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FNSACC504 - Prepare Financial Report for Corporate Entities

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Financial Reports for Corporate Entities (FNSACC504)

   

Added on  2020-04-15

FNSACC504 - Prepare Financial Report for Corporate Entities

   

Financial Reports for Corporate Entities (FNSACC504)

   Added on 2020-04-15

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Running head: PREPARE FINANCIAL REPORTS FOR CORPORATE ENTITIESPrepare Financial Reports for Corporate EntitiesName of the Student:Name of the University:Author’s Note:
FNSACC504 - Prepare Financial Report for Corporate Entities_1
PREPARE FINANCIAL REPORTS FOR CORPORATE ENTITIES1Table of ContentsASSESSMENT 1:......................................................................................................................2Balance Sheet:........................................................................................................................2Consolidation Worksheet:......................................................................................................3Consolidation Worksheet Journal Entries:.............................................................................4ASSESSMENT 2:......................................................................................................................5Comprehensive Income Statement:........................................................................................5Statement of Change in Equity:.............................................................................................5Statement of Financial Position:............................................................................................6Cash Flow Statement:............................................................................................................7Workings:...............................................................................................................................8Bibliography:............................................................................................................................12
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PREPARE FINANCIAL REPORTS FOR CORPORATE ENTITIES2ASSESSMENT 1:Balance Sheet:ParticularsGroupCompanyCurrent Assets:Inventory$66,700$46,000Other Current Assets$96,000$64,000Total Current Assets$1,62,700$1,10,000Non-Current Assets:Other Non-Current Assets$2,36,300$1,50,000Shares in RDL Ltd.$1,10,000Goodwill on Acquisition$30,000Accumulated Impairment - Goodwill-$5,000Total Non-Current Assets$2,61,300$2,60,000TOTAL ASSETS$4,24,000$3,70,000Current Liabilities:Current Liabilities$77,000$56,000Non-Current Liabilities:Non-Current Liabilities$18,000$2,000TOTAL LIABILITIES$95,000$58,000NET ASSETS$3,29,000$3,12,000Equity Capital:Share Capital$2,00,000$2,00,000General Reserve$77,000$72,000Retained Earnings 30-6-2016$52,000$40,000TOTAL EQUITY CAPITAL$3,29,000$3,12,000In the Books of TMH Ltd.Balance Sheetas on 30th June 2016
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PREPARE FINANCIAL REPORTS FOR CORPORATE ENTITIES3Consolidation Worksheet:Consolidation worksheet 30 June 2016TMH Ltd.RDLEliminationColumn1Consolidation StatementDR.CR.$$$$$Sales$3,30,000$2,40,000$20,000$5,50,000Inventory 1-7-2015$30,000$20,000$1,000$49,000Purchase$1,80,000$1,10,000$20,000$2,70,000$2,10,000$1,30,000$3,19,000Inventory 30-6-2016$40,000$20,000$700$60,700Cost of goods sold$1,70,000$1,10,000$2,58,300Gross Profit$1,60,000$1,30,000$2,91,700Operating Expenses$1,13,000$94,000$5,000$7,300$2,04,700$47,000$36,000$87,000Add: Profi t on sale of plant$4,000$4,000$0Management fee received from RDL$7,000$7,000$0Dividend received from RDL$4,000$4,000$0Profi t after Tax$58,000$40,000$87,000Less: Income Tax Expenses$10,000$18,000$28,000Profit $48,000$22,000$59,000Retained Earnings 1-7-2015$20,000$16,000$11,000$25,000Available for appropriation:Interim Dividend Paid$8,000$4,000$4,000$8,000Declared final dividend$10,000$6,000$6,000$10,000General Reserve$10,000$4,000$14,000Total Appropriation$28,000$14,000$32,000Retained Earnings 30-6-2016$40,000$24,000$52,000Share Capital$2,00,000$60,000$60,000$2,00,000General Reserve$72,000$15,000$10,000$77,000Non-Current Liabilities$2,000$16,000$18,000Current Liabilities$56,000$27,000$6,000$77,000$3,70,000$1,42,000$4,24,000Share in RDL Ltd.$1,10,000$1,10,000$0Other Non-Current Assets$1,50,000$90,000$300$4,000$2,36,300Inventory$46,000$20,000$700$66,700Other Current Assets$64,000$32,000$96,000Goodwill on Acquisition$30,000$30,000Accumulated Impairment - Goodwill$5,000-$5,000 $3,70,000$1,42,000$1,58,700$1,57,300$4,24,000
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