ACC204 Advanced Financial Accounting Assignment Solution

This document provides a comprehensive solution to an ACC204 Advanced Financial Accounting assignment. The solution addresses four key questions. Question 1 focuses on calculating depreciation using the sum-of-digits method, preparing journal entries for the purchase, depreciation, and sale of machinery, and determining the gain or loss on disposal. Question 2 deals with asset revaluation and related journal entries. Question 3 involves the computation of purchase consideration, net assets acquired, and goodwill, with an explanation regarding the upward revaluation of goodwill. Question 4 covers lease accounting, including the calculation of minimum lease payments and the presentation of relevant details such as the commencement date, lease duration, fair value, initial payment, and implicit rate.