Prepare the consolidation worksheet entries at 30 June 2020, including journal entries for the Business Combination Valuation Reserve and Pre-acquisition entries.

WORD LIMIT 2000 WORDS (EXCLUDES REFERENCES, DIAGRAMS AND TABLES)

TOPIC – RESEARCH CASE STUDY ON CONSOLIDATED FINANCIAL STATEMENTS AND ASSOCIATED JOURNAL ENTRIES INCLUDING CONSOLIDATED WORKSHEETS.

 

 

 

 

CASE STUDY – BASIL LIMITED and LINDA LIMITED – CONSOLIDATION AND GOODWILL ANALYSIS

On 1 July 2019, BASIL Ltd acquired all the issued shares (ex-div.) of LINDA Ltd for $272 000. At this date the financial statements of Lucky Ltd showed the following balance in its accounts:

Share Capital $150 000
General Reserve    40 000
Retained Earnings    80 000
Dividend Payable   20 000
Goodwill   10 000
   

At 1 July 2019, all identifiable assets and liabilities of Linda Ltd were recorded at amounts equal to the fair value.

 

 

 

 

 

 

The financial statements of Basil Ltd and Linda Ltd at 30 June 2020 contained the following information:

  Basil Ltd

$

Linda Ltd

$

Profit for the period 35 000 25 000
Retained earnings (1/7/2019) 90 000 80 000
Transfer form General Reserve 0 10 000
RETAINED EARNINGS (30/6/2020) 125 000 115 000
Share Capital 700 000 150 000
General Reserve 92 000 30 000
TOTAL EQUITY 917 000 295 000
Provisions 30 000 20 000
Payables 15 000 25 000
Long-term loans 50 000 110 000
TOTAL LIABILITIES 95 000 155 000
TOTAL EQUITY and LIABILITIES 1 012 000 450 000
     
Plant 600 000 820 000
Accumulated depreciation (295 000) (650 000)
Fixtures 300 000 120 000
Accumulated depreciation (180 000) (80 000)
Land 200 000 140 000
Brands 50 000 30 000
Shares in Linda Ltd 272 000 0
Goodwill 0 10 000
Inventories 45 000 40 000
Cash 5 000 7 000
Receivables 15 000 13 000
TOTAL ASSETS 1 012 000 450 000

 

 

REQUIRED

  1. Prepare the acquisition analysis at 1 July 2019. (8 marks)
  2. Prepare the consolidation worksheet entries at 30 June 2020, including journal entries for the Business Combination Valuation Reserve and Pre-acquisition entries. ( 12 marks)
  3. Prepare the Consolidated Financial Statements for Basil Ltd’s group at 30 June 2020. You may use excel spreadsheet for the worksheets or use word as applicable. (18 marks)
  4. Prepare Consolidated Statement of Profit or Loss and Other Comprehensive Income for the financial year ended 30 June 2020. (5 marks)
  5. Prepare Consolidated Statement of Changes in Equity for the financial year ended 30 June 2020. (7 marks)
  6. Prepare Consolidated Statement of Financial Position as at 30 June 2020. (10 marks)

RUBRIC – MARKING CRITERIA

 

QUESTIONS CRITERIA MAXIMUM MARKS INDIVIDUAL MARKS
1.       Acquisition analysis Full calculations including goodwill 8  
2.       Business Combination and pre-acquisition entries Journal entries and supporting discussion and analysis 12  
3.       Consolidated worksheet for the Group Excel or Table format for the group including adjustments and Group Consolidation with supporting analysis 18  
4.       Consolidated Statement of Profit or Loss and other Comprehensive Income Preparation of Consolidated Statement of Profit and Loss and other Income 5  
5.       Consolidated Statement of Changes in Equity Preparation of Consolidated Statement in Equity 7  
6.       Consolidated Statement of Financial Position Preparation of Consolidated Statement of Financial Position 10  
7.       Other requirements Applicable accounting standards;

Correct referencing;

Grammar, spelling, and clarity of discussion and analysis

10  
TOTAL MARKS FOR ASSIGNMENT   70  
INDIVIDUAL MARK DIVIDE BY 2.8 25  
CLASS PRESENTATION   5  
       
OVERALL TOTAL MARKS   25  
       

 

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