This document provides comprehensive study material on corporate accounting, including acquisition analysis, journal entries, consolidated worksheet, and the preparation of consolidated financial statements. It also includes a bibliography for further reference.
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Running head:CORPORATE ACCOUNTING Corporate Accounting Name of the Student: Name of the University: Author’s Note: Course ID:
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1CORPORATE ACCOUNTING Table of Contents Acquisition Analysis:.......................................................................................................................2 Journal Entries:................................................................................................................................3 Consolidated Worksheet:.................................................................................................................4 Prepare the consolidated financial statements of Griffin Ltd at 30 June 2019:...............................6 Bibliography:...................................................................................................................................9
3CORPORATE ACCOUNTING The above table provides information about the calculation of goodwill, which is conducted after evaluating the fair value of assets that is been acquired by Griffin Ltd of Frank Ltd. Journal Entries: BCV entriesPre-acquisitions entries ParticularsDebitCreditParticularsDebitCredit Depreciation expense600 Retained Earnings (1/7/16)50,000 Sale of Plant (Gain)3,000Share capital2,00,000 Income tax expense1,080General reserve20,000 Retained earnings1,680BCV reserve50,000 Transfer from BCV reserve4,200Shares in Frank Ltd3,20,000 ParticularsDebitCreditParticularsDebitCredit Brands12,000 Retained Earnings (1/7/19)56,600 BCV reserve8,400Share capital2,00,000 Deferred tax liability3,600General reserve33,000 BCV reserve30,400 ParticularsDebitCreditShares in Frank Ltd3,20,000 Transfer from BCV reserve7,000 Income tax expense3,000ParticularsDebitCredit Guarantee expense7,500BCV reserve7,000 Gain on guarantee2,500 Transfer from BCV reserve7,000 ParticularsDebitCredit Transfer from BCV reserve4,200
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7CORPORATE ACCOUNTING Retained Earnings (1/7/18)$1,09,720.00 Profit for the period$1,11,480.00 Dividend declared$-34,000.00 Retained Earnings (30/6/19)$1,87,200.00 Share capital balance at 1 July 2018$2,80,000.00 Share capital balance at 30 June 2019$2,80,000.00 General reserve at 1 July 2018$20,000.00 General reserve at 30 June 2019$20,000.00 Asset Revaluation Surplus (30/6/19)$12,000.00 Gains/Losses$12,000.00 Asset Revaluation Surplus (30/6/19)$24,000.00 Consolidated Balance Sheet: ParticularsAmount Current Assets: Cash$42,000.00 Inventory$81,000.00 Receivables$40,000.00 Total Current Assets$1,63,000.00 Non-Current Assets: Plant$5,50,000.00 Accum. Depreciation$-1,60,000.00 Land$12,000.00 Shares in Frank Ltd$- Goodwill$24,800.00 Total Non-Current Assets$4,26,800.00 Total Assets$5,89,800.00 Current Liabilities: Provisions$27,000.00 Payables$48,000.00 Total Current Liabilities$75,000.00 Non-Current Liabilities: Defer.tax liabilities$3,600.00 Total Non-Current Liabilities$3,600.00 Total Liabilities$78,600.00
8CORPORATE ACCOUNTING Equity: Share Capital$2,80,000.00 Asset Revaluation Surplus$44,000.00 Retained Earnings$1,87,200.00 Total Equity$5,11,200.00 Total Liabilities and Equity$5,89,800.00
9CORPORATE ACCOUNTING Bibliography: Cîrstea,A., 2014. Theneed for publicsectorconsolidatedfinancialstatements.Procedia Economics and Finance,15, pp.1289-1296. edia-Social and Behavioral Sciences,109, pp.976-982. Hoyle, J.B., Schaefer, T. and Doupnik, T., 2015.Advanced accounting. McGraw Hill. Müller, V.O., 2014. The impact of IFRS adoption on the quality of consolidated financial reporting.Proc Palea, V., 2014. Are IFRS value-relevant for separate financial statements? Evidence from the Italian stock market.Journal of International Accounting, Auditing and Taxation,23(1), pp.1-17. Robinson, T.R., Henry, E., Pirie, W.L. and Broihahn, M.A., 2015.International financial statement analysis. John Wiley & Sons. Sedki, S.S., Smith, A. and Strickland, A., 2014. Differences and similarities between IFRS and GAAP on inventory, revenue recognition and consolidated financial statements.Journal of Accounting and Finance,14(2), p.120. Wahlen, J.M., Baginski, S.P. and Bradshaw, M., 2014.Financial reporting, financial statement analysis and valuation. Nelson Education.