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The University of Queensland ACCT3103 Advanced Financial Accounting Final Exam

Advanced Financial Accounting FINAL EXAM 代写代考

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ACCT3103
Advanced Financial Accounting
(Semester 2, 2020)
Take Home Final Exam
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Exam information
Course code and nameACCT3103 Advanced Financial Accounting
SemesterSemester 2, 2020
Exam typeFinal exam, online, non-invigilated
Exam date and timeThe assessment will be available at 4 pm AEST on Thursday 19
November 2020.
The assessment is due at 4 pm AEST on Saturday 21 November 2020.
Please note: you will not be able to access the assessment task after this
time.
Exam windowYou have a 48 hour window in which you must complete your exam.
You can access and submit your exam at any time within the 48 hour
window. Even though you have the entire 48 hours to complete and
submit your exam, the expectation is that it will take most students
between 2 -3 hours.
WeightingThis assessment is weighted at 50% of your total mark for this course.
Permitted materialsThis is an open book exam – all materials permitted.
Required/recommended
materials
Lecture notes, tutorial workings, calculator, excel spreadsheet.
InstructionsPlease refer to the Take Home Final Exam Answer Sheet available on
Blackboard for specific instructions.
Unable to sit examPlease begin your exam as soon as possible within the available
window. However, if you become unwell or experience exceptional
circumstances while completing this exam then submit an extension
request before the due date/time:.https://my.uq.edu.au/information
and-services/manage-my-program/exams-and-assessment/applying
extension.
Who to contactShould you have any issues about the assessment task, you
should contact course coordinator Dr Tina Gao at
r.gao@business.uq.edu.au..
If you experience any technical difficulties during the
assessment task, contact the Library AskUs service for advice:
Chat: https://support.my.uq.edu.au/app/chat/chat_launch_lib/p/45
Phone: +61 7 3506 2615
Email: examsupport@library.uq.edu.au
You should also ask for an email documenting the advice
provided so you can provide this to the course coordinator
immediately at: r.gao@business.uq.edu.au.
Important exam
condition information
The normal academic integrity rules apply to this assessment task.
 You cannot cut-and-paste material other than your own work as
answers.
 You are not permitted to consult any other person – whether
directly, online, or through any other means – about any aspect of
this assessment during the period that this assessment is
available.
If it is found that you have given or sought outside assistance
with this assessment then that will be deemed to be cheating and

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will result in disciplinary action.
By undertaking this online assessment you will be deemed to
have acknowledged UQ’s academic integrity pledge to have
made the following declaration:
“I certify that my submitted answers are entirely my own work and that
I have neither given nor received any unauthorised assistance on this
assessment item”.

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Question 1 10 marks
On 1 July 2015, Fine Ltd acquired all of the issued shares of Ark Ltd. As part of the settlement, Fine Ltd
agreed to pay $2,300,000 on 1 July 2015 and $1,800,000 payable on 1 July 2016. The appropriate
discount rate was 10% per annum. Fine Ltd also issued 950,000 shares of Fine Ltd to the shareholders
of Ark Ltd. At acquisition date, the fair value of the ordinary shares of Fine Ltd were $2.65 and the fair
value of the ordinary shares of Ark Ltd were $5.00.
Ark Ltd’s shareholders’ equity on 1 July 2015 consisted of the following:

 

Issued capital
Retained earnings
Total shareholders’ equity
$3,800,000
$1,200,000
$5,000,000
At 1 July 2015, all of Ark Ltd’s net assets were recorded at fair value, except the following items:

 

Carrying AmountFair Value
Land$2,000,000$2,700,000
Plant$1,440,000$1,800,000
 Ark Ltd purchased the land on 1 July 2012 for $2,000,000. The land was sold for $3,200,000 on the
1 June 2018.
 Ark Ltd purchased the plant on 1 July 2014 for $1,600,000. On 1 July 2014, the plant had an
estimated useful life of 10 years with zero residual value. Ark Ltd is depreciating the asset straightline over its useful life. There is no change to the estimated useful life of the plant at date of
acquisition.
 Both Fine Ltd and Ark Ltd use the cost model for the valuation of assets, so any fair value
adjustments will be completed as consolidation adjustments.
 The directors of Fine Ltd believe that the goodwill relating to the acquisition of Ark Ltd was impaired
by $150,000 during the year ended 30 June 2016.
 The company income tax rate is 30%
Required:
Based on the information provided, prepare an acquisition analysis and complete all necessary
consolidation elimination and adjustment entries required as at 30 June 2018 in accordance with
AASB 10 Consolidated Financial Statements. Show all workings provided in the answer booklet.
 Include all narrations.
 Show all workings. Where workings are not shown, part marks will not be awarded.
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Question 2 10 marks
Beluga Ltd acquired 90% of the issued shares of Whale Ltd on 1 July 2012. The transactions below
represent intra-group transactions relevant to the consolidated financial statements for the 2017 (1 July
2016 to 30 June 2017) financial year. Both entities use the perpetual inventory method.
1) During the year ended 30 June 2017, Whale Ltd sold goods to Beluga Ltd for $680,000. These goods
had cost Whale Ltd $520,000. At financial year-end, 60% of these goods remained in Beluga Ltd’s
inventory.
2) During the year ended 30 June 2016, Beluga Ltd sold goods to Whale Ltd for $280,000. These goods
had cost Beluga Ltd $170,000. As at 30 June 2016, 80% of these goods were sold by Whale Ltd to
external parties. The remainder of the inventory was sold to external parties during the year ended
30 June 2017.
3) On 1 July 2015, Beluga Ltd sold an item of plant to Whale Ltd for $550,000. At the date of sale, the
plant had an original cost to Beluga Ltd of $280,000 and accumulated depreciation of $100,000. At
1 July 2015, the plant had a remaining useful life of 3 years and zero residual value. Both Beluga
Ltd and Whale Ltd use the straight-line depreciation method for plant and equipment.
4) During the 2017 financial year, Whale Ltd paid an interim dividend for $380,000 and declared a
final dividend for $260,000. The final dividend was paid on 4 August 2017. Beluga Ltd recognises
the dividend revenue when the dividends are declared.
5) During the 2017 financial year, Beluga Ltd paid an interim dividend of $60,000 and declared and
paid a final dividend of $120,000.
The company income tax rate is 30%.
Required:
In the answer booklet, show all consolidation adjustment entries needed to eliminate the above intragroup transactions for financial year ended 30 June 2017 in accordance with AASB 10 Consolidated
Financial Statements. If no entry is required, please provide a brief explanation why you believe a
consolidation adjusting entry is not required.
 Include all narrations.
 Show all workings. Where workings are not shown, part marks will not be awarded.
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Question 3 10 marks
On 1 July 2014, Parent Ltd acquired 60% of the issued shares of Sub Ltd paying $5,000,000 in cash. The
separate accounting records of Sub Ltd at 1 July 2014 include the following equity balances:

 

Issued capital:
General reserve:
Retained earnings:
$4,000,000
$1,000,000
$2,000,000
At the date of acquisition, all assets of Sub Ltd were carried in their accounting records at fair value
except for land which had a carrying amount of $484,000. The land had a fair value of $884,000. Sub
Ltd chose to continue to record the asset under the cost model. The tax rate is 30%. The land has not
been sold by the end of the reporting period.
The summarised financial statements of the entities as at 30 June 2017 is as follows:

 

Parent Ltd
$
Sub Ltd
$
Operating profit after tax680,000800,000
Retained earnings 1/7/163,220,0002,300,000
Available for appropriation3,900,0003,100,000
Final dividend paid(500,000)----
Retained earnings 30/6/173,400,0003,100,000
Issued capital7,000,0004,000,000
General reserve2,000,0001,300,000
Total Equity12,400,0008,400,000
Liabilities (including DTLs)1,600,000100,000
Total Equities and Liabilities14,000,0008,500,000
Land4,700,0001,700,000
Investment in Sub Ltd5,000,000---
Other assets (including DTAs)4,300,0006,800,000
Total Assets14,000,0008,500,000
Required:
(1) Prepare the acquisition analysis as at acquisition date (1/7/2014) showing both the Parent’s
equity interest (PEI) and the non-controlling interest (NCI).
(2) Based on the information provided, using the proportionate goodwill method, show all the
consolidation journal entries, including all related tax effects, and NCI journal entries required
upon consolidation as at 30 June 2017.
 Include all narrations.
 Show all workings. Where workings are not shown, part marks will not be awarded.
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Question 4 10 marks
On 1 January 2015, Hill Ltd acquired 55% of the voting shares of River Ltd and 25% of the voting shares
of Valley Ltd. On the same day, River Ltd acquired 70% of the voting shares in Valley Ltd.
Profit and dividends paid/declared by group entities for the financial year ended 31 December 2016 were
as follows:

 

DetailsHill Ltd
$
River Ltd
$
Valley Ltd
$
Profit after tax2,000,0001,500,000800,000
Interim dividend paid300,000200,000340,000
Final dividend declared900,000300,000190,000
Additional Information:
(a) During the financial year ended 31 December 2015, Hill Ltd sold goods to River Ltd for
$240,000. These goods cost Hill Ltd $90,000. At 31 December 2015, 33% of these goods
remained in River Ltd’s inventory. The closing inventory at 31 December 2015 was sold to
external parties during the year ended 31 December 2016.
(b) During the financial year ended 31 December 2015, River Ltd sold goods to Valley Ltd for
$365,000. These goods cost River Ltd $325,000. At 31 December 2015, 12% of these goods
remained in Valley Ltd’s inventory. The closing inventory at 31 December 2015 was sold to
external parties during the year ended 31 December 2016.
(c) During the financial year ended 31 December 2016, Valley Ltd sold goods to River Ltd for
$530,000. These goods cost Valley Ltd $460,000. At 31 December 2016, 60% of these goods
remained in River Ltd’s inventory.
(d) All entities in the group use the perpetual inventory system.
(e) Dividend revenue is recognised by entities when the dividend has been declared.
(f) The corporate tax rate is 30%.
Required:
Based on the information provided, prepare a NCI Memorandum Account to calculate the total noncontrolling interest in consolidated profit after tax for the year ended 31 December 2016. Show all
workings.
 Journal entries are not required.
 Show all workings. Where workings are not shown, part marks will not be awarded.
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Question 5 10 marks
Brian Ltd went into liquidation on 1 July 2019. The directors presented the following statement of
financial position to the liquidator:

 

Brian Ltd
Statement of Financial Position as at 30 June 2019
Assets$$$
Current assets
Account receivable4,810,000
Inventory501,5005,311,500
Non-current assets
Land and buildings5,120,000
Furniture and fittings2,800,000
Accumulated depreciation(420,000)2,380,0007,500,000
Total assets12,811,500
Liabilities
current liabilities
Accrued expenses76,200
Overdraft57,000
Trade creditors190,000323,200
Non-current liabilities
Debentures700,000
Total liabilities1,023,200
Net assets11,788,300
Shareholders' equity
450,000 preference shares of $1 each fully paid450,000
10,000,000 'A' ordinary $1 shares paid to $0.757,500,000
Calls in arrears (50,000 at $0.25)(12,500)7,487,500
1,000,000 'B' ordinary $2 shares paid to $1 each1,000,000
Revaluation surplus4,450,000
Accumulated losses(1,599,200)
Total shareholders' equity11,788,300

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Additional Information
(a) Proceeds from the sale of assets achieved and collections made by the liquidator are as follows:

 

$
Accounts receivable2,600,000
Inventory520,000
Land and buildings4,000,000
Furniture and fittings1,300,000
Calls in arrears11,500
(b) The liquidator conducted a review of the Statement of Financial Position submitted by the directors and
performed a review of proof of debts. The liquidator has identified and accepted additional liabilities and
changes to some of the other liabilities as follows:

 

$
Interest on overdraft1,500
Trade creditors170,000
Accrued expenses85,000
Interest on debentures140,000
There was no change made to the overdraft balance or the debenture face value due to debenture holders. The
overdraft and related interest is secured against the accounts receivable balance whilst the debentures and
related interest are secured against the land and buildings. There were no employee entitlements outstanding
at the date of liquidation.
(c) Liquidator's expenses and fees amounted to $450,000.
(d) Upon review of the constitution of Brian Ltd, the liquidator has identified that preference shares have
preference as to dividends and repayment of capital. All ‘A’ and ‘B’ class ordinary shares rank equally.
Requirements
(1) Prepare the receipts and payments account, liquidation account and members' distribution account in
columnar format.
(2) Complete the member's distribution schedule identifying how each class of share may share in any cash
available after settlement of all creditors. If a call is required to be made against shareholders you are to
assume this will be collected, in full, by the liquidator.
 Correct payment order in the liquidation account will be awarded marks.
 Round all numbers to whole numbers.
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END OF EXAMINATION

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