Student Number: (enter on the line below) Student Name: (enter on the line below) HA2032Corporate and Financial Accountingfinal assessmeNt Trimester tr 2, 2021 Assessment Weight: 50 total marks Instructions: All questions must be answered by using the answer boxes provided in this paper.Completed answers must be submitted to Blackboard by the published due date and time.Submission instructions are at the end of this paper. Purpose:This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit Question 1 (7 marks) Explain a disclosing entity and describe the implications of being a disclosing entity? ANSWER: ** Answer box will enlarge as you type Question 2 (7 marks) Compare and contrast (list the advantages or disadvantages if any) the capital reduction and a share buyback. ANSWER: Question 3 (11 marks) ABC Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel, measured at net fair values, consisted of: Plant37 500Land60 000Vehicle30 000Accounts receivable7 500Accounts payable(12 000)123 000 Required: Prepare journal entries to record the acquisition by ABC Ltd, supposing that: The cost of acquisition was $150 000 cash.The cost of acquisition was $108 000 cash. ANSWER: Question 4 (7 marks) Explain the consolidated retained profit and how is it reported in the consolidated financial statement. ANSWER: Question 5 (11 marks) Harley Ltd purchased all the equity of Davidson Ltd on 1 January 20X4 for $150 000. At the control date, the equity of Davidson was recorded as: Paid-up capital $36 000 Retained profits $20 400 and its assets were recorded at fair value except for: Buildings: Carrying amount $63 000 Fair value $133 200 The building was purchased 10 years ago for $120 000 and is being depreciated straight-line over 20 years. When purchased, its estimated residual value was $6 000. The building is carried at cost by Davidson Ltd and in the consolidation. Goodwill impairment recognised was $7 000 in 20X4 and $10 500 in 20X5. Required: Prepare journal entries for consolidation data adjustments and/or eliminations: at the control date;one year after control date on 31 December 20X4; andtwo years after control date on 31 December 20X5 ANSWER: Question 6 (7 marks) Explain the indirect ownership interests and who has the indirect interests? Describe the situation that end up with the indirect ownership interests. ANSWER: END OF FINAL ASSESSMENT Submission instructions: Save submission with your STUDENT ID NUMBER and UNIT CODE e.g. EMV54897 HI6025Submission must be in MICROSOFT WORD FORMAT ONLYUpload your submission to the appropriate link on BlackboardOnly one submission is accepted. Please ensure your submission is the correct document.All submissions are automatically passed through SafeAssign to assess academic integrity.
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