Question 1 Monnet Ltd Income Statement Required: Prepare a Statement of comprehensive income with both expenses (classified by function) and revenues disclosed on the face of the statement. Prepare...

Question 1

Monnet Ltd Income Statement

Required:

1. 
   Prepare a Statement of comprehensive income with both expenses (classified by function) and revenues disclosed on the face of the statement.
   
   


2. 
   Prepare the following notes to support the statement of comprehensive income and statement of changes in equity: In order to prepare information in a business report, Prepare graphical information to illustrate the breakup of expenses.
   
   
   
   
   • Profit for the period
   
   
   • Dividends
   
   
   • Dividend franking credit
   
   
   
   

Part (b) (8 Marks)

From the information supplied in part (a), prepare the Statement of Changes in Equity for the year ended 30 June 20

Question 2

Matisse Ltd. Balance Sheet

Required:

1. 
   Prepare the Statement of financial position for Matisse Ltd as at 30 June 2016.
   
   


2. 
   Prepare the notes to the Statement of financial position (balance sheet) showing all the required disclosures as per AASB 101 for all items listed above
   

Question 3

Turner Ltd. Cash Flow

Required:

Prepare a cash flow statement for the financial year ended 30 June 2016, including the note required for the reconciliation of cash.

Question 4

On 30 June 2016, Leonardo Ltd acquired all the issued shares in Davinci Ltd for $650,000. The balance sheet at the time of acquisition is shown in the worksheet below. All assets and liabilities were shown at their fair value in the balance sheet.

Required:

Part (a) (6 Marks)

Prepare all consolidation elimination entries in a general ledger format (the worksheet is provided to assist you to determine the journal entries require – but this worksheet is not required in your answer).

Part (b) (2 Marks)

After the consolidation entries, what would be the consolidated balances of: (i) Retained earnings (ii) Share capital (iii) Reserves

Part (c) (2 Marks)

Can you use a computerised accounting package (such as MYOB, QuickBooks or even an in-house accounting package) to manage/record the consolidation elimination entries? If you answer yes, explain how it might work.

Question 5

Gauguin Ltd Consolidation Problem

Required:
Complete the consolidation worksheet.