Sem 1 2014 Assignment 2 Question and Solution.

xls

Consolidated Worksheet as at Adjustments

Group
30 June 2013 Turtle Ltd Hare Ltd Dr Cr
Sales revenue $ 855,400.00 $ 374,000.00 $ 75,000.00 $ 1,154,400.00
Debenture interest received $ 26,000.00 $ - $ 17,000.00 $ 9,000.00
Director and consulting fees $ 26,000.00 $ - $ 16,600.00 $ 9,400.00
Dividend revenue $ 39,000.00 $ - $ 25,500.00 $ 13,500.00
Total revenues $ 946,400.00 $ 374,000.00 $ 1,186,300.00
Cost of sales $ 338,000.00 $ 149,600.00 $ 73,000.00 $ 414,600.00
Manufacturing expenses $ 234,000.00 $ 102,000.00 $ 336,000.00
Depreciation of plant $ 39,000.00 $ 25,500.00 $ 1,800.00 $ 1,000.00 $ 65,300.00
Administrative expenses $ 39,000.00 $ 13,600.00 $ 13,600.00 $ 39,000.00
Technical services $ 18,600.00 $ 7,000.00 $ 3,000.00 $ 22,600.00
Financial expenses $ 10,000.00 $ 26,000.00 $ 17,000.00 $ 19,000.00
Other expenses $ 57,200.00 $ 15,300.00 $ 72,500.00
Total expenses $ 735,800.00 $ 339,000.00 $ 969,000.00
Profit before tax $ 210,600.00 $ 35,000.00 $ 217,300.00
Income tax expense $ 65,000.00 $ 12,900.00 $ 3,300.00 $ 4,140.00 $ 77,060.00
Profit for the period $ 145,600.00 $ 22,100.00 $ 140,240.00
Retained earnings (1/7/12) $ 130,000.00 $ 76,500.00 $ 85,750.00 $ 9,280.00 $ 130,030.00
Total available for approp'n $ 275,600.00 $ 98,600.00 $ 270,270.00
Transfer to general reserve $ 7,800.00 $ - $ 7,800.00
Interim dividend paid $ 26,000.00 $ 17,000.00 $ 17,000.00 $ 26,000.00
Final dividend declared $ 26,000.00 $ 8,500.00 $ 8,500.00 $ 26,000.00
$ 59,800.00 $ 25,500.00 $ 59,800.00
Retained earnings (30/6/13) $ 215,800.00 $ 73,100.00 $ 210,470.00
Share capital $ 780,000.00 $ 204,000.00 $ 204,000.00 $ 780,000.00
General reserve $ 130,000.00 $ 17,000.00 $ 5,000.00 $ 142,000.00
$ 1,125,800.00 $ 294,100.00 $ 1,132,470.00
Other comp'nts equity (Op) $ 26,000.00 $ 13,600.00 $ 39,600.00
Gains.losses $ 7,800.00 $ 3,400.00 $ 11,200.00
Other comp'nts equity (Clos) $ 33,800.00 $ 17,000.00 $ 50,800.00
$ 1,159,600.00 $ 311,100.00 $ 1,183,270.00
BCVR $ - $ - $ 253,500.00 $ 253,500.00 $ -
Total equity $ 1,159,600.00 $ 311,100.00 $ 1,183,270.00
Current tax liability $ 65,000.00 $ 28,900.00 $ 93,900.00
Deferred tax liability $ - $ 11,900.00 $ 4,320.00 $ 5,400.00 $ 12,980.00
Dividend payable $ 26,000.00 $ 8,500.00 $ 8,500.00 $ 26,000.00
Debentures $ 572,000.00 $ 170,000.00 $170,000 $ 572,000.00
Other liabilities $ 359,840.00 $ 20,400.00 $ 380,240.00
Total liabilities $ 1,022,840.00 $ 239,700.00 $ 1,085,120.00
Total equity and liabilities $ 2,182,440.00 $ 550,800.00 $ 2,268,390.00

Consolidation Worksheet Monash University Confidential Page 1

 Sem 1 2014 Assignment 2 Question and Solution.xls

Consolidated Worksheet as at Adjustments

Group
30 June 2013 Turtle Ltd Hare Ltd Dr Cr
Debentures including in Hare Ltd $ 260,000.00 $ - $ 170,000.00 $ 90,000.00
Investment in Hare Ltd $ 520,000.00 $ - $ 520,000.00 $ -
Plant (cost) $ 312,000.00 $ 173,400.00 $ 25,000.00 $ 460,400.00
Accum depreciation - plant -$ 169,000.00 -$ 93,500.00 $ 39,500.00 $ 14,400.00 -$ 237,400.00
Other depreciable assets $ 208,000.00 $ 127,500.00 $ 335,500.00
Accum dep'n - other assets -$ 104,000.00 -$ 42,500.00 -$ 146,500.00
Inventory $ 265,200.00 $ 136,000.00 $ 12,000.00 $ 389,200.00
Financial assets $ 130,000.00 $ 102,000.00 $ 232,000.00
Deferred tax asset $ 224,640.00 $ 51,000.00 $ 6,600.00 $ 1,950.00 $ 280,290.00
Land $ 522,600.00 $ 96,900.00 $ 619,500.00
Dividend receivable $ 13,000.00 $ - $ 8,500.00 $ 4,500.00
Goodwill $ 240,900.00 $ 240,900.00
Total Assets $ 2,182,440.00 $ 550,800.00 $ 1,157,270.00 $ 1,157,270.00 $ 2,268,390.00

$ - $ -
$ -

Consolidation Worksheet Monash University Confidential Page 2