Financial Accounting Assignment | Acquisition Analysis

   

Added on  2020-05-16

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FINANCIAL ACCOUNTING TABLE OF CONTENT
Financial Accounting Assignment | Acquisition Analysis_1
S1. Prepare acquisition analysis as at the acquisition date, and journal entries to record the acquisition of the equity interest in MIEL Ltd in PEACE Ltd’s records...............................12. Prepare the consolidated adjustments for PEACE Ltd and its controlled entity on 30 June2018........................................................................................................................................13. Calculate non-controlling interest (NCI) in the profit for the financial year ended 30 June2018........................................................................................................................................84. Using the format of the template provided, complete a consolidation worksheet and post all consolidation journal entries into the worksheet.............................................................10REFERENCES.........................................................................................................................14
Financial Accounting Assignment | Acquisition Analysis_2
1. Prepare acquisition analysis as at the acquisition date, and journal entries to record the acquisition of the equity interest in MIEL Ltd in PEACE Ltd’s recordsParticularsAmount(In $)Fair value of assetsPlant50000Land30000Total fair value of assets80000Fair value of liabilities132813Fair of value of net assets212813Purchase consideration874575Capital Reserve661762Journal entriesParticularsDebitCreditPlant account Dr50000To fair value adjustments50000(Being property taken at fair value)Fair value adjustment a/c Dr30000Land account Dr30000To Fair value adjustments(Being Land taken over at fair value)Fair value adjustments account Dr32000To deferred tax liability (80000*40%)32000Share capital a/c dr386095Retained earnings a/c Dr1058242Fair value adjustment a/c Dr80000Revaluation reserve a/c Dr12000To investment in beach ltd874575To Capital reserve6617622. Prepare the consolidated adjustments for PEACE Ltd and its controlled entity on 30 June 2018PEACELtdMIEL LtdConsolidated EntriesGroupParticularDrCrSales revenue3,625,8102,481,76567840(W.N.1)48528(W.N.2)6088263Cost of goods sold-1,765,8-1,414,82032448 (W.N.515231533241
Financial Accounting Assignment | Acquisition Analysis_3
004)(W.N.3)Gross profit1,860,0101,066,9452240(W.N. 5)2929195Other income (expense)271,06027,800298860Operating income2,131,0701,094,7453225815Expenses, including depreciation-1,858,000-958,7452816745Net profit before tax273,070136,000409070Income tax expenses-77,249-53,540130789Net profit after tax (NPAT)195,82182,4602782821Retained earnings at 1 July 2017655,064720,5201801301195454Retained Earnings (Dividend declared)23,49824,73830920 (W.N.6)17316NPAT of the year195,82182,46023498.52(W.N. 7)254782.48Retained earnings at 30June 2018827,386778,242778,242(W.N. 8)827386Shareholders’ EquityShare capital 1,000,000690,000386095(W.N.9)1023905Retained earnings 827,386778,2421058242(W.N. 10)827386Revaluation Reserve250,00012,000250000(W.N. 11)12000NCI96591.25(W.N. 12)96591.25Total shareholders’ equity2,077,3861,480,2423654219.25Liabilities2
Financial Accounting Assignment | Acquisition Analysis_4

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