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-ox Assignment MPASOS Advanced Corporate Reporting.pdf - Adobe Reader File Edit View Window Help CASE STUDY 1: Business Consolidations 150 marks] The following is the extracted financial records to Excel Lid and its subsidiary Right Lidat 30 Jun 2019 Current liabilities Accounts payable Tax payable No-cirent liabilities Excel (000) Right (000) LOS Reconciliation of opening and closing retained camp Sales 108 Current assets less Cost of ocak old Accounts recewable Ing No cure sets Lad 652 Pulaust ZILS -277.5 Acumare depreciation Investment in Rigtit Lid Gross Pootit Dividends recented to Right Management reverse Gain on sale of plast antive Deprecation ilf expose Obe: Expenses Prodit before tax Tax pense Profit atter tak Remed camines30 June 2018 M 12686 Otw.Additional Informat : Excel LN quc iba 100 pu t exrer at the care the capital and recen She capital ri Luuly 2014 Gal. Sve of Rights 100 000 Palid Dividend pic Retained esmings - 30 June 2019 . . Statement of financial position Shareholders' equity Retained eamings She capital At the date of inition all recordered to be frittated Daring forwar d trade tre les Riptind of $170 000, while Right Todd $100 000 wey to Excel Lid. The Oh Se xoel Lids 1 Joly 2013 luded we e d some der 580 000 Hunt Raplatid $60 000 to produce The langetary in Eccl. includes y cred from Ripe data sto $66 000. Tas cost Right Lod $36 000 to produce The concertory od Right Ltd includes rectory S ed from Excel Lid at a cost of $24000 This 000 to . Type here to search A . - ENG 10:53 PM 5/12/2020 Assignment MPASOS Advanced Corporate Reporting.pdf - Adobe Reader File Edit View Window Help On 1 July 2018 Right Ltd sold an item of plant to Excel Ltd for $232 000 when its carrying value in Right Ltd's accounts was $162 000 (cost $270 000, accumulated depreciation S108 000). This plant is assessed as having a remaining useful life of six years. The Group has a policy of measuring its property, plant and equipment using the cost model'. Right Ltd paid $53 000 in management fees to Excel Ltd. The tax rate is 30 per cent. Required: 1) Prepare consolidated journal entries for the above information as at 30 June 2019. [10 Marks] 2) Prepare a consolidated statement of comprehensive income, a consolidated statement of changes in cquity and a consolidated Statement of financial position for Excel Ltd and Right Ltd as at 30th June 2019. You also need to provide the consolidated work sheet. [10+10+5+5=30 Marks 3) With reference to Excel Ltd's acquisition of Right Ltd. Comment on the appropriateness of the acquisitions as a business strategy on the firm's expansion. [10 marks] 8.27 11.00 in # Type here to search A. 1054 PM ENG 5/12/20208 -ox Assignment MPASOS Advanced Corporate Reporting.pdf - Adobe Reader File Edit View Window Help CASE STUDY 1: Business Consolidations 150 marks] The following is the extracted financial records to Excel Lid and its subsidiary Right Lidat 30 Jun 2019 Current liabilities Accounts payable Tax payable No-cirent liabilities Excel (000) Right (000) LOS Reconciliation of opening and closing retained camp Sales 108 Current assets less Cost of ocak old Accounts recewable Ing No cure sets Lad 652 Pulaust ZILS -277.5 Acumare depreciation Investment in Rigtit Lid Gross Pootit Dividends recented to Right Management reverse Gain on sale of plast antive Deprecation ilf expose Obe: Expenses Prodit before tax Tax pense Profit atter tak Remed camines30 June 2018 M 12686 Otw.Additional Informat : Excel LN quc iba 100 pu t exrer at the care the capital and recen She capital ri Luuly 2014 Gal. Sve of Rights 100 000 Palid Dividend pic Retained esmings - 30 June 2019 . . Statement of financial position Shareholders' equity Retained eamings She capital At the date of inition all recordered to be frittated Daring forwar d trade tre les Riptind of $170 000, while Right Todd $100 000 wey to Excel Lid. The Oh Se xoel Lids 1 Joly 2013 luded we e d some der 580 000 Hunt Raplatid $60 000 to produce The langetary in Eccl. includes y cred from Ripe data sto $66 000. Tas cost Right Lod $36 000 to produce The concertory od Right Ltd includes rectory S ed from Excel Lid at a cost of $24000 This 000 to . Type here to search A . - ENG 10:53 PM 5/12/2020 Assignment MPASOS Advanced Corporate Reporting.pdf - Adobe Reader File Edit View Window Help On 1 July 2018 Right Ltd sold an item of plant to Excel Ltd for $232 000 when its carrying value in Right Ltd's accounts was $162 000 (cost $270 000, accumulated depreciation S108 000). This plant is assessed as having a remaining useful life of six years. The Group has a policy of measuring its property, plant and equipment using the cost model'. Right Ltd paid $53 000 in management fees to Excel Ltd. The tax rate is 30 per cent. Required: 1) Prepare consolidated journal entries for the above information as at 30 June 2019. [10 Marks] 2) Prepare a consolidated statement of comprehensive income, a consolidated statement of changes in cquity and a consolidated Statement of financial position for Excel Ltd and Right Ltd as at 30th June 2019. You also need to provide the consolidated work sheet. [10+10+5+5=30 Marks 3) With reference to Excel Ltd's acquisition of Right Ltd. Comment on the appropriateness of the acquisitions as a business strategy on the firm's expansion. [10 marks] 8.27 11.00 in # Type here to search A. 1054 PM ENG 5/12/20208
