ACC705: Comprehensive Financial Statement Consolidation - Tuna Ltd
VerifiedAdded on 2023/06/12
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Homework Assignment
AI Summary
This assignment solution provides a detailed analysis of the acquisition of Brim Ltd by Tuna Ltd on July 1, 2015, including the calculation of goodwill and the preparation of consolidation journal entries. The solution covers pre-acquisition entries, sales and profit in closing inventory, profit in opening inventory, and current and prior period sales of plant and inventory. It also presents a consolidated set of financial statements for the group, including the sales revenue, cost of sales, trading expenses, profit from trading, proceeds from the sale of plant, and retained earnings. Adjustments are made to account for intercompany transactions and fair value adjustments, ensuring accurate consolidation of the financial positions of Tuna Ltd and Brim Ltd. The consolidated financial statements include a balance sheet with total equity and liabilities, as well as detailed calculations for plant, accumulated depreciation, intangibles, deferred tax assets, inventory, and receivables.
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