Financial Statements for Top Springs Ltd in Australian Dollars

Corporate
Accounting

Contents
TASK 1............................................................................................................................................3
Financial statements for Top Springs Ltd in Australian Dollars for the financial year ended 30
June 2029:...............................................................................................................................3
Translate the financial data for Top Springs Ltd to the functional currency:........................5
Financial statements (as above) for Top Springs Ltd using the functional currency of US
dollars:....................................................................................................................................7
Foreign currency translation adjustment:...............................................................................9
TASK 2..........................................................................................................................................10
Journal entries recorded by Wooragee Wines Ltd in relation to the business acquisition during
the year ended 30 June 2025:...............................................................................................10
Acquisition analysis at 1 July 2024:.....................................................................................10
The consolidation worksheet entries at 1 July 2024.............................................................11
The consolidation worksheet entries at 30 June 2025:.........................................................11
The consolidation worksheet entries at 30 June 2026:.........................................................11
The consolidation worksheet entries at 30 June 2027:.........................................................11
The consolidation worksheet at 30 June 2027:.....................................................................12
The consolidated financial statements for the period ended 30 June 2027:.........................13

TASK 1
Financial statements for Top Springs Ltd in Australian Dollars for the financial year ended 30
June 2029:
Statement of Profit or Loss:
Statement of Profit or Loss for Top Springs Ltd in Australian Dollars for the
financial year ended 30 June 2029
Total Revenue 1,20,00,000
Cost of Goods Sold 52,50,000
Gross Profit 67,50,000
Operating Expenses
Depreciation - Buildings 3,00,000
Depreciation - Plant 3,75,000
Total Operating Expenses 6,75,000
Operating Profit 60,75,000
Interest Expenses 3,00,000
Other expenses 21,37,500
Income Before Tax 36,37,500
Income tax expense 10,87,500
Net loss 25,50,000
A Statement of Changes in Equity for Top Springs Ltd in Australian Dollars for the
financial year ended 30 June 2029
Share Capital 5400000
Retained Earning 1500000
Balance at Beginning of the year 6900000
Capital Addition -
Profit for the year 25,50,000
Drawings -
Dividend Paid 9,00,000
Dividend Declared 15,00,000

Retained Earning 16,50,000
Share Capital 5400000
Balance at the end of the year 70,50,000
Statement of Financial Position for Top Springs Ltd in Australian Dollars as on 30 June
2029
Assets
Non-Current Assets
Tangible Assets
Land 37,50,000
Buildings 69,00,000
Less: Acc. Dep.- Building 9,00,000
Less: Depreciation- Building 3,00,000 57,00,000
Plant 54,00,000
Less: Acc. Dep. - Plant 9,75,000
Less: Depreciation Plant 3,75,000 40,50,000
Total Tangible Assets 1,35,00,000
Intangible Assets
Patents 6,00,000
Total Intangible Assets 6,00,000
Current Assets
Accounts receivable 1,50,000
Inventories 2100000
Cash 1,50,000
Other current assets 675000
Total Current Assets 30,75,000
Total Assets 1,71,75,000
Non-Current Liabilities