Prepare the acquisition analysis at acquisition date. Prepare the business combination valuation entries and pre-acquisition entry at acquisition date. Prepare the journal entry to recognise NCI at acquisition date. Prepare the consolidation worksheet entries at 30 June 2021. Assume a profit for Soren Ltd for the year ended 30 June 2021 of $133600 and no other langes in Soren Ltd's equity since the acquisition date. Explain in details; Why is it necessary to make consolidated worksheet adjustments? How often is it necessary to make consolidated worksheet adjustments? Where should consolidated worksheet adjustment journals be posted?
List and explain the accounting standards issues relevant to the consolidation process both for full control and NCI.
Assignment question Student #11900158Step 1:Select your student number from the drop down list 9849000013360010 RoshnaSHRESTHAStep 2:Check your Name to ensure you have selected your student number correctly%ConsiderationProfitInventory % Important: The file should be opened in ExcelStep 3:Find your following assignment question and follow the directions . Step 4:Prepare your assignment in Microsoft Word. Step 5:Upload your assignment in Moodle before the due date. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sure you do proper referencing, a WORD format file soft copy to be submitted in Moodle before the due date. Please ensure you provide your ID numbers and full name at the first page. Late assignments will be penalised, 5%of total available marks deduction per day. Assignment Question Melissa Ltd purchased all the issued shares of Soren Ltd for $490000 on 1 July 2020 when the equity of Soren Ltd was as follows; Share capital196000 Retained earnings147000 General reserve73500416500 At this date, Soren Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the followings; AccountCostCarrying AmountFair valueFurther life(Years) Inventories$14,700$16,200 Land$37,000$41,000 Vehicle $57,500$46,000$55,00010 Contingent LiabilitySoren Ltd identified at acquisition date a lawsuit where Soren Ltd was sued by a former supplier with the Fairvalue of:$6,000 Unrecorded AssetSoren Ltd had unrecorded and internally generated Patent with the FairValue of:$15,000 Unrecorded AssetSoren Ltd had unrecorded and internally generated in-process research and development with the FairValue of:$11,000 10% of inventory were sold by 30 June 2021. Further life of the assets are listed on the above table. Tax rate:30%. Required 1.Prepare the acquisition analysis at acquisition date. 2.Prepare adjusting journal entries for the consolidation worksheet at acquisition date. 3.Prepare adjusting journal entries for the consolidation worksheet on 30 June 2021. If Melissa Ltd purchased just 98% of the issued shares of Soren Ltd , partial goodwill method is under use and the NCI at acquisition date is measured based on the proportionate share of the identifiable assets and liabilities in Soren Ltd. Required 4. Prepare the acquisition analysis at acquisition date. 5. Prepare the business combination valuation entries and pre-acquisition entry at acquisition date. 6. Prepare the journal entry to recognise NCI at acquisition date. 7. Prepare the consolidation worksheet entries at 30 June 2021. Assume a profit for Soren Ltd for the year ended 30 June 2021 of $133600 and no other changes in Soren Ltd’s equity since the acquisition date. 8. Explain in details; a)Why is it necessary to make consolidated worksheet adjustments? b)How often is it necessary to make consolidated worksheet adjustments? c)Where should consolidated worksheet adjustment journals be posted? 9. List and explain the accounting standards issues relevant to the consolidation process both for full control and NCI. 6 17 49 5 57 99 84 17 Instruction Student #11900158Step 1:Enter your student number Step 2:Have a look to Customer Database sheet 92Step 3:Read Yellow Cells Directions for Red sheets 38Step 4:Complete and calculate the pink cells 84 37 66 27 17 49 66 17 5 12 71 5 3 27 99 3 99 49 12 12 49 84 6 71 92 99 27 6 38 27 38 92 3 84 5 5 57 3 66 5 71 38 66 57 6 5 71 57 12 5 6 17 49 5 57 99 84 17 Customers database % First nameSurnameID numberProfitConsiderationAsset 1Asset 2Asset 3Asset 1-CAAsset 2-CAAsset 3-CAAsset 3 costAsset 3 Acc-DepAsset 4 CAAsset 4 CostAsset 3 LifeAsset 1-FVAsset 2-FVAsset 3-FVAsset 4-FVControl%NCIAsset 1-DiffAsset 2-DiffAsset 3-DiffAsset 1-BCVRAsset 2-BCVRAsset 3-BCVRAsset 4-BCVRLiB FV-BCVREquity 1-Nameequity 2-Nameequity 3-NameEquity 1Equity 2Equity 3Total EquityFVINANCI in DavisAggregate GoodwillProfit Kwang TaekCHOI11701490620003092000InventoriesLand Machinery 464,000928,0001,082,0001,298,000216,00045,85048,7755835,0001,670,0001,948,00051,7009010371000742000866000259700519400606200409535000Share capitalRetained earningsGeneral reserve1,082,000464,000371,000191700032713953271403419140147745- 349,180 SujanGAUTAM11800842360001796000InventoriesLand Plant269,000539,000629,000755,000126,00026,35029,52510484,000970,0001,132,00032,700919215000431000503000150500301700352100444535000Share capitalGeneral reserveAsset revaluation surpluss629,000269,000216,00011140001887745169897196589778152- 158,530 RonishaBHANDARI11801172490002456000InventoriesLand Equipment 368,000737,000860,0001,032,000172,00036,25039,3754662,0001,327,0001,548,00042,500928294000590000688000205800413000481600437535000Share capitalAsset revaluation surplussRetained earnings860,000368,000295,00015230002592775207422266342270647- 307,300 ShahrukhBHAMANI11801262530002636000InventoriesLand Furniture395,000791,000923,0001,108,000185,00038,95043,4258711,0001,424,0001,661,00047,9009010316000633000738000221200443100516600626535000Share capitalRetained earningsGeneral reserve923,000395,000316,000163400027861652786172914617128452- 248,963 MinheeJEONG11801292540002696000InventoriesLand Vehicle 404,000809,000944,0001,133,000189,00039,85044,7755727,0001,456,0001,699,00049,700919323000647000755000226100452900528500689535000Share capitalGeneral reserveAsset revaluation surpluss944,000404,000324,000167200028513952566262952626101231- 304,260 NilaSHRESTHA11801555640003222000InventoriesLand Machinery 483,000967,0001,128,0001,354,000226,00047,75051,62510869,0001,741,0002,030,00055,500928386000774000902000270200541800631400542535000Share capitalAsset revaluation surplussRetained earnings1,128,000483,000387,00019980003411825272946349494683121- 285,160 RubabKANWAL11801779730003670000InventoriesLand Plant551,0001,101,0001,285,0001,542,000257,00054,55056,8254992,0001,982,0002,313,00059,10090104410008810001028000308700616700719600318535000Share capitalRetained earningsGeneral reserve1,285,000551,000440,000227600038891853889194058919169734- 460,575 Simran LaxmiGURUNG11801885780003882000InventoriesLand Equipment 582,0001,165,0001,359,0001,631,000272,00057,65061,47581,048,0002,097,0002,446,00065,3009194660009320001087000326200652400760900535535000Share capitalGeneral reserveAsset revaluation surpluss1,359,000582,000466,000240700041168553705174252517135662- 367,113 SujanTHAPA119000344000180000InventoriesLand Furniture27,00054,00063,00076,00013,0002,1503,225549,00097,000113,0004,300928220004300050000154003010035000150535000Share capitalAsset revaluation surplussRetained earnings63,00027,00022,0001120001590051272019272033715- 20,220 RoshnaSHRESTHA119001589000428000InventoriesLand Vehicle 64,000128,000150,000180,00030,0005,8508,77510115,000230,000270,00011,700901051000102000120000357007140084000409535000Share capitalRetained earningsGeneral reserve150,00064,00051,0002650004251954252047052045325- 37,200 ChandaniGURUNG1190018710000486000InventoriesLand Machinery 73,000146,000170,000204,00034,0006,75010,1254131,000263,000306,00013,50091958000117000136000406008190095200472535000Share capitalGeneral reserveAsset revaluation surpluss170,00073,00058,0003010004884254395852995841533- 60,350 BishalPARIYAR1190036017000832000InventoriesLand Plant125,000250,000291,000349,00058,00011,95012,9258225,000450,000524,00013,90092810000020000023300070000140000163100136535000Share capitalAsset revaluation surplussRetained earnings291,000125,000100,0005160008554656843790043744972- 78,463 PramilaADHIKARI1190037417000860000InventoriesLand Equipment 129,000258,000301,000361,00060,00012,35013,5255232,000464,000542,00014,700901010300020600024100072100144200168700164535000Share capitalRetained earningsGeneral reserve301,000129,000103,0005330008846458846594846563820- 97,240 GarimaSHRESTHA11900783340001678000InventoriesLand Furniture252,000503,000587,000704,000117,00024,65026,97510454,000905,0001,057,00029,300919202000402000470000141400281400329000325535000Share capitalGeneral reserveAsset revaluation surpluss587,000252,000201,00010400001760055158405183640576350- 148,490 RejiKHADGE11900852360001816000InventoriesLand Vehicle 272,000545,000636,000763,000127,00026,65029,9754490,000981,0001,145,00033,300928218000436000509000152600305200356300465535000Share capitalAsset revaluation surplussRetained earnings636,000272,000218,00011260001909755152780196878059025- 227,900 BelindaVALERIA11901044440002200000InventoriesLand Machinery 330,000660,000770,000924,000154,00032,45033,6758594,0001,188,0001,386,00034,9009010264000528000616000184800369600431200171535000Share capitalRetained earningsGeneral reserve770,000330,000264,000136400023163152316322431632115317- 208,175 AshaGURUNG11901241520002594000InventoriesLand Plant389,000778,000908,0001,090,000182,00038,35042,5255700,0001,400,0001,634,00046,700919311000622000726000217700435400508200584535000Share capitalGeneral reserveAsset revaluation surpluss908,000389,000311,000160800027401452466132840613100468- 292,820 ManishBUDHATHOKI11901254520002620000InventoriesLand Equipment 393,000786,000917,0001,100,000183,00038,75043,12510707,0001,415,0001,651,00047,500928314000629000734000219800440300513800612535000Share capitalAsset revaluation surplussRetained earnings917,000393,000314,00016240002769025221522284152272497- 231,990 Syed SubanWASF11901437600002986000InventoriesLand Furniture448,000896,0001,045,0001,254,000209,00044,25046,3754806,0001,613,0001,881,00048,5009010358000717000836000250600501900585200297535000Share capitalRetained earningsGeneral reserve1,045,000448,000358,000185100031566753156683301668144993- 373,475 JivanTHAPA11901444600003000000InventoriesLand Vehicle 450,000900,0001,050,0001,260,000210,00044,45046,6758810,0001,620,0001,890,00048,900919360000720000840000252000504000588000311535000Share capitalGeneral reserveAsset revaluation surpluss1,050,000450,000360,000186000031721152854903285490113375- 283,875 DilawarAMIN11901519630003150000InventoriesLand Machinery 473,000945,0001,103,0001,324,000221,00046,75050,1255851,0001,701,0001,985,00053,500928378000756000882000264600529200617400472535000Share capitalAsset revaluation surplussRetained earnings1,103,000473,000378,00019540003334925266794341679481869- 356,020 SandhyaGURUNG11901522630003156000InventoriesLand Plant473,000947,0001,105,0001,326,000221,00046,75050,12510851,0001,705,0001,989,00053,5009010378000758000884000264600530600618800472535000Share capitalRetained earningsGeneral reserve1,105,000473,000379,000195700033407253340733490073149348- 278,950 UsmanALI11901605660003322000InventoriesLand Equipment 498,000997,0001,163,0001,396,000233,00049,25053,8754896,0001,795,0002,093,00058,500919398000798000930000278600558600651000647535000Share capitalGeneral reserveAsset revaluation surpluss1,163,000498,000399,000206000035196753167713638771119096- 416,125 MaheshMAJHI11901640680003392000InventoriesLand Furniture509,0001,018,0001,187,0001,424,000237,00050,35050,5258916,0001,832,0002,137,00050,70092840700081400095000028490056980066500024535000Share capitalAsset revaluation surplussRetained earnings1,187,000509,000407,00021030003587945287036367903691091- 320,763 SudikshyaGURUNG11901673690003458000InventoriesLand Vehicle 519,0001,037,0001,210,0001,452,000242,00051,35052,0255934,0001,867,0002,178,00052,700901041500083000096800029050058100067760094535000Share capitalRetained earningsGeneral reserve1,210,000519,000415,000214400036590453659053823905164860- 390,900 AyamiHAMAWAKI11901750720003612000InventoriesLand Machinery 542,0001,084,0001,264,0001,517,000253,00053,65055,47510976,0001,951,0002,275,00057,3009194340008670001011000303800606900707700255535000Share capitalGeneral reserveAsset revaluation surpluss1,264,000542,000433,000223900038249553442463956246131291- 320,280 PoojaDEVI11901869770003850000InventoriesLand Plant578,0001,155,0001,348,0001,618,000270,00057,25060,87541,040,0002,079,0002,426,00064,5009284620009240001078000323400646800754600507535000Share capitalAsset revaluation surplussRetained earnings1,348,000578,000462,00023880004082875326630417663093755- 482,300 PreranaTAMANG11901882780003876000InventoriesLand Equipment 581,0001,163,0001,357,0001,628,000271,00057,55061,32581,046,0002,093,0002,443,00065,10090104650009300001086000325500651000760200528535000Share capitalRetained earningsGeneral reserve1,357,000581,000465,000240300041099854109994286999177014- 366,238 ManishACHARYA11901906780003924000InventoriesLand Furniture589,0001,177,0001,373,0001,648,000275,00058,35062,52551,060,0002,119,0002,471,00066,7009194710009420001098000329700659400768600584535000Share capitalGeneral reserveAsset revaluation surpluss1,373,000589,000471,000243300041615453745394298539136994- 443,920 PujaPRADHAN11901936800003984000InventoriesLand Vehicle 598,0001,195,0001,394,0001,673,000279,00059,25063,875101,076,0002,151,0002,509,00068,5009284780009560001115000334600669200780500647535000Share capitalAsset revaluation surplussRetained earnings1,394,000598,000478,00024700004225775338062432206296287- 352,180 SovitRAYAMAJHI11901947800004006000InventoriesLand Machinery 601,0001,202,0001,402,0001,682,000280,00059,55064,32541,082,0002,164,0002,524,00069,10090104810009620001122000336700673400785400668535000Share capitalRetained earningsGeneral reserve1,402,000601,000481,000248400042511854251194431119179934- 502,050 AkashPOUDEL11901970810004052000InventoriesLand 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617,0001,235,0001,441,0001,729,000288,00061,15061,72541,111,0002,223,0002,594,00062,300919494000988000115300034580069160080710080535000Share capitalGeneral reserveAsset revaluation surpluss1,441,000617,000494,000255200043623053926074508607146302- 515,975 BhuwonACHARYA11902018830004148000InventoriesLand Machinery 622,0001,244,0001,452,0001,742,000290,00061,65062,47581,120,0002,239,0002,614,00063,3009284980009950001162000348600696500813400115535000Share capitalAsset revaluation surplussRetained earnings1,452,000622,000498,000257200043966553517324499732103077- 392,650 DipeshLAMA11902066850004244000InventoriesLand Plant637,0001,273,0001,485,0001,782,000297,00063,15064,72551,147,0002,291,0002,673,00066,300901051000010180001188000357000712600831600220535000Share capitalRetained earningsGeneral reserve1,485,000637,000509,000263100044994054499414693941194536- 479,900 HemantADHIKARI11902138880004388000InventoriesLand Equipment 658,0001,316,0001,536,0001,843,000307,00065,25067,875101,184,0002,369,0002,765,00070,50091952600010530001229000368200737100860300367535000Share capitalGeneral reserveAsset revaluation surpluss1,536,000658,000527,000272100046552754189754806975151700- 387,720 AjayTHAPA11902215910004542000InventoriesLand Furniture681,0001,363,0001,590,0001,908,000318,00067,55071,32541,226,0002,453,0002,862,00075,10092854500010900001272000381500763000890400528535000Share capitalAsset revaluation surplussRetained earnings1,590,000681,000545,000281600048211853856954927695106510- 568,750 PujanSHRESTHA11902248920004608000InventoriesLand Vehicle 691,0001,382,0001,613,0001,936,000323,00068,55072,82581,244,0002,488,0002,903,00077,100901055300011060001290000387100774200903000598535000Share capitalRetained earningsGeneral reserve1,613,000691,000553,000285700048922854892295097229204944- 436,238 Sanjay BahadurPUN120000374000186000InventoriesLand Machinery 28,00056,00065,00078,00013,0002,2503,375550,000101,000117,0004,500919220004500052000154003150036400157535000Share capitalGeneral reserveAsset revaluation surpluss65,00028,00022,0001150001648751483920083935964- 20,500 RozeeGURUNG120001729000456000InventoriesLand Plant68,000137,000160,000192,00032,0006,2509,37510122,000247,000288,00012,50092854000110000128000378007700089600437535000Share capitalAsset revaluation surplussRetained earnings160,00068,00055,0002830004567753654249254235767- 40,000 YuiHOSHINO120001809000472000InventoriesLand Equipment 71,000142,000165,000198,00033,0006,5509,8254128,000256,000297,00013,100901057000114000132000399007980092400458535000Share capitalRetained earningsGeneral reserve165,00071,00057,0002930004746854746951946944784- 59,775 JiminHWANG1200025012000612000InventoriesLand Furniture92,000184,000214,000257,00043,0008,65012,9758166,000331,000385,00017,3009197400014700017100051800102900119700605535000Share capitalGeneral reserveAsset revaluation surpluss214,00092,00073,0003790006244555620166820143746- 58,525 ShikshyaGAUTAM12000452200001016000InventoriesLand Vehicle 152,000305,000356,000427,00071,00014,65016,9755274,000549,000641,00019,30092812200024400028500085400170800199500325535000Share capitalAsset revaluation surplussRetained earnings356,000152,000122,000630000105395584316110031646361- 115,240 BabinaBARUWAL12000475210001062000InventoriesLand Machinery 159,000319,000372,000446,00074,00015,35018,02510286,000574,000670,00020,700901012700025500029800088900178500208600374535000Share capitalRetained earningsGeneral reserve372,000159,000127,0006580001102745110275117227569530- 93,940 RupeshTHADA MAGAR12000482220001076000InventoriesLand Plant161,000323,000377,000452,00075,00015,55018,3254290,000581,000679,00021,10091912900025800030200090300180600211400388535000Share capitalGeneral reserveAsset revaluation surpluss377,000161,000129,0006670001118185100637117663758452- 134,275 TinaGAMAL12000483220001078000InventoriesLand Equipment 162,000323,000377,000452,00075,00015,65018,4758292,000581,000679,00021