ACC301 Accounting for Groups Semester 1, 2019 Individual Assessment This assessment is worth 20% of your final grade. It is to be a spreadsheet submission equivalent to an assignment of 1,500 words....

IoeiE6.5
SCI
        Management statements of comprehensive income for the year ended 31 December 20X8
            Tea    Long    Milk
            Ltd    Black Ltd    Ltd
            $000    $000    $000
        Sales revenue    5,000    2,200    1,500
        Cost of good sold
        Opening inventory    (700)    (550)    (200)
        Purchases    (3,100)    (1,200)    (1,100)
        Closing inventory    900    320    450
        Gross profit    2,100    770    650
        Other expenses excluding finance costs    (480)    (260)    (180)
        Dividend revenue    45    -    -
        Profit before tax    1,665    510    470
        Tax expense    (914)    (370)    (190)
        Profit for the year    751    140    280
        Retained earnings 1.1.X8    3,480    2,260    720
        Dividends paid    (480)    (60)    -
        Retained earnings 31.12.X8    3,751    2,340    1,000
&F
&A
SFPo
        Management statements of financial position as at 31 December 20X8
            Tea    Long    Milk
            Ltd    Black Ltd    Ltd
            $000    $000    $000
        Shareholders’ equity and liabilities
        Issued capital    10,000    5,000    2,000
        Revaluation surplus    600    -    120
        Retained earnings    3,751    2,340    1,000
        Liabilities    2,380    980    640
            16,731    8,320    3,760
        Assets
        Property, plant and equipment    9,330    5,280    2,860
        Current assets    1,900    1,700    900
        Investment in subsidiaries    5,650    1,600    -
            16,880    8,580    3,760
&F
&A
Info1
        Additional information - acquisition date
            Long        Milk
            Black Ltd        Ltd
            $000        $000
        Issued capital    5,000        2,000
        Retained earnings 1.1.X5    1,500        500
            6,500        2,500
&F
&A
Info2
        Additional information - intragroup sales
            Cost price        Sale price
            $000        $000
        Sales from Milk Ltd to Tea Ltd    500        600
        Sales from Long Black Ltd to Milk Ltd    300        380
        Additional information - unrealised profits
            1.1.X8        31.12.X8
            $000        $000
        In inventory held by Tea Ltd
        purchased from Milk Ltd    25        55
        In inventory held by Milk Ltd
        purchased from Long Black Ltd    -        40
        Additional information - direct ownership interests
        Tea Ltd in Long Black Ltd            75%
        Tea Ltd in Milk Ltd            25%
        Long Black Ltd in Milk Ltd            60%
        Company tax rate            30%
            1.1.x8    31.12.x8
        Workings
        Profit margin    20%
        In inventory held by Tea Ltd
        purchased from Milk Ltd    25    55
        Less : Unrealised Profit    5    11
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&A
Own
        Calculation of ownership interests in subsidiaries
                Long        Milk
                Black Ltd        Ltd
        Parent interest
        Direct        75%        25%
        Indirect                45%
        Non-controlling interest
        Direct
        Indirect
                75%        70%        0.00%
        0%                0%
                Subsidiary 3
        Workings
        Percentage of Holding of Long back in Milk LTD    60%
        Percentage of holding tea in Long Back    75%
        indirect control of Tea into Milk LTD    45.00%
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Acq
    Acquisition analysis for the intragroup investment in Long Black Ltd on 1 January 20X5
            Tea Ltd in Long Black Ltd
            $000    $000
    Consideration transferred
    Purchase consideration        5,000
    Fair value of identifiable assets and liabilities assumed
    at date of acquisition represented by:
    Issued capital        5,000
    Retained earnings 1.1.X5        1,500
    Identifiable assets & AL at fair value        7,600
    Interest acquired        75%
    Proportionate interest in goodwill            2,925
    Acquisition analyses for the intragroup investment in Milk Ltd on 1 January 20X5
            Tea Ltd in Milk Ltd            Long Black Ltd in Milk Ltd
            $000    $000        $000    $000
    Consideration transferred
    Purchase consideration        650            1,600
    Fair value of identifiable assets and liabilities assumed
    at date of...