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ACC705 Corporate Accounting(CA) Assignment

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Accounting Assignment (ACC705)

   

Added on  2020-05-28

ACC705 Corporate Accounting(CA) Assignment

   

Accounting Assignment (ACC705)

   Added on 2020-05-28

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Running head: CORPORATE ACCOUNTINGCorporate AccountingName of the Student:Name of the University:Author’s Note:
ACC705 Corporate Accounting(CA) Assignment_1
1CORPORATE ACCOUNTINGQuestion 1:In the books of Sam Ltd.Journal EntriesDr.Cr.DateParticularsAmountAmountBusiness Combination Valuation Entries:01-07-2013Accumulated Depreciation A/c.Dr.26000To,Plant A/c.24000To,Deferred Tax Liability A/c.600To,Business Combination Valuation Reserve A/c.1400Depreciation Expenses A/c.Dr.200Retained Earnings (1/7/16) A/c.Dr.600To,Accumulated Depreciation A/c.800Deferred Tax Liability A/c.Dr.240To,Income Tax Expenses A/c.60To,Retained Earnings (1/7/16)180Amortization of Customer Database A/c.Dr.1500Retained Earnings (1/7/16) A/c.Dr.3150To,Income Tax Expenses A/c.450To,Transfer from BCVR A/c.4200Transfer from BCVR A/c.Dr.6300Income Tax Expenses A/c.Dr.2700To,Contingent Legal Liability A/c.7000To,Gain on Settlement A/c.2000Accumulated Impairment Loss for Goodwill A/c.Dr.7000To,Business Combination Valuation Reserve A/c.2000To,Goodwill A/c.5000
ACC705 Corporate Accounting(CA) Assignment_2
2CORPORATE ACCOUNTINGPre-Acquisition Entries:01-07-2013Share Capital A/c.Dr.150000Reserves A/c.Dr.10000Retained Earnings (1/7/13) A/c.Dr.30000Business Combination Valuation Reserve A/c.Dr.21000To,Shares in Sam Ltd. A/c.130000To,Gain on Bargain Purchase (Transfer to P/L) A/c.8100030-06-2017Share Capital A/c.Dr.150000Reserves A/c.Dr.7000Retained Earnings (1/7/16) A/c.Dr.27700To,Business Combination Valuation Reserve A/c.54700To,Sharesin Sam Ltd. A/c.130000Transfer from Reserves A/c.Dr.2000To,Reserves A/c.2000Business Combination Valuation Reserve A/c.Dr.7000To,Transfer from BCVR A/c.7000Transfer from BCVR A/c.Dr.4200To,Business Combination Valuation Reserve A/c.4200Workings:Acquisition Analysis:ParticularsCarrying AmountFair ValueNet Fair ValueShare Capital150000150000Reserves1000010000
ACC705 Corporate Accounting(CA) Assignment_3

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