Help me out plz, all information are in the word documents.

Group Assignment S2, 2015 Unit: Total Marks: TACC 505 COR- PORATE ACCOUNTING 20 marks. The assignment is worth 20% of the total marks in the unit. Instructions: 1.Students are required to answer all attached questions. 2.Your answer must be typed. 3.You will need to support your answers with appropriate references if necessary. 4.Submission due date: 5:00 pm. on 15th SEP. Friday of Week 10 (hard copies), soft copy need to be uploaded on Moodle by Mid-night on the same date. 5.Group assignment with no more than three students in each group Assessment Criteria: The criteria used to assess the submitted assignment will be: Effectiveness of communication - i.e. readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment. Work that is illegible or incomprehensible and does not meet the minimum requirement will be awarded a fail grade. Accuracy - This will be the primary criterion for assessing the computational and procedural tasks. Demonstrated understanding - This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. Few, if any, accounting concepts are scientific facts and stereotype answers will demonstrate poor understanding on the part of the student. Consolidation Question based on Chapter 16 &17 On 1 July 2010, Donfale Ltd acquired cum div. all the shares of Goodluk Ltd, at which date the equity and liability sections of Goodluk Ltd's statement of financial position showed the following balances: Share capital (300 000 shares) $300 000 Other reserves 30 000 Retained earnings 10 000 Other components of equity 30 000 Dividend payable 20 000 The dividend payable was subsequently paid in August 2010. On 1 July 2010, all the identifiable assets and liabilities of Goodluk Ltd were recorded at fair value except for: Carrying amount Inventory Land $120 000 60 000 Fair value $130 000 65 000 The inventory and land were all sold by 30 June 2011. At the acquisition date, Goodluk Ltd had a contingent liability of $20 000 that Donfale Ltd considered to have a fair value of $12, 000. This liability was settled in June 2011. On 30 June 2013, the trial balances of Donfale Ltd and Goodluk Ltd were as follows: Trial Balance As at 30 June 2013 Donfale Ltd Goodluk Ltd $396000 $- Inventory 180000 160000 Financial assets 229000 215000 25000 10000 Plant and machinery 372500 212000 Land 154200 65000 Income tax expense 35000 40000 Dividend declared 10000 4000 $1401700 $706000 $800000 $300000 - 30000 Other components of equity 150000 80000 Retained earnings (1/7/12) 15000 12000 Profit before income tax 80000 90000 100000 40000 Other current liabilities 34700 40000 Dividend payable 10000 4000 212000 110000 $1401700 $706000 Shares in Goodluk Ltd Bank Share capital Other reserves Debentures Accumulated depreciation - plant and machinery Other information: (a) On 1 July 2011, Donfale Ltd sold an item of plant to Goodluk Ltd at a profit before tax of $4000. Donfale Ltd depreciates this particular item of plant at a rate of 20% p.a. and Goodluk Ltd applies a rate of 10% p.a. (b) In June 2012 Donfale Ltd sold inventory to Goodluk Ltd at a profit of $500. All this inventory was sold externally between 1 July 2012 - 30 June 2013. (c) The tax rate is 30%. REQUIRED: Q1. Prepare the adjusting journal entries for the consolidation worksheet at 30 June 2013 (10MARKS) Q2. Prepare the consolidated statement of financial position for the Donfale Ltd Group as at 30 June 2013. Worksheet below will NOT be marked. (10MARKS) Donfale Goodluk Profit before tax 80 000 90 000 Tax expense 35 000 40 000 Profit 45 000 50 000 Retained earnings (1/7/12) 15 000 12 000 60 000 62 000 Dividend declared 10 000 4 000 Retained earnings (30/6/13) 50 000 58 000 800 000 300 000 2 300 000 - - 2 23 900 30 000 2 30 000 - 150 000 80 000 2 30 000 200 000 Total equity 1 000 000 468 000 1 093 660 Debentures 100 000 40 000 140 000 Other current liabilities 34 700 40 000 74 700 Dividend payable 10 000 4 000 144 700 84 000 Share capital BCVR Other reserves Other components of equity (30/6/13) Total liabilities Dr Cr 6 4 000 400 500 4 5 Group 120 150 4 166 900 75 270 91 630 2 3 4 5 12 100 2 800 120 350 400 4 12 030 103 660 4 000 6 10 000 93 660 6 4 000 800 000 23 900 2 - 10 000 224 700 Total equity and liabilities 1 144 700 552 000 Shares in Goodluk 396 000 - Inventory 180 000 160 000 Financial assets 229 000 215 000 25 000 10 000 372 500 212 000 (212 000) (110 000) 154 200 65 000 Deferred tax asset - - 3 1 200 Goodwill - - 1 23 900 1 144 700 552 000 Bank Plant & machinery Accumulated depreciation Land Total assets 1 318 360 396 000 2 340 000 4 000 6 440 000 35 000 4 000 4 3 800 580 500 (321 200) 219 200 240 4 960 23 900 1 318 360