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Business and Law ACT305 Corporate Accounting Semester 2, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online Page 1 of 5
UNIT CODE: ACT305
UNIT NAME: , CORPORATE ACCOUNTING
Assignment Information
Semester 2 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online
Assessment 20%
Submission Requirements.
This assignment is to be submitted before 8.00pm Friday 5th October in Week 11
Assignments are to be submitted by one of the following means;
DO NOT LODGE BY FAX nor EMAIL nor at LECTURER’S
OFFICE KEEP A COPY
 The assignment must be lodged on or before the due date indicated in the assignment details.
Only word docs and/or Excel converted to pdf will be acceptable. Handwritten answers will be
rejected.-
 The assignment must conform to the requirements set out in this assignment
 The assignment must be lodged online via the ACT305 Learnline Assignment Lodgement
link on the ACT305 Learnline site. Ensure your file is named using a file naming convention that
allows the lecturer to identify to whom it belongs. Failure to use an acceptable file naming
convention may result in your assignment lodgement being rejected.
 DO NOT LODGE VIA EMAIL or FAX – assignments lodged by email or fax will not be accepted.
 KEEP A COPY – Ensure you have a copy of the assignment lodged. If you have submitted
assessment work electronically please make sure you have a backup copy.
 Assignment lodgements will be acknowledged automatically on the Learnline site, on submission.
 DO NOT submit an assignment front sheet.
Resubmission
As a general rule resubmission of assessment items is NOT possible, however the Lecturer may ask for
resubmission if it is deemed appropriate. Details for such resubmission will be made available by the
Lecturer if and when the situation occurs.
University Plagiarism policy
Plagiarism is the unacknowledged use of material written or produced by others or a rework of your own
material. All sources of information and ideas used in assignments must be referenced. This applies
whether the information is from a book, journal article, the internet, or a previous essay you wrote or the
assignment of a friend.
Plagiarism policy is available at:
http://learnline.cdu.edu.au/studyskills/studyskills/avoidingplagiarism
.html and
Student Breach of Academic Integrity Procedures https://essays.homeworkacetutors.com/write-my-essay/cdu.edu.au/governance/doclibrary/pro-092.pdf
EXTENSIONS AND LATE LODGEMENTS
LATE ASSIGNMENTS WILL GENERALLY NOT BE ACCEPTED UNLESS AN EXTENSION TO THE
DUE DATE HAS BEEN GRANTED BY THE BUSINESS ADMINISTRATOR.
Exceptions will only be made where assignments are late due to special circumstances that are
supported by documentary evidence, and may be subject to a penalty of 5% of assignment marks per
day. Partially completed assignments will be accepted with appropriate loss of marks for the
incomplete portion.
The College of Business and Law ACT305 Corporate Accounting Semester 2, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online Page 2 of 5
Should students foresee potential difficulties with submission of assessment items, they should contact
the lecturer immediately the difficulties come to notice, to discuss suitable arrangements etc. for the
submission of those assessment times. An Application for Assignment Extension or Special
Consideration should be completed and provided to business@cdu.edu.au.
This application form, explanation and instructions is available on the ACT305 CDU Learnline course
site or direct from
http://learnline.cdu.edu.au/units/lb_school_templates/deployed/assignment_extension.docx
Please note that it is now College policy that all extension requests must be approved by the Business
Administrator. The lecturer is no longer able to personally approve extension requests.
Leaving a request for an extension, special assessment or special consideration until the last moment, based
on grounds that students could have reasonably been able to foresee, may result in the application being
rejected.
ASSIGNMENT INFORMATION
This Assignment is worth 20% of the total assessment for this unit. This assignment will be marked out
of 80 and scaled down to being out of 20. The assignment has 4 questions.
Q1. Small Ltd bought a 30% interest in a joint venture, Fry Ltd, for $50 000, on 1 July 2017. The equity of
Fry Ltd at the acquisition date was:
All the identifiable assets and liabilities of Fry Ltd were recorded at amounts equal to their fair values.
Profits and dividends for the years ended 30 June 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online to 2020 were as follows:
REQUIRED
(a) Prepare journal entries in the records of Small Ltd for each of the years ended 30 June 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online to
2020 in relation to its investment in Fry Ltd. (Assume Small Ltd does not prepare consolidated
financial statements.)
(b) Prepare the consolidation worksheet entries to account for Small Ltd’s interest in the joint venture,
Fry Ltd. (Assume Small Ltd does prepare consolidated financial statements.)
(16 marks)
Q2. A liquidator was appointed after Rock Bottom Pty Ltd was declared insolvent on 1 July 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online. The
company’s assets realised $14,250,000. This came from the sale of the secured land and
buildings for $7,500,000 and other assets which were sold for $6,750,000.
The creditors totalled $16,350,000, and were made up of the following amounts:
Secured creditor $9,000,000, receiver’s costs when realising secured asset $150,000,
liquidator’s expenses $600,000, unsecured trade payables $2,400,000, tax payable
$1,050,000, local government rates $300,000, staff wages payable $900,000, executive
directors’ wages payable (5 directors) $450,000, staff leave entitlements $150,000, executive
directors’ leave entitlements (5 directors) $150,000, unsecured bank overdraft $750,000, and
dividends payable $450,000.
REQUIRED
You are required to rank the above creditors and then to calculate how much each creditor would be
paid.
(16 marks)
The College of Business and Law ACT305 Corporate Accounting Semester 2, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online Page 3 of 5
Q3. The following information has been extracted from the financial statements of Blake Ltd
and its subsidiary Seven Ltd at 30 June 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers.
Blake Ltd ($) Seven Ltd ($)
Reconciliation of opening and closing
retained earnings
Sales revenue 593,400 498,800
Cost of goods sold (399,040) (204,680)
Gross profit 194,360 294,120
Dividends revenue from Seven Ltd 63,984 —
Get research paper samples and course-specific study resources under   homework for you course hero writing service – Manage ment fee revenue 22,790 —
Profit on sale of plant 30,100 —
Expenses
Administrative expenses (26,488) (33,282)
Depreciation (21,070) (48,848)
Get research paper samples and course-specific study resources under   homework for you course hero writing service – Manage ment fee expense — (22,790)
Other expenses (86,946) (66,220)
Profit before tax 176,730 122,980
Tax expense (52,890) (36,292)
Profit for the year 123,840 86,688
Retained earnings-30 June 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online 274,684 205,712
398,524 292,400
Dividends paid (118,164) (79,980)
Retained earnings-30 June 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers 280,360 212,420
Statements of financial position
Shareholders’ equity
Retained earnings 280,360 212,420
Share capital 301,000 172,000
Current liabilities
Accounts payable 47,042 39,818
Tax payable 35,518 21,500
Non-current liabilities
Loans 149,210 99,760
813,130 545,498
Current assets
Accounts receivable 51,084 53,578
Inventory 79,120 24,940
Non-current assets
Land and buildings 192,640 280,360
Plant -at cost 257,871 305,988
Accumulated depreciation (73,745) (119,368)
Investment in Seven Ltd 306,160
—
813,130 545,498
Other information
1. Blake Ltd acquired its 80 per cent interest in Seven Ltd on 1 July 2010 – Essay Writing Service: Write My Essay by Top-Notch Writer. At that date the
capital and reserves of Seven Ltd were:
Share capital $172,000
Retained earnings $146,200
$318,200
At the date of acquisition all assets were considered to be fairly valued.
2. The management of Blake Ltd use the partial goodwill method.
3. During the year Blake Ltd made total sales to Seven Ltd of $55,900, while Seven Ltd sold
$44,720 in inventory to Blake Ltd.
4. The opening inventory in Blake Ltd as at 1 July 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online included inventory acquired from
Seven Ltd for $36,120 that cost Seven Ltd $30,100 to produce.
5. The closing inventory in Blake Ltd includes inventory acquired from Seven Ltd at a cost of
$28,896. This cost Seven Ltd $24,080 to produce.
The College of Business and Law ACT305 Corporate Accounting Semester 2, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online Page 4 of 5
6. The closing inventory of Seven Ltd includes inventory acquired from Blake Ltd at a cost of
$10,320. This cost Blake Ltd $8,256 to produce.
7. The management of Blake Ltd believe that goodwill acquired was impaired by $2,580 in
the year to 30th June 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers. The balance on the accumulated impairments of goodwill
account brought forward was $19,350.
8. On 1 July 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online Blake Ltd sold an item of plant to Seven Ltd for $99,760 when its carrying
value in Blake Ltd’s accounts was $69,660 (cost $116,100, accumulated depreciation
$46,440). This plant is assessed as having a remaining useful life of six years.
9. Seven Ltd paid $22,790 in management fees to Blake Ltd.
10. The tax rate is 30 per cent.
REQUIRED
Prepare the consolidation worksheet JOURNAL ENTRIES for the preparation of consolidated
financial statements by Blake Ltd at 30 June 2019: 2024 – Online Assignment Homework Writing Help Service By Expert Research Writers.
NOTE a consolidation worksheet is NOT required.
Your answer should include an acquisition analysis with a calculation of goodwill, preacquisition
entries, dividend adjustments, intragroup sales and transfers, and a calculation of
the non-controlling interest.
(20 marks)
Q4. Bill Handy, The finance director of Northern Australia Global Investments Ltd (NAGIL), is
unsure whether he should consolidate some of the investments that the company owns. He
has asked your advice as business adviser to NAGIL. The details of the investments are as
follows:
(a) NAGIL had provided a loan to Struggle Ltd (SL) some years ago. When it looked as if SL
would be unable to repay the loan it was converted into equity which gave NAGIL a 70%
holding in SL. SL continues to have a substantial accumulated losses balance and the
company’s results have been consolidated with NAGIL for some time. NAGIL does not
take an active role in the day to day operations of SL as it has no directors on the board
and it takes no part in the operating or financing decisions of the company.
(b) NAGIL has also provided a loan to the Very Big Company Ltd (VBCL). Unfortunately due
to an industrial economic downturn the VBCL has failed to meet its loan repayments as
required by the loan contract. The board of NAGIL is concerned that not only would the
VBCL continue to have problems but also that the whole of the loan would become
unrecoverable. The board of VBCL has agreed, as part of a bailout package, that NAGIL
would take charge of VBCL’s finances for the next four years. The NAGIL deputy chief
finance officer would control all payments made by VBCL and no payments would be
made without prior approval. NAGIL does not have board representation on VBCL which
is appointed by the VBCL shareholders.
(c) The Medium Sized Company Ltd (MSCL) is part funded by NAGIL, which owns 50% of
the shares, and by Sharp Players Ltd (SPL) which owns the other 50%. The votes of the
ordinary shares in the annual general meetings and the board representation are shared
equally between NAGIL and SPL. SPL and NAGIL have agreed that NAGIL will provide
the finance on a standard commercial basis with the loan being secured by a mortgage
on MSCL’s property. The agreement also stipulates that SPL will provide the necessary
managerial and entrepreneurial expertise in return for a management fee. The
management fee will be paid out of ASCL’s net profits after providing for all NAGIL’s loan
interest payments. Where MSCL does not make a profit the interest payments will still
take place but no management fee will be paid.
(d) Tom and Marjory Legless are founders of CrocsRUs an adventure travel company. They
both sit on the board and own 60 per cent of the shares. They have recently retired from
actively running the company and have sold the other 40 per cent of the shares to
NAGIL who manages the company on their behalf, holding the other three seats on the
board. Although Tom and Marjory keep a close eye on the business they let NAGIL
make the major decisions.
The College of Business and Law ACT305 Corporate Accounting Semester 2, 2018: 2024 – Write My Essay For Me | Essay Writing Service For Your Papers Online Page 5 of 5
REQUIRED
Write a report to Bill, advising him how the control requirements of AASB 10 apply in each of
the above investments. State, for each investment, where the control rests, citing and
explaining how the relevant paragraphs of AASB10 apply, and whether Bill should include
the results of the investments within the consolidated accounts explaining the reasons for
your decision.
(18 marks)
The report should take the format of a formal business report, written by your firm with
yourself as lead author. Marks will be awarded for presentation style and an appropriate
business format.
(10 marks)

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