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Financial Accounting assessment 2

You are required to complete all three questions below. A total of 75 marks are allocated to these questions, which will be converted to a final mark out of 25%.

All workings, when appropriate, must be shown to substantiate your answers.

Question 1 [30 marks]

Consolidation: Principles and accounting requirements; and intra-group transactions

SunLight Ltd purchased all of the issued shares of Bright Ltd on 30 June 2014 for $450,000. At acquisition date, the statement of financial position of Bright Ltd was as follows.

Bright Ltd

Statement of financial position as at 30 June 2014

Assets

$

Cash and cash equivalents

5,000

Accounts receivables

30,000

Inventory

50,000

Land

200,000

Property, plant and equipment

350,000

Less: Accumulated depreciation

(135,000)

500,000

Current liabilities

Loan

150,000

Shareholders’ equity

Share capital

250,000

Retained earnings

100,000

500,000

At 30 June 2015, the accounts of the two companies appear as follows:

SunLight Ltd

Bright Ltd

$

$

Profit after tax

200,000

95,000

Retained earnings 1 July 2014

150,000

100,000

Interim dividend

(45,000)

(20,000)

Final dividend

(55,000)

(25,000)

Retained earnings 30 June 2015

250,000

150,000

Share capital

500,000

250,000

Accounts payable

50,000

5,000

Dividends payable

50,000

25,000

Long term loans

335,000

70,000

1,185,000

500,000

Assets

Cash and cash equivalents

40,000

20,000

Accounts receivable

25,000

25,000

Dividends receivable

Inventory

25,000

45,000

61,500

Investment in Bright Ltd

450,000

-

Land

300,000

200,000

Property, plant and equipment - at cost

450,000

350,000

Accumulated depreciation

(150,000)

(156,500)

Compétences : Comptabilité, Excel, Finance, Intuit QuickBooks, Gestion de Projet

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