Advanced Financial Accounting Assignment: L Ltd and Y Ltd Analysis

This document provides a comprehensive solution to an advanced financial accounting assignment. The solution encompasses detailed acquisition analysis, including calculations of goodwill and non-controlling interest. It features journal entries for various transactions, such as pre-acquisition entries, sale of inventory, impairment of goodwill, and dividend payments. Furthermore, the assignment includes a consolidation worksheet, accompanied by detailed workings to reconcile the financial statements of Wiley Ltd and B&G Ltd, including adjustments for asset revaluations, goodwill impairment, and intercompany transactions like loans and interest. The solution demonstrates a strong understanding of consolidation principles, journal entries, and the application of accounting standards, with a bibliography citing relevant accounting literature.