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ACCT2006 Assignment - Semester 1, 2016 On 1 July 2015, Victoria Ltd acquired 70% of the shares of Melbourne Ltd for $526,000 on a cum div. basis. Victoria Ltd had acquired 30% of the shares of Melbourne Ltd two years earlier for $180,000. This investment, classified as an available-for-sale investment, was recorded at a fair value on 1 July 2015 of $226,000. At 1 July 2015, the equity and liability sections of Melbourne Ltd's statement of financial position showed the following balances: Share Capital General Reserve Retained Earnings Other liabilities Dividend payable 460,000 50,000 100,000 100,000 30,000 At acquisition date, all the identifiable assets and liabilities of Melbourne Ltd were recorded at amounts equal to fair value except for: Land Vehicle (@ cost 40,000) Equipment (@ cost 420,000) Inventory Carrying Amount 95,000 35,000 294,000 98,000 Fair Value 100,000 39,000 309,000 101,000 The Vehicle, which was estimated to have a further four year life at acquisition date, was sold on 1 January 2018. The equipment had a further five year life at acquisition date and was expected to be used evenly over that time. Any adjustments for differences between carrying amounts at acquisition date and fair values are made on consolidation. Melbourne Ltd had not recorded an internally developed patent. Victoria Ltd valued this patent at $90,000 and was assumed to have a ten year life. In May 2017, Melbourne sold this patent to an external party for $100,000. It also had a contingent liability of $19,000 that Victoria Ltd considered to have a fair value of $15,000. This liability was settled in July 2017. The dividend liability was paid on 1 September 2015. All inventories on hand at acquisition date were sold by June 2016. The land was sold on 1 June 2018 to Peters Ltd. Any valuation reserves created are transferred on consolidation to retained earnings when assets are sold or fully consumed. On 30 May 2017, Melbourne Ltd transferred $8,000 from the general reserve (pre-acquisition) to retained earnings. A bonus dividend of $10,000 was paid in December 2017 out of pre-acquisition profits. Goodwill was tested annually for impairment. For the year ended 30 June 2017, an impairment loss on goodwill of $4,000 was recorded. ACCT2006 Assignment - Semester 1, 2016 Additional information: (i) Melbourne Ltd sold a warehouse with a carrying amount of $82,000 to Victoria Ltd for $100,000. The transaction took place on 1 January 2017. Victoria Ltd charges depreciation at 5% p.a. on a straight-line basis. (ii) On 31 March 2017, Victoria Ltd sold some land to Melbourne Ltd. The land had originally cost Victoria Ltd $64,000, but was sold to Melbourne Ltd for $63,000. To help Melbourne Ltd pay for the land, Victoria Ltd gave Melbourne Ltd an interest-free loan of $29,000. Melbourne Ltd has as yet made no repayments on the loan. (iii) In April 2017, Victoria Ltd sold inventory to Melbourne Ltd for $12,000, at a mark-up of 20% on cost. One quarter of this inventory was unsold by Melbourne Ltd at 30 June 2017. The remaining inventory was sold in the following three months. (iv) On 1 October 2017, Victoria Ltd issued 1,000 15% debentures of $100 at nominal value. Melbourne Ltd acquired 400 of these. Interest is payable half-yearly on 31 March and 30 September. Accruals have been recognised in the legal entities' accounts. (v) On 18 February 2018, interim dividend was paid by Melbourne Ltd from profits before acquisition date. The final dividend was from current year profits. Shareholder approval is not required in relation to dividends. (vi) On 1 April 2018, Melbourne Ltd transferred an item of plant with a carrying amount of $32,000 to Victoria Ltd for $41,000. Victoria Ltd treated this item as inventory. The item was still on hand at the end of the year. Melbourne Ltd applied a 20% depreciation rate to this plant. (vii) During the year ending 30 June 2018, Melbourne Ltd sold inventory to Victoria Ltd for $60,000, recording a before-tax profit of $16,000. One quarter of this inventory was unsold by Victoria Ltd at 30 June 2018. (viii) The tax rate is 30%. ACCT2006 Assignment - Semester 1, 2016 On 30 June 2018 the trial balances of Victoria Ltd and Melbourne Ltd were as follows: Cost of sales Other expenses Income tax expense Interim dividend paid Final dividend declared Cash Dividend receivable Other receivables Inventory Deferred tax assets Vehicles Plant & equipment Land Warehouses Debentures in Victoria Ltd Shares in Melbourne Ltd Goodwill Loan to Melbourne Ltd Sales Other revenue & income Share capital Share options General reserve Retained earnings (1/7/2017) Final dividend payable Current tax liabilities Other liabilities Debentures Loan from Victoria Ltd Accumulated depreciation - P & E Accumulated depreciation - Vehicle Accumulated depreciation - Warehouses Victoria Ltd 338,000 80,000 41,000 21,000 22,000 181,000 20,000 206,000 244,000 35,000 82,000 648,000 130,000 180,000 722,000 74,000 29,000 3,053,000 Melbourne Ltd 307,000 72,000 40,000 14,000 15,000 90,000 227,000 132,000 72,000 380,000 123,000 90,000 40,000 30,000 1,647,000 480,000 79,000 874,000 80,000 84,000 490,000 22,000 8,000 96,000 400,000 388,000 25,000 27,000 3,053,000 437,000 56,000 470,000 72,000 228,000 20,000 7,000 60,000 29,000 228,000 22,000 18,000 1,647,000 ACCT2006 Assignment - Semester 1, 2016 Required a) Prepare the acquisition analysis as at 1 July 2015. (3 Marks). Marking guide: total of 12 ticks / 4 = 3 marks. Consequential errors will be penalised. b) Prepare the BVCR and pre-acquisition worksheet entries ONLY as at 30 June 2016. (5 marks) Marking guide: total of 41 ticks / 8.2 = 5 marks. Journal entry - 1 tick for each correct line entry - i.e. correct account description AND amount (NO TICK for correct description only or correct amount only.) Consequential errors will not be penalised. c) Prepare full consolidation worksheet entries as at 30 June 2018. (12 marks) Marking guide: total of 82 ticks / 6.83 = 12 marks. Journal entry - 1 tick for each correct line entry - ie correct account description AND amount (NO TICK for correct description only or correct amount only.) Consequential errors will not be penalised