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Rhino Ltd is incorporated in South Africa and listed on the JSE. Rhino Ltd manufactures outdoor and safari equipment. Lion Ltd is a tourism company that focuses on bringing international travellers to South Africa. The information below represents the trial balances of Rhino Ltd and its subsidiary, Lion Ltd as at 31 December 2016: Debits Property, plant and equipment at carrying amount Investment in Lion Ltd at fair value (cost price: R800 000) Loan to Lion Ltd Inventories Trade and other receivables Bank - Giraffe Bank Dividends paid - 31 December 2016 Cost of sales Other expenses Income tax expense Credits Share capital - ordinary shares (250 000/125 000 shares) Revaluation surplus - 1 January 2016 Retained earnings - 1 January 2016 Long-term borrowings Loan from Rhino Ltd Bank overdraft - Monkey Bank Trade and other payables Sales Rhino Ltd R 1 500 000 800 000 80 000 550 000 454 400 1 818 000 50 000 1 200 000 350 000 467 600 7 270 000 500 000 250 000 2 000 000 1 000 000 300 000 3 000 000 Lion Ltd R 2 500 000 700 000 1 399 000 20 000 1 000 000 390 000 380 800 6 389 800 250 000 100 000 1 500 000 1 300 000 80 000 9 800 400 000 2 500 000 Other income Additional information 220 000 7 270 000 1. Rhino Ltd acquired a 60% interest in Lion Ltd on 1 January 2013. On this date Lion Ltd's retained earnings amounted to R1 000 000 and the revaluation surplus amounted to R40 000. The issued share capital of both companies remained unchanged since the incorporations of the companies. 2. 250 000 6 389 800 3. Assume that the carrying amounts of all the assets and liabilities of Lion Bpk were considered to be equal to their respective fair values at acquisition. On 1 January 2014, property was revalued and this revaluation has been recorded in the records of Lion Ltd. Subsequently, there have been no other revaluations. ASSIGNMENT 02 (First semester) (continue) During the current year, Rhino Ltd started to sell inventory to Lion Ltd at a markup of 20% on cost. On 31 December 2016 there was inventory amounting to R120 000, that Rhino Ltd sold to Lion Ltd, included in the closing inventory of Lion Ltd. Rhino Ltd sold inventory amounting R500 000 to Lion Ltd in the current year. 27 On 1 January 2014, Lion Ltd sold one of their manufacturing plants to Rhino Ltd and made a profit of R100 000 on the transaction. It is the group's policy to recognise depreciation on plant and machinery on the straight-line method at a rate of 25% per annum. 4. 5. Rhino Ltd guarantees bank overdrafts of Lion Ltd for an unlimited amount. Assume that each ordinary share carries one vote and that voting rights alone determine control. It is group policy to show goodwill at cost less impairment in the consolidated financial statements. Goodwill was not impaired during the current financial year. REQUIRED: Part A Draft the following pro-forma consolidation journal entries of the Rhino Ltd Group for the year ended 31 December 2016, after taking the above- mentioned information into account: (a) Elimination of the owner's equity at acquisition. (b) Recording of the non-controlling interests' share in the revaluation surplus arising from the revaluation of property since acquisition. (c) Elimination the unrealised profit associated with the sale of the plant, as well as the depreciation associated with the sale. Please note: Indicate clearly to which company each account refers. Journal narrations are not required. Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Marks 7 2½ 8½ [18] ASSIGNMENT 02 (First semester) (continue) Part B FAC2602/101 Prepare only the following columns of the consolidated statement of changes in equity of the Rhino Ltd Group for the year ended 31 December 2016: Revaluation surplus Retained earnings Non-controlling interests Please note: Your answer should comply with the requirements of the International Financial Reporting Standards (IFRS). Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Notes to the consolidated statements are not required. Marks 22 [22] Rhino Ltd is incorporated in South Africa and listed on the JSE. Rhino Ltd manufactures outdoor and safari equipment. Lion Ltd is a tourism company that focuses on bringing international travellers to South Africa. The information below represents the trial balances of Rhino Ltd and its subsidiary, Lion Ltd as at 31 December 2016: Debits Property, plant and equipment at carrying amount Investment in Lion Ltd at fair value (cost price: R800 000) Loan to Lion Ltd Inventories Trade and other receivables Bank - Giraffe Bank Dividends paid - 31 December 2016 Cost of sales Other expenses Income tax expense Credits Share capital - ordinary shares (250 000/125 000 shares) Revaluation surplus - 1 January 2016 Retained earnings - 1 January 2016 Long-term borrowings Loan from Rhino Ltd Bank overdraft - Monkey Bank Trade and other payables Sales Rhino Ltd R 1 500 000 800 000 80 000 550 000 454 400 1 818 000 50 000 1 200 000 350 000 467 600 7 270 000 500 000 250 000 2 000 000 1 000 000 300 000 3 000 000 Lion Ltd R 2 500 000 700 000 1 399 000 20 000 1 000 000 390 000 380 800 6 389 800 250 000 100 000 1 500 000 1 300 000 80 000 9 800 400 000 2 500 000 Other income Additional information 220 000 7 270 000 1. Rhino Ltd acquired a 60% interest in Lion Ltd on 1 January 2013. On this date Lion Ltd's retained earnings amounted to R1 000 000 and the revaluation surplus amounted to R40 000. The issued share capital of both companies remained unchanged since the incorporations of the companies. 2. 250 000 6 389 800 3. Assume that the carrying amounts of all the assets and liabilities of Lion Bpk were considered to be equal to their respective fair values at acquisition. On 1 January 2014, property was revalued and this revaluation has been recorded in the records of Lion Ltd. Subsequently, there have been no other revaluations. ASSIGNMENT 02 (First semester) (continue) During the current year, Rhino Ltd started to sell inventory to Lion Ltd at a markup of 20% on cost. On 31 December 2016 there was inventory amounting to R120 000, that Rhino Ltd sold to Lion Ltd, included in the closing inventory of Lion Ltd. Rhino Ltd sold inventory amounting R500 000 to Lion Ltd in the current year. 27 On 1 January 2014, Lion Ltd sold one of their manufacturing plants to Rhino Ltd and made a profit of R100 000 on the transaction. It is the group's policy to recognise depreciation on plant and machinery on the straight-line method at a rate of 25% per annum. 4. 5. Rhino Ltd guarantees bank overdrafts of Lion Ltd for an unlimited amount. Assume that each ordinary share carries one vote and that voting rights alone determine control. It is group policy to show goodwill at cost less impairment in the consolidated financial statements. Goodwill was not impaired during the current financial year. REQUIRED: Part A Draft the following pro-forma consolidation journal entries of the Rhino Ltd Group for the year ended 31 December 2016, after taking the above- mentioned information into account: (a) Elimination of the owner's equity at acquisition. (b) Recording of the non-controlling interests' share in the revaluation surplus arising from the revaluation of property since acquisition. (c) Elimination the unrealised profit associated with the sale of the plant, as well as the depreciation associated with the sale. Please note: Indicate clearly to which company each account refers. Journal narrations are not required. Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Marks 7 2½ 8½ [18] ASSIGNMENT 02 (First semester) (continue) Part B FAC2602/101 Prepare only the following columns of the consolidated statement of changes in equity of the Rhino Ltd Group for the year ended 31 December 2016: Revaluation surplus Retained earnings Non-controlling interests Please note: Your answer should comply with the requirements of the International Financial Reporting Standards (IFRS). Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Notes to the consolidated statements are not required. Marks 22 [22] Rhino Ltd is incorporated in South Africa and listed on the JSE. Rhino Ltd manufactures outdoor and safari equipment. Lion Ltd is a tourism company that focuses on bringing international travellers to South Africa. The information below represents the trial balances of Rhino Ltd and its subsidiary, Lion Ltd as at 31 December 2016: Debits Property, plant and equipment at carrying amount Investment in Lion Ltd at fair value (cost price: R800 000) Loan to Lion Ltd Inventories Trade and other receivables Bank - Giraffe Bank Dividends paid - 31 December 2016 Cost of sales Other expenses Income tax expense Credits Share capital - ordinary shares (250 000/125 000 shares) Revaluation surplus - 1 January 2016 Retained earnings - 1 January 2016 Long-term borrowings Loan from Rhino Ltd Bank overdraft - Monkey Bank Trade and other payables Sales Rhino Ltd R 1 500 000 800 000 80 000 550 000 454 400 1 818 000 50 000 1 200 000 350 000 467 600 7 270 000 500 000 250 000 2 000 000 1 000 000 300 000 3 000 000 Lion Ltd R 2 500 000 700 000 1 399 000 20 000 1 000 000 390 000 380 800 6 389 800 250 000 100 000 1 500 000 1 300 000 80 000 9 800 400 000 2 500 000 Other income Additional information 220 000 7 270 000 1. Rhino Ltd acquired a 60% interest in Lion Ltd on 1 January 2013. On this date Lion Ltd's retained earnings amounted to R1 000 000 and the revaluation surplus amounted to R40 000. The issued share capital of both companies remained unchanged since the incorporations of the companies. 2. 250 000 6 389 800 3. Assume that the carrying amounts of all the assets and liabilities of Lion Bpk were considered to be equal to their respective fair values at acquisition. On 1 January 2014, property was revalued and this revaluation has been recorded in the records of Lion Ltd. Subsequently, there have been no other revaluations. ASSIGNMENT 02 (First semester) (continue) During the current year, Rhino Ltd started to sell inventory to Lion Ltd at a markup of 20% on cost. On 31 December 2016 there was inventory amounting to R120 000, that Rhino Ltd sold to Lion Ltd, included in the closing inventory of Lion Ltd. Rhino Ltd sold inventory amounting R500 000 to Lion Ltd in the current year. 27 On 1 January 2014, Lion Ltd sold one of their manufacturing plants to Rhino Ltd and made a profit of R100 000 on the transaction. It is the group's policy to recognise depreciation on plant and machinery on the straight-line method at a rate of 25% per annum. 4. 5. Rhino Ltd guarantees bank overdrafts of Lion Ltd for an unlimited amount. Assume that each ordinary share carries one vote and that voting rights alone determine control. It is group policy to show goodwill at cost less impairment in the consolidated financial statements. Goodwill was not impaired during the current financial year. REQUIRED: Part A Draft the following pro-forma consolidation journal entries of the Rhino Ltd Group for the year ended 31 December 2016, after taking the above- mentioned information into account: (a) Elimination of the owner's equity at acquisition. (b) Recording of the non-controlling interests' share in the revaluation surplus arising from the revaluation of property since acquisition. (c) Elimination the unrealised profit associated with the sale of the plant, as well as the depreciation associated with the sale. Please note: Indicate clearly to which company each account refers. Journal narrations are not required. Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Marks 7 2½ 8½ [18] ASSIGNMENT 02 (First semester) (continue) Part B FAC2602/101 Prepare only the following columns of the consolidated statement of changes in equity of the Rhino Ltd Group for the year ended 31 December 2016: Revaluation surplus Retained earnings Non-controlling interests Please note: Your answer should comply with the requirements of the International Financial Reporting Standards (IFRS). Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Notes to the consolidated statements are not required. Marks 22 [22] Rhino Ltd is incorporated in South Africa and listed on the JSE. Rhino Ltd manufactures outdoor and safari equipment. Lion Ltd is a tourism company that focuses on bringing international travellers to South Africa. The information below represents the trial balances of Rhino Ltd and its subsidiary, Lion Ltd as at 31 December 2016: Debits Property, plant and equipment at carrying amount Investment in Lion Ltd at fair value (cost price: R800 000) Loan to Lion Ltd Inventories Trade and other receivables Bank - Giraffe Bank Dividends paid - 31 December 2016 Cost of sales Other expenses Income tax expense Credits Share capital - ordinary shares (250 000/125 000 shares) Revaluation surplus - 1 January 2016 Retained earnings - 1 January 2016 Long-term borrowings Loan from Rhino Ltd Bank overdraft - Monkey Bank Trade and other payables Sales Rhino Ltd R 1 500 000 800 000 80 000 550 000 454 400 1 818 000 50 000 1 200 000 350 000 467 600 7 270 000 500 000 250 000 2 000 000 1 000 000 300 000 3 000 000 Lion Ltd R 2 500 000 700 000 1 399 000 20 000 1 000 000 390 000 380 800 6 389 800 250 000 100 000 1 500 000 1 300 000 80 000 9 800 400 000 2 500 000 Other income Additional information 220 000 7 270 000 1. Rhino Ltd acquired a 60% interest in Lion Ltd on 1 January 2013. On this date Lion Ltd's retained earnings amounted to R1 000 000 and the revaluation surplus amounted to R40 000. The issued share capital of both companies remained unchanged since the incorporations of the companies. 2. 250 000 6 389 800 3. Assume that the carrying amounts of all the assets and liabilities of Lion Bpk were considered to be equal to their respective fair values at acquisition. On 1 January 2014, property was revalued and this revaluation has been recorded in the records of Lion Ltd. Subsequently, there have been no other revaluations. ASSIGNMENT 02 (First semester) (continue) During the current year, Rhino Ltd started to sell inventory to Lion Ltd at a markup of 20% on cost. On 31 December 2016 there was inventory amounting to R120 000, that Rhino Ltd sold to Lion Ltd, included in the closing inventory of Lion Ltd. Rhino Ltd sold inventory amounting R500 000 to Lion Ltd in the current year. 27 On 1 January 2014, Lion Ltd sold one of their manufacturing plants to Rhino Ltd and made a profit of R100 000 on the transaction. It is the group's policy to recognise depreciation on plant and machinery on the straight-line method at a rate of 25% per annum. 4. 5. Rhino Ltd guarantees bank overdrafts of Lion Ltd for an unlimited amount. Assume that each ordinary share carries one vote and that voting rights alone determine control. It is group policy to show goodwill at cost less impairment in the consolidated financial statements. Goodwill was not impaired during the current financial year. REQUIRED: Part A Draft the following pro-forma consolidation journal entries of the Rhino Ltd Group for the year ended 31 December 2016, after taking the above- mentioned information into account: (a) Elimination of the owner's equity at acquisition. (b) Recording of the non-controlling interests' share in the revaluation surplus arising from the revaluation of property since acquisition. (c) Elimination the unrealised profit associated with the sale of the plant, as well as the depreciation associated with the sale. Please note: Indicate clearly to which company each account refers. Journal narrations are not required. Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Marks 7 2½ 8½ [18] ASSIGNMENT 02 (First semester) (continue) Part B FAC2602/101 Prepare only the following columns of the consolidated statement of changes in equity of the Rhino Ltd Group for the year ended 31 December 2016: Revaluation surplus Retained earnings Non-controlling interests Please note: Your answer should comply with the requirements of the International Financial Reporting Standards (IFRS). Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Notes to the consolidated statements are not required. Marks 22 [22] Rhino Ltd is incorporated in South Africa and listed on the JSE. Rhino Ltd manufactures outdoor and safari equipment. Lion Ltd is a tourism company that focuses on bringing international travellers to South Africa. The information below represents the trial balances of Rhino Ltd and its subsidiary, Lion Ltd as at 31 December 2016: Debits Property, plant and equipment at carrying amount Investment in Lion Ltd at fair value (cost price: R800 000) Loan to Lion Ltd Inventories Trade and other receivables Bank - Giraffe Bank Dividends paid - 31 December 2016 Cost of sales Other expenses Income tax expense Credits Share capital - ordinary shares (250 000/125 000 shares) Revaluation surplus - 1 January 2016 Retained earnings - 1 January 2016 Long-term borrowings Loan from Rhino Ltd Bank overdraft - Monkey Bank Trade and other payables Sales Rhino Ltd R 1 500 000 800 000 80 000 550 000 454 400 1 818 000 50 000 1 200 000 350 000 467 600 7 270 000 500 000 250 000 2 000 000 1 000 000 300 000 3 000 000 Lion Ltd R 2 500 000 700 000 1 399 000 20 000 1 000 000 390 000 380 800 6 389 800 250 000 100 000 1 500 000 1 300 000 80 000 9 800 400 000 2 500 000 Other income Additional information 220 000 7 270 000 1. Rhino Ltd acquired a 60% interest in Lion Ltd on 1 January 2013. On this date Lion Ltd's retained earnings amounted to R1 000 000 and the revaluation surplus amounted to R40 000. The issued share capital of both companies remained unchanged since the incorporations of the companies. 2. 250 000 6 389 800 3. Assume that the carrying amounts of all the assets and liabilities of Lion Bpk were considered to be equal to their respective fair values at acquisition. On 1 January 2014, property was revalued and this revaluation has been recorded in the records of Lion Ltd. Subsequently, there have been no other revaluations. ASSIGNMENT 02 (First semester) (continue) During the current year, Rhino Ltd started to sell inventory to Lion Ltd at a markup of 20% on cost. On 31 December 2016 there was inventory amounting to R120 000, that Rhino Ltd sold to Lion Ltd, included in the closing inventory of Lion Ltd. Rhino Ltd sold inventory amounting R500 000 to Lion Ltd in the current year. 27 On 1 January 2014, Lion Ltd sold one of their manufacturing plants to Rhino Ltd and made a profit of R100 000 on the transaction. It is the group's policy to recognise depreciation on plant and machinery on the straight-line method at a rate of 25% per annum. 4. 5. Rhino Ltd guarantees bank overdrafts of Lion Ltd for an unlimited amount. Assume that each ordinary share carries one vote and that voting rights alone determine control. It is group policy to show goodwill at cost less impairment in the consolidated financial statements. Goodwill was not impaired during the current financial year. REQUIRED: Part A Draft the following pro-forma consolidation journal entries of the Rhino Ltd Group for the year ended 31 December 2016, after taking the above- mentioned information into account: (a) Elimination of the owner's equity at acquisition. (b) Recording of the non-controlling interests' share in the revaluation surplus arising from the revaluation of property since acquisition. (c) Elimination the unrealised profit associated with the sale of the plant, as well as the depreciation associated with the sale. Please note: Indicate clearly to which company each account refers. Journal narrations are not required. Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Marks 7 2½ 8½ [18] ASSIGNMENT 02 (First semester) (continue) Part B FAC2602/101 Prepare only the following columns of the consolidated statement of changes in equity of the Rhino Ltd Group for the year ended 31 December 2016: Revaluation surplus Retained earnings Non-controlling interests Please note: Your answer should comply with the requirements of the International Financial Reporting Standards (IFRS). Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Notes to the consolidated statements are not required. Marks 22 [22] Rhino Ltd is incorporated in South Africa and listed on the JSE. Rhino Ltd manufactures outdoor and safari equipment. Lion Ltd is a tourism company that focuses on bringing international travellers to South Africa. The information below represents the trial balances of Rhino Ltd and its subsidiary, Lion Ltd as at 31 December 2016: Debits Property, plant and equipment at carrying amount Investment in Lion Ltd at fair value (cost price: R800 000) Loan to Lion Ltd Inventories Trade and other receivables Bank - Giraffe Bank Dividends paid - 31 December 2016 Cost of sales Other expenses Income tax expense Credits Share capital - ordinary shares (250 000/125 000 shares) Revaluation surplus - 1 January 2016 Retained earnings - 1 January 2016 Long-term borrowings Loan from Rhino Ltd Bank overdraft - Monkey Bank Trade and other payables Sales Rhino Ltd R 1 500 000 800 000 80 000 550 000 454 400 1 818 000 50 000 1 200 000 350 000 467 600 7 270 000 500 000 250 000 2 000 000 1 000 000 300 000 3 000 000 Lion Ltd R 2 500 000 700 000 1 399 000 20 000 1 000 000 390 000 380 800 6 389 800 250 000 100 000 1 500 000 1 300 000 80 000 9 800 400 000 2 500 000 Other income Additional information 220 000 7 270 000 1. Rhino Ltd acquired a 60% interest in Lion Ltd on 1 January 2013. On this date Lion Ltd's retained earnings amounted to R1 000 000 and the revaluation surplus amounted to R40 000. The issued share capital of both companies remained unchanged since the incorporations of the companies. 2. 250 000 6 389 800 3. Assume that the carrying amounts of all the assets and liabilities of Lion Bpk were considered to be equal to their respective fair values at acquisition. On 1 January 2014, property was revalued and this revaluation has been recorded in the records of Lion Ltd. Subsequently, there have been no other revaluations. ASSIGNMENT 02 (First semester) (continue) During the current year, Rhino Ltd started to sell inventory to Lion Ltd at a markup of 20% on cost. On 31 December 2016 there was inventory amounting to R120 000, that Rhino Ltd sold to Lion Ltd, included in the closing inventory of Lion Ltd. Rhino Ltd sold inventory amounting R500 000 to Lion Ltd in the current year. 27 On 1 January 2014, Lion Ltd sold one of their manufacturing plants to Rhino Ltd and made a profit of R100 000 on the transaction. It is the group's policy to recognise depreciation on plant and machinery on the straight-line method at a rate of 25% per annum. 4. 5. Rhino Ltd guarantees bank overdrafts of Lion Ltd for an unlimited amount. Assume that each ordinary share carries one vote and that voting rights alone determine control. It is group policy to show goodwill at cost less impairment in the consolidated financial statements. Goodwill was not impaired during the current financial year. REQUIRED: Part A Draft the following pro-forma consolidation journal entries of the Rhino Ltd Group for the year ended 31 December 2016, after taking the above- mentioned information into account: (a) Elimination of the owner's equity at acquisition. (b) Recording of the non-controlling interests' share in the revaluation surplus arising from the revaluation of property since acquisition. (c) Elimination the unrealised profit associated with the sale of the plant, as well as the depreciation associated with the sale. Please note: Indicate clearly to which company each account refers. Journal narrations are not required. Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Marks 7 2½ 8½ [18] ASSIGNMENT 02 (First semester) (continue) Part B FAC2602/101 Prepare only the following columns of the consolidated statement of changes in equity of the Rhino Ltd Group for the year ended 31 December 2016: Revaluation surplus Retained earnings Non-controlling interests Please note: Your answer should comply with the requirements of the International Financial Reporting Standards (IFRS). Show all calculations and round all amounts to the nearest Rand. Ignore the taxation effect on unrealised profits and/or losses, as well as capital gains tax. Notes to the consolidated statements are not required. Marks 22 [22]
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