FNSACC504 - Assessment: Consolidation Worksheet, Financial Statements, and Tax Implications

FNSACC504 - Assessment
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Table of Contents
Assessment 1...................................................................................................................................3
Assessment 2...................................................................................................................................5
1: Comprehensive income statement...........................................................................................5
2: Prepare Statement of Change in Equity..................................................................................5
3: Statement of Financial Position................................................................................................6
4: Cash flow statement:.................................................................................................................8
5: Provide notes for the important information as per AASB standards.................................9
Assessment 3.................................................................................................................................10
Part 1.............................................................................................................................................10
Part 2.............................................................................................................................................14
References.....................................................................................................................................16
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Assessment 1
Consolidation worksheet
30 June 2016
TMH
Ltd
RDL Elimination
Consolidation Statement
Consolidation
statement
Dr. Cr
$ $ $ $ $
Sales 330,000 240,000 20,000 - 5,50,000
Inventory 1-7-2015 30,000 20,000 - 1,000 49,000
Purchase 180,000 110,000 20,000 - 2,70,000
210,000 130,000 - - 8,70,000
Inventory 30-6-2016 40,000 20,000 - 7,00 59,300
Cost of goods sold 170,000 110,000 - - 8,10,700
Gross profit 160,000 130,000 9700 - 2,80,300
Operating expenses 113,000 94,000 - - 2,07,000
47,000 36,000 - - 73,300
Add: Profit on sale of
plant
- 4,000 4000 - -
Management fee received
from RDL
7,000 - 4,000 - -
Dividend received from
RDL
4,000 - 4,000 - -
Profit before tax 58,000 40,000 - - 73,300
Less: Income tax
expenses
10,000 18,000 - - 12,637
Profit 48,000 22,000 - - 60,663
Retained earnings 1-7-
2015
20,000 16,000 - - 36,000
Available for
appropriation
68,000 38,000 - - 96,663
Appropriation:
Interim dividend paid 8,000 4,000 4,000 - 8,000
Declared final dividend 10,000 6,000 6,000 - 10,000
General reserve 10,000 4,000 -14,000 - -
Total appropriation 28,000 14,000 - - 32,000
Retained earnings 30-6-
1016
40,000 24,000 - - 64,000
Share capital 200,000 60,000 60,000 - 2,00,000
General reserve 72,000 15,000 45000 - 42,000
Non-current liabilities 2,000 16,000 - - 18,000
Current liabilities 56,000 27,000 - - 83,000
370,000 142,000 - - 4,07,000
Share in RDL Ltd 110,000 - 1,10,000 - -
Other non-current assets 150,000 90,000 - - 2,40,000
Inventory 46,000 20,000 - - 66,000
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Other current assets 64,000 32,000 - - 96,000
Goodwill on
consolidation
- - - - 5,000
Accumulated
impairment- goodwill
- - -
370,000 142,000 4,07,000
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