Sales revenue Less cost of goods sold Opening inventories Add purchases Less closing Consolidation worksheet for...
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Sales revenue Less cost of goods sold Opening inventories Add purchases Less closing Consolidation worksheet for financial year ended 30 June 2021 Joey Chandl Adjustments inventories Cost of goods sold Gross profit Dividend revenue Management fee revenue Interest revenue Depreciation expense Finance costs Other expenses Profit before tax Tax expense Profit after tax for the year Retained earnings 1 July 2020 Dividends paid Dividends declared Retained earnings 30 June 2021 Issued capital Revaluation surplus Fair value adjustment Shareholders' equity Assets Cash Accounts receivable Dividends receivable Ltd $'000 4,360 375 3,080 425 3.030 1,330 70 25 0 245 105 325 750 265 485 849 (53) (107) 1,174 750 190 2,114 190 173 42 er Ltd $'000 1,570 256 1,104 279 1.081 489 0 0 15 187 98 79 140 45 95 394 (28) (42) 419 400 0 819 170 109 0 Debit $'000 500 40 70 25 15 20 15.00 233 400 84 Ref f 1 f 9 j d e 1 e c/d i/g/l b/i/l j j b b/a h k Credit $'000 30 500 252 20 15 12.00 64 28 42 84 40 42 Consolid ated Entity $'000 5,430 601 3,684 664 2 2 412 188 399 ? 313 ? 1,074 (53) (107) 1,411 750 190 ? 360 242 Assets Cash Accounts receivable Dividends receivable Inventories Investment in Chandler Ltd Loan to Joey Ltd Land Buildings Accumulated depreciation Plant and equipment Accumulated depreciation Goodwill (net) Deferred tax asset Total assets Less liabilities Current taxes payable Accounts payable Dividend payable Loan from Chandler Ltd Mortgage loan Deferred tax liabilities Net assets 190 173 42 425 640 0 1,099 1,440 (475) 1,025 (275) 35 4,319 111 292 107 250 1,255 190 2,114 170 109 0 279 0 250 450 968 (525) 690 (290) 25 2,126 87 50 42 0 1,100 28 819 120 10 60 36 36.00 40 42 250 1,996.0 0 h k 9 b e a I b/c g/l h k e a Why is the consolidated balance of 'Issued capital' equal to Joey Ltd's 'Issued capital'? 40 42 40 640 250 90 20 18.00 36 1,996. 00 360 242 664 1,669 2,408 (1,000) 1,725 (595) 16 78 5,567 198 302 107 2,355 254 ? a. As a financial instrument, the issued capital of Chandler Ltd was impaired in accordance with AASB 9- Financial Instruments. O b. The parent investment in a subsidiary is eliminated against pre-acquisition equity of the subsidiary in accordance with AASB10 - Consolidated Financial Statements. Oc. Chandler Ltd undertook a share buy-back in the current reporting period with share capital now less than $500. Od. The consolidation process results in pre-acquisition equity of the subsidiary forming part of the consolidated shareholders' equity of the group. Sales revenue Less cost of goods sold Opening inventories Add purchases Less closing Consolidation worksheet for financial year ended 30 June 2021 Joey Chandl Adjustments inventories Cost of goods sold Gross profit Dividend revenue Management fee revenue Interest revenue Depreciation expense Finance costs Other expenses Profit before tax Tax expense Profit after tax for the year Retained earnings 1 July 2020 Dividends paid Dividends declared Retained earnings 30 June 2021 Issued capital Revaluation surplus Fair value adjustment Shareholders' equity Assets Cash Accounts receivable Dividends receivable Ltd $'000 4,360 375 3,080 425 3.030 1,330 70 25 0 245 105 325 750 265 485 849 (53) (107) 1,174 750 190 2,114 190 173 42 er Ltd $'000 1,570 256 1,104 279 1.081 489 0 0 15 187 98 79 140 45 95 394 (28) (42) 419 400 0 819 170 109 0 Debit $'000 500 40 70 25 15 20 15.00 233 400 84 Ref f 1 f 9 j d e 1 e c/d i/g/l b/i/l j j b b/a h k Credit $'000 30 500 252 20 15 12.00 64 28 42 84 40 42 Consolid ated Entity $'000 5,430 601 3,684 664 2 2 412 188 399 ? 313 ? 1,074 (53) (107) 1,411 750 190 ? 360 242 Assets Cash Accounts receivable Dividends receivable Inventories Investment in Chandler Ltd Loan to Joey Ltd Land Buildings Accumulated depreciation Plant and equipment Accumulated depreciation Goodwill (net) Deferred tax asset Total assets Less liabilities Current taxes payable Accounts payable Dividend payable Loan from Chandler Ltd Mortgage loan Deferred tax liabilities Net assets 190 173 42 425 640 0 1,099 1,440 (475) 1,025 (275) 35 4,319 111 292 107 250 1,255 190 2,114 170 109 0 279 0 250 450 968 (525) 690 (290) 25 2,126 87 50 42 0 1,100 28 819 120 10 60 36 36.00 40 42 250 1,996.0 0 h k 9 b e a I b/c g/l h k e a Why is the consolidated balance of 'Issued capital' equal to Joey Ltd's 'Issued capital'? 40 42 40 640 250 90 20 18.00 36 1,996. 00 360 242 664 1,669 2,408 (1,000) 1,725 (595) 16 78 5,567 198 302 107 2,355 254 ? a. As a financial instrument, the issued capital of Chandler Ltd was impaired in accordance with AASB 9- Financial Instruments. O b. The parent investment in a subsidiary is eliminated against pre-acquisition equity of the subsidiary in accordance with AASB10 - Consolidated Financial Statements. Oc. Chandler Ltd undertook a share buy-back in the current reporting period with share capital now less than $500. Od. The consolidation process results in pre-acquisition equity of the subsidiary forming part of the consolidated shareholders' equity of the group.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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