Posted: April 24th, 2023

ACCT20073 Assessment task 2: Part B Assignment

ACCT20073 Term 1 2020
Assessment task 2: Part B Assignment
Due date: Monday of Week 9 [11:45pm [AEST] 11 May 2020] ASSESSMENT
Weighting:
15%
2
Objectives
This assessment item relates to learning outcomes1 to 3.
Details and instructions
This is the part B of assessment task 2. You can choose to do Part B either as an individual or you can pair up with another student who is currently enrolled in the unit.
Academic Learning Centre
To ensure you understand the questions, instructions and expectations, it is highly recommended to seek help and guidance from the Academic Learning Centre (ALC). The ALC can help you with your writing skills and check your narrative answers for grammatical correctness and that your arguments and explanations are clear and logical. The ALC will also help you to ensure that you have actually answered the questions.
Formatting
Please be mindful that assignments are marked in electronic format. To Help with making the marking process efficient, effective and not time-consuming, you must comply with the following formatting requirements:
• Font: Times New Roman, 12 point, 1.5 line spacing
• Document type: Your answer for all questions must be in Word format. This will allow the marker to use track-changes to indicate where you received marks. Please do not submit a pdf document as this will not be marked. Also, please do not submit an excel file for your figures and calculations or copy and paste a table from an excel spreadsheet for any calculations into your Word document. Use the “insert table” function within Word and type all figures into the table. Show all calculations below the table. Ensure the marker will be able to use the track-changes function in Word to indicate in your table where you received or lost marks for your figures.
• Page: Portrait orientation
• Footer: Your full name(s) and student ID(s), page number and number of pages (e.g. Cat Bird s0123456, page 1 of 3)
• Marking criteria sheet: Ensure you type in your name(s) and student ID(s) in the marking criteria sheet and ensure it is the first page of your submitted assignment.
• File saving convention: Include your student name(s) in the name of the file when you save the document, and ensure that you include the appropriate .doc or .docx at the end. For example, save your file as: Cat Bird.docx
Plagiarism
Work submitted by a student that is the work of another person with no referencing or acknowledgement, is considered to be plagiarism. Turnitin will compare the similarities of your assignment when you submit it on Moodle. If the turnitin score is high, your assignment will be investigated for possible plagiarism. Such investigation may take a considerable amount of time and hence your assignment will not be returned within the expected timeframe. Furthermore, if there is evidence of plagiarism, a Plagiarism Incident Report (PIR) will be lodged. You will then receive notification from the University with details of the necessary course of action.
You can check the turnitin score of your assignment when submitting it. Please note: if you choose to redo and resubmit your assignment in the hope of reducing the turnitin score, it will take 24 hours before turnitin will give you another score. Also, be aware that the turnitin scores keep on changing as and when more students submit their assignments. Consequently, as similarities between assignments increase, the turnitin score of your assignment that the UC will get in Moodle may be different as to the score you received initially. It is therefore possible that your assignment may be investigated for plagiarism even though you may believe that your turnitin score is low. To avoid any concern, anxiety and stress about the turnitin score, do your own work.
Submission requirements
You must submit your assignment electronically through the secure upload facility in the Moodle system. Please follow the formatting requirement. Please ensure that the marking criteria sheet (page 6 of this document) is the first page of your assignment and that you completed the required information. If you do the assignment in a pair, only upload the file once in one student’s Moodle account. The marked assignment will be returned to that student’s account. Therefore, please contact the student who uploaded the pair file to get a copy of the marked assignment.
Be mindful that there is a 5% penalty per day for late submission. You will be penalised immediately with a full day’s penalty if you submit your assignment after the due time, even though you may only be a few hours late. The penalty is not proportioned to the number of hours you submit your assignment late.

Assignment Problem:
‘X’ Ltd acquired on 1 July 2019 all the issued shares (cum div.) of ‘Y’ Ltd for $33 000. At this date, the equity of ‘Y’ Ltd was as follows.
Share capital $20 000
General reserve 2 000
Retained earnings 5 000
All the identifiable assets and liabilities of ‘Y’ Ltd were recorded at amounts equal to their fair values except for the following.
Carrying amount Fair value
Plant (cost $22 000) $18 000 $18 600
Land 19 000 21 000
Inventories 2 000 2 800
The plant’s expected remaining useful life was 5 years with benefits being expected evenly over that period. The plant was sold on 1 January 2022 for $18 700. The land was sold in February 2021 for $25 000. Of the inventories, 90% was sold by 30 June 2020 and the rest by 30 June 2021.
At 1 July 2019, ‘Y’ Ltd had recorded a dividend payable of $1 000 that was paid in September 2019. ‘Y’ Ltd also had some unrecorded assets, in particular the brands relating to the clothing sold in the teenage custom essay market market. ‘X’ Ltd valued these brands at $1 200 and assessed them to have an indefinite life. In the notes to its financial statements at 30 June 2019, ‘Y’ Ltd disclosed a contingent liability relating to a guarantee it had made to one of its related companies. ‘X’ Ltd assessed the fair value of the guarantee payable as being $1 000. In August 2021, ‘Y’ Ltd was required to pay $250 in relation to the guarantee.
All transfers to the general reserve made by ‘Y’ Ltd have been from retained earnings earned prior to 1 July 2019. The tax rate is 30%.

The financial information provided by the two companies at 30 June 2022 is as follows.
‘X’ Ltd ‘Y’ Ltd
Revenues $19 000 $11 000
Expenses (8 000)

(7 600)

11 000 3 400
Gains on sale of non-current assets 500

400

Profit before tax 11 500 3 800
Income tax expense (4 000)

(600)

Profit for the year 7 500 3 200
Other comprehensive income
Ga Gains on rAssessment of plant 1 200 0
Comprehensive income for the year $8 700

$3 200

Profit for the year $7 500 $3 200
Retained earnings (1/7/21) 8 000
8 800

15 500 12 000
Dividend paid (3 400) 0
Transfer to general reserve 0
(1 500)

(3 400)

(1 500)

Retained earnings (30/6/22) $12 100

$10 500

Share capital $28 000 $20 000
General reserve 2 000 4 800
Asset rAssessment surplus 2 400 0
Retained earnings 12 100
10 500

Total equity 44 500
35 300

Provisions 1 500 1 200
Payables 4 000
800

Total liabilities 5 500
2 000

Total equity and liabilities $50 000

$37 300

Cash $1 200 $3 000
Accounts receivable 2 800 1 200
Inventories 3 000 5 100
Plant 23 000 32 000
Accumulated depreciation — plant (12 000) (4 000)
Shares in Brooks Ltd 32 000
0

Total assets $50 000

$37 300

Required
1. Prepare the acquisition analysis at 1 July 2019.
2. Prepare the consolidation worksheet entries for ‘X’ Ltd’s group at 30 June 2022.
3. Prepare the consolidation worksheet for ‘X’ Ltd’s group at 30 June 2022

Reference: Loftus, J., Leo, K.J., Daniluc, S., Boys, N., Luke, B., Ang, H.N., & Byrnes, K. (2019), Financial Reporting, 3rd End, John Wiley & Sons, Milton, Queensland, Australia.
Marking criteria sheet
Student name(s)
Student ID(s)

Part B Marking Criteria Sheet Marks available Marks awarded
15 marks
Requirement 1 7
Requirement 2 15
Requirement 3 8
Part B Assignment Total 30 marks
Part B Assignment: 15% weighting 15 marks
Less: Late penalty (5% per day)
Part B Assignment: Final mark 15 marks

Additional comments from marker

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