ACCG926 CORPORATE ACCOUNTING代写

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    • ACCG926 CORPORATE ACCOUNTING代写
    MASTER OF ACCOUNTING
    (Professional)
    ACCG926 CORPORATE ACCOUNTING
    Assessed Coursework 2
    ACCG926 s2 2016 Assessed coursework 2 Page 2
    Assessed Coursework 2
    Due date: Week 10 in your registered class
    Marks and percentages: This assessed coursework will be marked out of 12 marks
    and contributes towards 5% to your assessment.
    Thompson Ltd acquired 25% of Cosgrove Ltd on 1 July 2014 for $160,000. At this date, the
    equity of Cosgrove Ltd Ltd consisted of:
    Share Capital 300 000
    Asset Revaluation Surplus 60 000
    Retained Earnings 240 000
    At acquisition date, all identifiable assets and liabilities of Cosgrove Ltd were recorded at fair
    value with the exception of an item of plant, which was $12,000 below its fair value. The
    plant has a further four (4) year life.
    For the year ended 30 June 2015, Cosgrove Ltd made a profit of $60,000 and paid a
    dividend of $15,000. The only transaction that occurred between Thompson Ltd and
    Cosgrove Ltd during 2015 was the sale of inventory from Thompson Ltd to Cosgrove Ltd,
    with a sales value of $50,000 and a profit of $20,000. This entire inventory was still on hand
    in the books of Cosgrove Ltd as at 30 June 2015.
    The following represents the results for Cosgrove Ltd for the year ended 30 June 2016:
    Profit after tax 70 000
    Other Comprehensive Income
    Revaluation gain (net of tax) 15 000
    Total Comprehensive Income 85 000
    During the year ended 30 June 2016, Cosgrove Ltd paid a dividend of $10,000. There was
    no further inter-entity transactions between Cosgrove Ltd and Thompson Ltd during the year
    ended 30 June 2016.
    Required
    Prepare the journal entries to apply the equity method to account for the Investment in
    Cosgrove Ltd on the consolidation worksheet of the Thompson Ltd group in accordance with
    AASB 128 Investment in Associates and Joint Ventures for the year ended 30 June 2016.
    Show all workings. (12 marks)
    Note: You must use the format provided to answer this question
    ACCG926 s2 2016 Assessed coursework 2 Page 3
    Journals and Workings
    ACCG926 CORPORATE ACCOUNTING代写