Answer To: its corporate accounting assignment. has to be done in one word format. you can get all information...
Khushboo answered on Jun 07 2021
Assignment question
Student # k170593 Step 1: Select your student number from the drop down list
Step 2: Find your following assignment question and follow the directions .
Important: The file should be opened in Excel Step 3: Prepare your assignment including Part A and part B in Microsoft Word.
Step 4: Upload your assignment in Turnitin before the due date.
This assignment has 2 parts, 2000 +/- 10% words in total. Submission should be on Turnitin, ONE WORD format File.
The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sure you do proper referencing, at least use 6 references, to be submitted the soft copy in Turnitin and hard copy in lecture Week 11. Please ensure you attach a KOI assignment cover sheet, with ID numbers and signed. Late assignments will be penalised,by deduction of mark per day.
Part A:A short essay about the following:
Accounts for Share buy-backs
Part B:Provide all calculations and related journal entries for the following case:
Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:
Account Carrying Amount
Land $640,700
Brand $147,000
Fittings $93,000
Inventory $40,000
Goodwill $33,000
Total CA $953,700
Gali Ltd calculated the value in use of the division to be: $854,700
If the fair value less costs of disposal of the Land is: $616,693
Required
Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.
Solution:
Given
Total Carrying value 953700
Value in use will be considered as the recoverable value because recoverable value is the higher of value in use and net selling price.
Recoverable value 854700
Impairment loss 99000
Impairment loss will bw first allocated to the goodwill i.e the remaining impairment loss $66,000
Impairment loss of $66000 will be apportioned between the reamining assets of the CGU.
Account Carrying Amount Proportion Impairment loss Adjusted carrying amount
Land $640,700 0.73 $48,014 $592,686
Brand $147,000 0.17 $11,016 $135,984
Fittings $93,000 0.11 $6,969 $86,031
$880,700 $1 $66,000 $814,700
Since the fair value less cost of disposal of land is $ 616,693
Thus thw adjusted value of land should not be less than $616,693
Thus the impairment loss for the land will be $24,007
Remaining impairment loss $24,007.31 will be allocated to the brand and the fittings.
Now $24007 will be allocated proportionally -
Account Carrying Amount Proportion Impairment loss Adjusted carrying amount
Brand $135,984 0.61 14704 $121,279
Fittings $86,031 0.39 9303 $76,728
$222,014 $1 $24,007 $198,007
Total impairment loss allocated:
Account Impairment loss
Goodwill 33,000
Land $24,007
Brand $25,721
Fittings $16,272
Total 99,000
Sheet1
Instruction
Student # k170593 Step 1: Enter your student number
Step 2: Have a look to Customer Database sheet
92 Step 3: Read Yellow Cells Directions for Red sheets
38 Step 4: Complete and calculate the pink cells
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Customers database
707049.5
impairment loss new CA
First name Surname ID number Theory part Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 Total CA RA Impairment Impairmentless goodwill Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 Asset 1 Asset 2 Asset 3 Asset 4 Asset 5
Ngoc Thuy PHUNG Ngoc Thuy PHUNG K151687 How to calculate Recoverable amount, Value in use, Fair value less cost of disposal Factory Patent Building Inventory Goodwill 734700 169000 106000 46000 38000 1093700 979700 114000 76000 55301 12721 7979 0 38000 114001 679399 156279 98021 46000 0 979699 734200 168500 105500 45500 37500
Jatin Manohar CHELLANI Jatin Manohar CHELLANI K161324 Impairment loss for Cash generating units excluding Goodwill plant Brand Fittings Inventory Goodwill 371700 85000 54000 23000 19000 552700 495700 57000 38000 27657 6325 4018 0 19000 57000 344043 78675 49982 23000 0 495700 371200
SUKHWINDER SINGH SUKHWINDER SINGH K161386 Reversal of an impairment loss for Goodwill Land Copyright Machinery Inventory Goodwill 433700 100000 63000 27000 22000 645700 579700 66000 44000 31981 7374 4646 0 22000 66001 401719 92626 58354 27000 0 579699 433200
Trung Tin LE Trung Tin LE K161598 Explain the main objectives of AASB 13 Equipment Franchise Furniture Inventory Goodwill 645700 149000 94000 40000 33000 961700 862700 99000 66000 47953 11066 6981 0 33000 99000 597747 137934 87019 40000 0 862700 645200
Kimberly WIJAYA Kimberly WIJAYA K161607 Impairment loss for Cash generating units including Goodwill Factory Trademark Vehicle Inventory Goodwill 654700 151000 95000 41000 34000 975700 873700 102000 68000 49428 11400 7172 0 34000 102000 605272 139600 87828 41000 0 873700 654200
Muskan SHRESTHA Muskan SHRESTHA K161667 Accounting for finance leases by lessees plant Patent Building Inventory Goodwill 714700 164000 103000 44000 37000 1062700 951700 111000 74000 53874 12362 7764 0 37000 111000 660826 151638 95236 44000 0 951700 714200
Caroline DE MELLO FALCUCCI Caroline DE MELLO FALCUCCI K161674 Disclosures for finance leases Land Brand Fittings Inventory Goodwill 721700 166000 105000 45000 37000 1074700 963700 111000 74000 53799 12374 7827 0 37000 111000 667901 153626 97173 45000 0 963700 721200
Manish CHHETRI Manish CHHETRI K170015 Accounting for finance leases by manufacturer or dealer lessors Equipment Copyright Machinery Inventory Goodwill 62700 14000 9000 4000 3000 92700 83700 9000 6000 4390 980 630 0 3000 9000 58310 13020 8370 4000 0 83700 62200
Urace Raoul GOPELA Urace Raoul GOPELA K170458 Describe the shareholder’s equity of a sole proprietor, partnership and company Factory Franchise Furniture Inventory Goodwill 505700 116000 73000 31000 26000 751700 673700 78000 52000 37853 8683 5464 0 26000 78000 467847 107317 67536 31000 0 673700 505200
Debora Fernanda SANTOS BARBOZA Debora Fernanda SANTOS BARBOZA K170738 Explain the nature of reserves and account for movements in reserves, including dividends plant Trademark Vehicle Inventory Goodwill 785700 181000 114000 49000 41000 1170700 1047700 123000 82000 59616 13734 8650 0 41000 123000 726084 167266 105350 49000 0 1047700 785200
Neeraj SAREEN Neeraj SAREEN K170850 Accounts for Share buy-backs Land Patent Building Inventory Goodwill 897700 206000 130000 56000 46000 1335700 1197700 138000 92000 66944 15362 9694 0 46000 138000 830756 190638 120306 56000 0 1197700 897200
Sulochana DEVKOTA Sulochana DEVKOTA K170880 Explain the accounting standard on fair value measurement Equipment Brand Fittings Inventory Goodwill 927700 213000 134000 58000 48000 1380700 1236700 144000 96000 69867 16041 10092 0 48000 144000 857833 196959 123908 58000 0 1236700 927200
Mary Grace VINEZA Mary Grace VINEZA K171020 How to calculate Recoverable amount, Value in use, Fair value less cost of disposal Factory Copyright Machinery Inventory Goodwill 67700 16000 10000 4000 3000 100700 91700 9000 6000 4335 1025 640 0 3000 9000 63365 14975 9360 4000 0 91700 67200
Wei Sze LIM Wei Sze LIM K171037 Impairment loss for Cash generating units excluding Goodwill plant Franchise Furniture Inventory Goodwill 84700 19000 12000 5000 4000 124700 112700 12000 8000 5857 1314 830 0 4000 12001 78843 17686 11170 5000 0 112699 84200
Eny Wati LAY Eny Wati LAY K171045 Reversal of an impairment loss for Goodwill Land Trademark Vehicle Inventory Goodwill 92700 21000 13000 6000 5000 137700 122700 15000 10000 7316 1657 1026 0 5000 14999 85384 19343 11974 6000 0 122701 92200
Pooi Mei LAI Pooi Mei LAI K171046 Explain the main objectives of AASB 13 Equipment Patent Building Inventory Goodwill 93700 22000 14000 6000 5000 140700 125700 15000 10000 7224 1696 1079 0 5000 14999 86476 20304 12921 6000 0 125701 93200
Kushal DAHAL Kushal DAHAL K180050 Impairment loss for Cash generating units including Goodwill Factory Brand Fittings Inventory Goodwill 97700 22000 14000 6000 5000 144700 129700 15000 10000 7307 1645 1047 0 5000 14999 90393 20355 12953 6000 0 129701 97200
My Phuong VO My Phuong VO K180076 Accounting for finance leases by lessees plant Copyright Machinery Inventory Goodwill 123700 28000 18000 8000 7000 184700 163700 21000 14000 10205 2310 1485 0 7000 21000 113495 25690 16515 8000 0 163700 123200
Renz Martin VILLEGAS Renz Martin VILLEGAS K180102 Disclosures for finance leases Land Franchise Furniture Inventory Goodwill 149700 34000 21000 9000 7000 220700 199700 21000 14000 10238 2325 1436 0 7000 20999 139462 31675 19564 9000 0 199701 149200
Ellaine Joy FEDERICO Ellaine Joy FEDERICO K180124 Accounting for finance leases by manufacturer or dealer lessors Equipment Trademark Vehicle Inventory Goodwill 171700 39000 25000 11000 9000 255700 228700 27000 18000 13112 2978 1909 0 9000 26999 158588 36022 23091 11000 0 228701 171200
Suman OLI Suman OLI K180141 Describe the shareholder’s equity of a sole proprietor, partnership and company Factory Patent Building Inventory Goodwill 188700 43000 27000 12000 10000 280700 250700 30000 20000 14588 3324 2087 0 10000 29999 174112 39676 24913 12000 0 250701 188200
Shirish Man SINGH Shirish Man SINGH K180143 Explain the nature of reserves and account for movements in reserves, including dividends plant Brand Fittings Inventory Goodwill 190700 44000 28000 12000 10000 284700 254700 30000 20000 14518 3350 2132 0 10000 30000 176182 40650 25868 12000 0 254700 190200
Bibek TIMALSINA Bibek TIMALSINA K180155 Accounts for Share buy-backs Land Copyright Machinery Inventory Goodwill 202700 47000 30000 13000 11000 303700 270700 33000 22000 15944 3697 2360 0 11000 33001 186756 43303 27640 13000 0 270699 202200
Amish PURI Amish PURI K180156 Explain the accounting standard on fair value measurement Equipment Franchise Furniture Inventory Goodwill 203700 47000 30000 13000 11000 304700 271700 33000 22000 15965 3684 2351 0 11000 33000 187735 43316 27649 13000 0 271700 203200
Pramod BHANDARI Pramod BHANDARI K180158 How to calculate Recoverable amount, Value in use, Fair value less cost of disposal Factory Trademark Vehicle Inventory Goodwill 205700 47000 30000 13000 11000 306700 273700 33000 22000 16008 3658 2335 0 11000 33001 189692 43342 27665 13000 0 273699 205200
Ashmita PARAJULI Ashmita PARAJULI K180159 Impairment loss for Cash generating units excluding Goodwill plant Patent Building Inventory Goodwill 206700 48000 30000 13000 11000 308700 275700 33000 22000 15973 3709 2318 0 11000 33000 190727 44291 27682 13000 0 275700 206200
Tung Linh NGUYEN Tung Linh NGUYEN K180166 Reversal of an impairment loss for Goodwill Land Brand Fittings Inventory Goodwill 213700 49000 31000 13000 11000 317700 284700 33000 22000 16007 3670 2322 0 11000 32999 197693 45330 28678 13000 0 284701 213200
Manoj DHUNGANA Manoj DHUNGANA K180186 Explain the main objectives of AASB 13 Equipment Copyright Machinery Inventory Goodwill 233700 54000 34000 15000 12000 348700 312700 36000 24000 17435 4029 2537 0 12000 36001 216265 49971 31463 15000 0 312699 233200
Jimmy KURNIAWAN Jimmy KURNIAWAN K180227 Impairment loss for Cash generating units including Goodwill Factory Franchise Furniture Inventory Goodwill 274700 63000 40000 17000 14000 408700 366700 42000 28000 20364 4670 2965 0 14000 41999 254336 58330 37035 17000 0 366701 274200
Jakia ISLAM Jakia ISLAM K180239 Accounting for finance leases by lessees plant Trademark Vehicle Inventory Goodwill 286700 66000 42000 18000 15000 427700 382700 45000 30000 21791 5016 3192 0 15000 44999 264909 60984 38808 18000 0 382701 286200
Min - Yi CHEN Min - Yi CHEN K180250 Disclosures for finance leases Land Patent Building Inventory Goodwill 297700 68000 43000 18000 15000 441700 396700 45000 30000 21852 4991 3156 0 15000 44999 275848 63009 39844 18000 0 396701 297200
Ellisa Digna VERSEVERANDA Ellisa Digna VERSEVERANDA K180524 Accounting for finance leases by manufacturer or dealer lessors Equipment Brand Fittings Inventory Goodwill 571700 131000 83000 36000 30000 851700 761700 90000 60000 43658 10004 6338 0 30000 90000 528042 120996 76662 36000 0 761700 571200
Khac Thang TRAN Khac Thang TRAN K180540 Describe the shareholder’s equity of a sole proprietor, partnership and company Factory Copyright Machinery Inventory Goodwill 587700 135000 85000 37000 31000 875700 782700 93000 62000 45113 10363 6525 0 31000 93001 542587 124637 78475 37000 0 782699 587200
Ashish Bikram RANA Ashish Bikram RANA K180563 Explain the nature of reserves and account for movements in reserves, including dividends plant Franchise Furniture Inventory Goodwill 610700 140000 88000 38000 32000 908700 812700 96000 64000 46602 10683 6715 0 32000 96000 564098 129317 81285 38000 0 812700 610200
Wirinya PAPAKANG Wirinya PAPAKANG 120193 Accounts for Share buy-backs Land Trademark Vehicle Inventory Goodwill 240700 55000 35000 15000 12000 357700 321700 36000 24000 17468 3992 2540 0 12000 36000 223232 51008 32460 15000 0 321700 240200
Neha ARORA Neha ARORA K151511 Explain the accounting standard on fair value measurement Equipment Patent Building Inventory Goodwill 558700 129000 81000 35000 29000 832700 745700 87000 58000 42155 9733 6112 0 29000 87000 516545 119267 74888 35000 0 745700 558200
Binderiya DELGERDALAI Binderiya DELGERDALAI K161620 How to calculate Recoverable amount, Value in use, Fair value less cost of disposal Factory Brand Fittings Inventory Goodwill 667700 154000 97000 42000 35000 995700 890700 105000 70000 50875 11734 7391 0 35000 105000 616825 142266 89609 42000 0 890700 667200
Manoj MALI Manoj MALI K161645 Impairment loss for Cash generating units excluding Goodwill plant Copyright Machinery Inventory Goodwill 692700 159000 100000 43000 36000 1030700 922700 108000 72000 52406 12029 7565 0 36000 108000 640294 146971 92435 43000 0 922700 692200
Saahil BATHLA Saahil BATHLA K161653 Reversal of an impairment loss for Goodwill Land Franchise Furniture Inventory Goodwill 700700 161000 101000 43000 36000 1041700 933700 108000 72000 52405 12041 7554 0 36000 108000 648295 148959 93446 43000 0 933700 700200
Sandhya MALLA Sandhya MALLA K161679 Explain the main objectives of AASB 13 Equipment Trademark Vehicle Inventory Goodwill 726700 167000 105000 45000 37000 1080700 969700 111000 74000 53846 12374 7780 0 37000 111000 672854 154626 97220 45000 0 969700 726200
Komal DHILLON Komal DHILLON K170025 Impairment loss for Cash generating units including Goodwill Factory Patent Building Inventory Goodwill 72700 17000 11000 5000 4000 109700 97700 12000 8000 5776 1351 874 0 4000 12001 66924 15649 10126 5000 0 97699 72200
Tejinder SINGH Tejinder SINGH K170038 Accounting for finance leases by lessees plant Brand Fittings Inventory Goodwill 85700 20000 13000 6000 5000 129700 114700 15000 10000 7220 1685 1095 0 5000 15000 78480 18315 11905 6000 0 114700 85200
Joao Felipe ALVES LOPES Joao Felipe ALVES LOPES K170105 Disclosures for finance leases Land Copyright Machinery Inventory Goodwill 152700 35000 22000 9000 7000 225700 204700 21000 14000 10195 2337 1469 0 7000 21001 142505 32663 20531 9000 0 204699 152200
Marlucia APARECIDA RAMIL Marlucia APARECIDA RAMIL K170467 Accounting for finance leases by manufacturer or dealer lessors Equipment Franchise Furniture Inventory Goodwill 514700 118000 74000 32000 27000 765700 684700 81000 54000 39329 9017 5654 0 27000 81000 475371 108983 68346 32000 0 684700 514200
Ashraf Ali MANJOTHI Ashraf Ali MANJOTHI K170483 Describe the shareholder’s equity of a sole proprietor, partnership and company Factory Trademark Vehicle Inventory Goodwill 530700 122000 77000 33000 27000 789700 708700 81000 54000 39273 9028 5698 0 27000 80999 491427 112972 71302 33000 0 708701 530200
Lovish THIND Lovish THIND K170516 Explain the nature of reserves and account for movements in reserves, including dividends plant Patent Building Inventory Goodwill 563700 130000 82000 35000 29000 839700 752700 87000 58000 42149 9720 6131 0 29000 87000 521551 120280 75869 35000 0 752700 563200
Shuvechha TAMRAKAR Shuvechha TAMRAKAR K170593 Accounts for Share...