receivables 8 250 12 450 Goodwill 0 0 Total assets 185 550 131 400 Below information is general for marking Criteria
Marking guide:
Interpretation and representation 20%
Calculations 50%
Analysis 10%
Assumptions 10%
Communications 10%
Total mark scaled to a mark out of 30 subject marks
