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200109 Corporate Accounting Systems Autumn 2017 Practical Project Due Date: Assessment Value: Topic: Length: Friday 5 May 2017 (week 11). Submit electronically to vUWS prior to 5:00pm and submit hard copy at start of tutorial. 40% Acquisition of a subsidiary and consolidation entries 1,500 words maximum (comprising calculations and working papers in Part A equivalent to 750 words and a written component of 750 words in Part B) The practical project involves two parts: Part A is the preparation of a selection of consolidation elimination journals for year ending 30 June 2019, for an economic entity comprising a parent and subsidiaries plus working papers of a professional standard. Part B is an explanation of the outcome of the consolidation process undertaken in Part A. Part A (50%) The World Retailing Ltd acquires 80 per cent of the shares of Mark Construction Ltd on 30 June 2019 for a consideration of $584 000. The share capital and reserves of Mark Construction Ltd at the date of acquisition are: Share capital Retained earnings Revaluation surplus $200 000 $100 000 $150 000 There are no transactions between World Retailing Ltd and Mark Construction Ltd at the date of acquisition. All assets of Mark Construction Ltd are fairly valued at the date of acquisition, except for a major plant that had a fair value $25 000 greater than its carrying amount. The cost of the plant was $125 000 and it had accumulated depreciation of $90 000. In addition, the World Retailing Ltd acquired 100 per cent of the shares of Adelaide Retailing Ltd on 1 July 2017-that is two years earlier. The cost of investment was $500 000. At that date the capital and reserves of Adelaide Retailing Ltd were: Share capital Retained earnings $255 000 $205 000 1 At the date of acquisition all assets of Adelaide Retailing Ltd were considered to be fairly valued. Adelaide Retailing Ltd declared and paid dividend $120 000 on 30 June 2019. World Retailing Ltd incurred the following transactions with Adelaide Retailing Ltd during financial year 2018-2019: During the year World Retailing made total sales to Adelaide Retailing of $71 000, while Adelaide Retailing sold $56 000 in inventory to World Retailing. The closing inventory in World Retailing includes inventory acquired from Adelaide Retailing at a cost of $45 000. This cost Adelaide Retailing $38 000 to purchase. The opening inventory in World Retailing as at 1 July 2018 included inventory acquired from Adelaide Retailing for $62 500 that cost Adelaide Retailing $53 750. Adelaide Retailing paid $55 000 in management fees to World Retailing. On 1 July 2018 World Retailing sold an item of plant to Adelaide Retailing for $145 000 when its carrying amount in World Retailing's accounts was $100 000 (initial cost $168 650, accumulated depreciation $68 650). This plant is assessed as having a remaining useful life of nine years. You were appointed as the financial accountant at World Retailing Ltd in May 2019. As you may have noticed, World Retailing Ltd acquires 80% shares of Mark Construction Ltd to extend its operation in Australia and it also has an existing wholly owned subsidiary (Adelaide Retailing Ltd) operating in Adelaide. You are requested to prepare consolidation/elimination journal entries for the economic entity for year ending 30 June 2019. After meeting with your supervisor you gathered the following information which you might need to complete your work: World Retailing Group Ltd has the following accounting policies for the economic entity: (i) Revaluation adjustments on acquisition are to be made on consolidation only, not in the books of any subsidiary; (ii) Plant is depreciated using the straight-line method with no residual value. For part-years, depreciation is to be calculated on the number of months the asset is held in the relevant year. (iii) All calculated amounts are to be rounded to the nearest whole dollar. Companies in the group do not show cents in any journals, worksheets, or financial statements. Management team of World Retailing believes that goodwill acquired from business combination is impaired by $5 000 in the current financial year. Previous impairment of goodwill amounted to $15 000. The company tax rate is currently 30%. Journal narrations are not requested by your supervisor. Part B (50%) The financial statements for year ending 30 June 2019 for the economic entity have been prepared on the basis of your journals from Part A. These statements have been presented to the Board of Directors. One of the Board members pointed out that the new business acquired by World Retailing is a construction company. Its financial statements should not be consolidated because it is involved in construction, whereas all of the other companies in the economic entity are involved in retailing industry. 2 The Board is also alarmed that the economic entity's balance sheet shows a deferred tax balance, when the accounts for World Retailing Ltd had no deferred tax asset or deferred tax liability. As the financial accountant you are requested to prepare a response to the following questions: (a) Should the financial statements of new acquired business, Mark Construction Ltd, be consolidated into the economic entity and why? (250 words maximum) (b) Why does the economic entity have a deferred tax balance? (500 words maximum) You must make reference to relevant paragraphs of the Accounting Standard and/or AASB Framework and to other sources of material. Harvard Style referencing is expected. For details on the Harvard referencing system go to: http://library.westernsydney.edu.au/uws_library/guides/referencing-citation (and click on 'Harvard' link). 3 Marking Criteria Part A CRITERIA UNSATISFACTORY Correctness and Completeness of journals Presentation and Numbering of journals Part A Mark: BELOW EXPECTATIONS MEETS MINIMUM EXPECTATIONS FOR A PASS Four+ Events not correctly recorded and/or missing and/or included incorrectly Three Events not correctly recorded and/or missing and/or included incorrectly 2 marks 6 marks EXCEEDS MINIMUM EXPECTATIONS SIGNIFICANTLY EXCEEDS EXPECTATIONS Two Events not correctly recorded and/or missing and/or included incorrectly One Event not correctly recorded and/or missing and/or included incorrectly Every required journal is correct, with none missing or included incorrectly 10 marks 14 marks Three or more journals are not presented clearly and/or not complete and/or not numbered correctly One or two journals not presented clearly and/or not complete and/or not numbered correctly 0 mark 1 mark / 20 4 18 marks All journals are presented clearly and numbered correctly. 2 marks Part B CRITERIA FAIL: LESS THAN 25 PASS: 25-32 CREDIT: 33-37 DISTINCTION: 38-42 HIGH DISTINCTION: 43 -50 Unsatisfactory performance Satisfactory performance Good quality showing more than satisfactory performance Superior quality. Difficult to fault Excellent quality in all aspects Identifies and uses relevant information. Dumps information. No evidence of critical consideration. Some evidence of critical consideration of relevant information, but poorly integrated. Good evidence of critical consideration of relevant information, but may require better integration. Good evidence of critical consideration of relevant information, and well integrated. Critically chooses information and clearly integrates it to support the points being made. Addresses the requirements of the question Poorly structured and/or unconvincing and/or outside the word limit. Could be better structured and/or the conclusions reached are not persuasive and/or outside set limits. Acceptable structure. The conclusions reached are convincing. Length is within the set limits. Good structure. The conclusions reached are convincing. Length is within the set limits. Well structured. Conclusions are argued in a very persuasive manner. Length is within the set limits. Presents with clarity: In-text citation and/or paraphrasing and/or reference list missing or substantially incomplete. In-text citation and/or paraphrasing and/or reference list have a number of errors. Satisfactory in-text citation, paraphrasing and reference list, possibly with a few errors. Excellent in-text citation, paraphrasing and reference list. Writing style is poor and difficult to follow and/or marred by many grammatical and/or spelling errors. Writing style is unclear at times. There are a number of grammatical and/or spelling errors. Writing style is coherent, with possibly a few grammatical and/or spelling errors. Satisfactory in-text citation, paraphrasing and reference list, possibly with a few minor errors. Uses a professional level of English. References and paraphrases correctly. (Note: use of the \"Harvard system\" is required. See the WSU library website.) Part B (a) Mark: Feedback: / 50 Part B (b) Mark: Feedback: / 50 Deductions: 1. Late submission of printed or electronic version -10% per day STUDENT ID: STUDENT NAME: Writing style is coherent, with possibly a few grammatical and/or spelling errors. 2. Electronic version not same as printed version -50% FINAL MARK: 5 Project Preparation The assignment is to be submitted as an individual attempt. It must be prepared using Word document only and be entirely your own work-use student number as the file name. The assignment marking guide is on page 4 and page 5 of this document. Print these pages and attach the marking guide at the end of your assignment. Use the marking guide sheet to see what is expected and how your work will be marked. Your submission needs to be printed on A4 paper, single-sided, and the pages must be stapled at the top left hand corner only. Do not bind your assignment, nor put it in a folder or a plastic sleeve. The first page must be a completed and signed cover sheet and the last page should be the two marking sheets with your student ID and name shown. The marker will use the marking sheet to calculate your assignment result and provide you with feedback on the standard you achieved against each of the criteria. The printed assignment is to be submitted to your tutor during the first 15 minutes of your usual tutorial class in Week 11 beginning 1 May 2017. Submissions made during the tutorial, but after the 15 minute deadline, will be penalised by the deduction of 1 mark. Assignments not submitted at the registered tutorial class will be regarded as \"late\". All late submissions will be penalised as per UWS policy - a deduction of 2 marks (being, 10% of the possible mark) for each day, or part day, late. Submissions will not be accepted by email. If you cannot attend at your normal tutorial time you need to either send it along with a fellow classmate or personally hand it to your tutor before the class in which it is due - you would need to make arrangements directly with them about organising this. After handing in the printed copy, the word document must also be uploaded to vUWS by 5:00pm on Friday 5 May 2017 at the latest. The word document MUST EXACTLY MATCH the printed version and not be modified after the submitted version was printed. Uploading a file that doesn't match exactly will be penalized by the deduction of 50% of the possible mark. Failing to submit hard copy or upload the word document will result in a zero grade. The file will be checked against other students' submissions for potential plagiarism. Staff will not assist students with their answers, nor review draft answers to confirm if students are \"on the right track\" or not. Any queries about the requirements of the practical project must be directed to the Unit Coordinator only, not to other teaching staff. vUWS Assessment Zone: under the 'Assessment Zone' link on vUWS there is a folder titled 'Assessment 3: Practical Project'. Here you will find the submission link. This is the final unit in the accounting major where you will have to produce complex journal entries and report at a professional level. Therefore, a very high standard is expected. The reports cannot be late for the board meeting and the directors carefully review all of the information you give them. They pay you well, but they expect quality work. It needs to be technically correct and presented well. 6 Checklist When submitting the final version, check you have: Clearly answered both parts of the project and included a signed assignment cover sheet and a reference list with Part B. Proof-read the assignment for spelling and grammar: use \"spell check\" in Word to help if you have any concerns. Met the requirement for the word-limit (1500 words). Submitted the assignment, including signed cover sheet, through the electronic submission link prior to 5:00pm on Friday 5 May 2017 and handed in a printed copy at the start of the tutorial. 7 8