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ACCG 926 Assessed Coursework No 2 QUESTION (18 marks) On 1 July 2015, Cerise Limited (Cerise) and Mauve Limited (Mauve) entered into a joint operation to produce a software package to assist in the writing of computer based accounting examinations for university students. On 1 July 2015 Cerise made the following contributions to the joint operation: Plant with a fair value of $1,000,000 and a carrying amount of $1,200,000 (net of accumulated depreciation of $300,000); and Cash of $800,000. On 1 July 2015 Mauve made the following contribution to the joint operation: Patent with a carrying amount of $800,000 and fair value of $1,000,000; and Cash of $1,200,000. Cerise revalued the plant in its books prior to transferring the asset to the joint operation as part of its initial contribution. On 1 October 2015 additional cash contribution of $1,500,000 was made by Cerise and Mauve in the same proportion as their initial contributions. Production costs incurred by the joint operation for the year ended 30 June 2016 are detailed below: Costs of Production ($) Wages 500,000 Raw materials 200,000 Manufacturing overheads 200,000 Management fees 150,000 Amortisation of patent 200,000 Depreciation of plant 350.000 Total costs of production 1,600,000 Less: Costs of finished goods inventory Work in Progress as at 30 June 2016 (1,500,000) 100,000 The only other expenditure incurred by the joint operation is administration expenses of $80,000. This expenditure has not been included in the costs of production 1 ACCG 926 Assessed Coursework No 2 The assets and liabilities of the joint operation as at 30 June 2016 is as follows: Account DR Cash at bank CR 1,825,000 Raw materials 70,000 Work in progress 100,000 Finished goods 100,000 Patent 1,000,000 Accumulated amortisation (200,000) Plant and equipment 1,800,000 Accumulated depreciation (350,000) Bank loan 250,000 Accounts payable 60,000 Accrued expenses 15,000 Cerise and Mauve have agreed that the output of the joint operation will be distributed to each party in proportion to their initial contributions. As at 1 July 2015 the plant has a remaining useful life of 4 years and the patent has a remaining useful life of 5 years. Mauve is responsible for the management of the day-to-day activities of the joint operation. They charge an annual management fee of $150,000 to the joint operation for providing thee services. The fee is based on their standard mark up of 25%. Mauve sold all of the output distributed by the joint operation by 30 June 2016. Cerise has sold 75% of the output received from the joint operation and the balance remains on hand as at 30 June 2016. Required: a) Calculate the percentage of initial contributions for both Cerise and Mauve. (2 marks) b) Prepare all journals for the year ended 30 June 2016 for Cerise ONLY to record their interest in the joint operation. (16 marks) 2 ACCG 926 Assessed Coursework No 2 Answers: a) Contribution calculations (show all workings) (2 marks) 3 ACCG 926 Assessed Coursework No 2 b) Journals for Cerise (16 marks) Date Account DR 4 CR ACCG 926 Assessed Coursework No 2 Date Account DR 5 CR