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QUESTION 1 Burger Foodie NZ Ltd set up a wholly owned subsidiary in Singapore some years ago called Burger Food. The financial statements for Burger Food for the year ended 30 June 2019 are presented below in Singapore dollars. They have been sent to Burger Foodie NZ Ltd for consolidation. S$ Burger Food Income Statement for the year ended 30 June 2019 Sales Opening Inventory Purchases Closing Inventory Cost of Sales Gross Profit Selling & Administration Expenses Depreciation OLD equipment Depreciation NEW equipment Total Expenses Gain on sale of land Net Profit Before Tax Income Tax Net Profit After Tax Opening Retained Earnings 1 July 2018 Dividends paid Closing Retained Earnings 30 June 2019 150,000 25,000 75,000 (20,000) (80,000) 70,000 (15,000) (10,000) (5,000) (30,000) 40,000 80,000 (10,000) 70,000 100,000 (20,000) 150,000 S$ Burger Food Balance Sheet as at 30 June 2019 Share Capital Retained Earnings Total Equity Current Liabilities Total Liabilities & Equity 80,000 150,000 230,000 10,000 240,000 Plant & Equipment Cost OLD Plant & Equipment OLD Accumulated Depreciation Plant & Equipment Cost NEW Plant & Equipment NEW Accumulated Depreciation Total Non-Current Assets Cash at Bank Accounts Receivable Inventory Total Current Assets Total Assets 120,000 (20,000) 50,000 (5,000) 145,000 35,000 40,000 20,000 95,000 240,000 Additional information: No additional shares have been issued since Burger Food was established several years ago. Income tax was incurred evenly during the year. Selling and administration expenses were incurred evenly during the year. OLD plant and equipment was purchased immediately after Burger Food was established. Additional NEW plant and equipment was purchased for S$50,000 in cash during the current year. Income tax was incurred evenly during the year. Selling and administration expenses were incurred evenly during the year. OLD plant and equipment was purchased immediately after Burger Food was established. Additional NEW plant and equipment was purchased for S$50,000 in cash during the current year. Land was purchased immediately after Burger Food was established for S$30,000. During the current year the land was sold for S$70,000 cash and the gain of S$40,000 was recognized in the Income Statement for the year ended 30 June 2019. Relevant exchange rates are as follows: NZ$1= 5$ 0.99 0.96 0.96 0.95 Relevant exchange rates At date subsidiary was created and OLD plant and equipment and land purchased. Average when opening inventory was acquired At the beginning of the year, 1 July 2018 When NEW plant and equipment was purchased When land was sold Average for year to 30 June 2019 Average when closing inventory was acquired At dividend payment date At the end of the year, 30 June 2019 0.95 0.94 0.92 0.91 0.90 REQUIRED: (a) Assuming that the functional currency of Burger Food is the S$ and the presentation currency is the New Zealand dollar (NZ$), the financial statements will be translated using the method described at and around paragraph 39 of NZ IAS 21. This method is sometimes called the "presentation currency method" or the "closing rate method". The opening balance for retained earnings in NZ$ was $105,000 on 1 July 2018 when using the paragraph 39 method. What is the opening balance of the "Foreign Currency Translation Reserve" (FCTR) at 1 July 2018 expressed in NZ$? (5 marks) (b) Translate the financial statements of Burger Food for the year ending 30 June 2019 using the method prescribed at and around paragraph 39 of the Standard in Worksheet 1 of Answer Booklet. (10 marks) (c) Perform a reconciliation of the foreign currency translation reserve (FCTR) as at 30 June 2019 (paragraph 39 method). (5 marks) (d) Now assume that the functional currency of Burger Food is the New Zealand In this case, the financial statements of Burger Food for the year ending 30 June 2019 will be translated using the method prescribed at and around paragraph 23 of NZ IAS 21. This method is sometimes called the "functional currency method" or the "temporal method. Calculate the opening balance of the Retained Earnings of Burger Food in $NZ on 1 July 2018. (5 marks) (d) Now assume that the functional currency of Burger Food is the New Zealand dollar. In this case, the financial statements of Burger Food for the year ending 30 June 2019 will be translated using the method prescribed at and around paragraph 23 of NZ IAS 21. This method is sometimes called the "functional currency method" or the "temporal method". Calculate the opening balance of the Retained Earnings of Burger Food in $NZ on 1 July 2018. (5 marks) (e) Translate the financial statements for Burger Food for the year ended 30 June 2019 using the method prescribed in paragraph 23 of NZ IAS 21 in Worksheet 2 of Answer Booklet. (10 marks) Perform a reconciliation of the foreign currency translation gain/(loss) (paragraph 23 method) for the year ended 30 June 2019. (5 marks) (Total 40 marks) QUESTION 1 Burger Foodie NZ Ltd set up a wholly owned subsidiary in Singapore some years ago called Burger Food. The financial statements for Burger Food for the year ended 30 June 2019 are presented below in Singapore dollars. They have been sent to Burger Foodie NZ Ltd for consolidation. S$ Burger Food Income Statement for the year ended 30 June 2019 Sales Opening Inventory Purchases Closing Inventory Cost of Sales Gross Profit Selling & Administration Expenses Depreciation OLD equipment Depreciation NEW equipment Total Expenses Gain on sale of land Net Profit Before Tax Income Tax Net Profit After Tax Opening Retained Earnings 1 July 2018 Dividends paid Closing Retained Earnings 30 June 2019 150,000 25,000 75,000 (20,000) (80,000) 70,000 (15,000) (10,000) (5,000) (30,000) 40,000 80,000 (10,000) 70,000 100,000 (20,000) 150,000 S$ Burger Food Balance Sheet as at 30 June 2019 Share Capital Retained Earnings Total Equity Current Liabilities Total Liabilities & Equity 80,000 150,000 230,000 10,000 240,000 Plant & Equipment Cost OLD Plant & Equipment OLD Accumulated Depreciation Plant & Equipment Cost NEW Plant & Equipment NEW Accumulated Depreciation Total Non-Current Assets Cash at Bank Accounts Receivable Inventory Total Current Assets Total Assets 120,000 (20,000) 50,000 (5,000) 145,000 35,000 40,000 20,000 95,000 240,000 Additional information: No additional shares have been issued since Burger Food was established several years ago. Income tax was incurred evenly during the year. Selling and administration expenses were incurred evenly during the year. OLD plant and equipment was purchased immediately after Burger Food was established. Additional NEW plant and equipment was purchased for S$50,000 in cash during the current year. Income tax was incurred evenly during the year. Selling and administration expenses were incurred evenly during the year. OLD plant and equipment was purchased immediately after Burger Food was established. Additional NEW plant and equipment was purchased for S$50,000 in cash during the current year. Land was purchased immediately after Burger Food was established for S$30,000. During the current year the land was sold for S$70,000 cash and the gain of S$40,000 was recognized in the Income Statement for the year ended 30 June 2019. Relevant exchange rates are as follows: NZ$1= 5$ 0.99 0.96 0.96 0.95 Relevant exchange rates At date subsidiary was created and OLD plant and equipment and land purchased. Average when opening inventory was acquired At the beginning of the year, 1 July 2018 When NEW plant and equipment was purchased When land was sold Average for year to 30 June 2019 Average when closing inventory was acquired At dividend payment date At the end of the year, 30 June 2019 0.95 0.94 0.92 0.91 0.90 REQUIRED: (a) Assuming that the functional currency of Burger Food is the S$ and the presentation currency is the New Zealand dollar (NZ$), the financial statements will be translated using the method described at and around paragraph 39 of NZ IAS 21. This method is sometimes called the "presentation currency method" or the "closing rate method". The opening balance for retained earnings in NZ$ was $105,000 on 1 July 2018 when using the paragraph 39 method. What is the opening balance of the "Foreign Currency Translation Reserve" (FCTR) at 1 July 2018 expressed in NZ$? (5 marks) (b) Translate the financial statements of Burger Food for the year ending 30 June 2019 using the method prescribed at and around paragraph 39 of the Standard in Worksheet 1 of Answer Booklet. (10 marks) (c) Perform a reconciliation of the foreign currency translation reserve (FCTR) as at 30 June 2019 (paragraph 39 method). (5 marks) (d) Now assume that the functional currency of Burger Food is the New Zealand In this case, the financial statements of Burger Food for the year ending 30 June 2019 will be translated using the method prescribed at and around paragraph 23 of NZ IAS 21. This method is sometimes called the "functional currency method" or the "temporal method. Calculate the opening balance of the Retained Earnings of Burger Food in $NZ on 1 July 2018. (5 marks) (d) Now assume that the functional currency of Burger Food is the New Zealand dollar. In this case, the financial statements of Burger Food for the year ending 30 June 2019 will be translated using the method prescribed at and around paragraph 23 of NZ IAS 21. This method is sometimes called the "functional currency method" or the "temporal method". Calculate the opening balance of the Retained Earnings of Burger Food in $NZ on 1 July 2018. (5 marks) (e) Translate the financial statements for Burger Food for the year ended 30 June 2019 using the method prescribed in paragraph 23 of NZ IAS 21 in Worksheet 2 of Answer Booklet. (10 marks) Perform a reconciliation of the foreign currency translation gain/(loss) (paragraph 23 method) for the year ended 30 June 2019. (5 marks) (Total 40 marks)