HI5020 Corporate Accounting Assignment Help
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HI5020 Cooperate Accounting Online Assignment Help
Question 1 (10 marks)
Prepare general journal entries to record the following unrelated transactions of a limited company:
Payment of an interim dividend of $400,000 (in cash).
Declaration of a final dividend of $840,000.
Transfer of $240,000 to the general reserve from retained earnings.
Payment of 600,000 bonus shares, fully paid at $1 per share from a general reserve.
Issued 500,000 shares for $30,000,000 by a private placement.
Question 2 (10 marks)
On 1 January 2019 Liam Ltd acquired 90% of the issued shares of Ian Ltd. During the year ended 31 December 2019 the following intra group transactions occurred:
Sales of inventory: Ian Ltd sold inventory to Liam Ltd $360,000. This inventory costed Ian Ltd $300,000. At 31 December 2019 Liam Ltd held 50% of the inventory acquired from Ian Ltd.
Intragroup sale of equipment: An item of equipment originally acquired by Liam Ltd on 1 January 2017 at a cost of $400,000 was sold to Ian Ltd on 1 January 2019 for $340,000. Liam Ltd had depreciated this asset at 10% per annum on a straight-line basis with no scrap value. There is no change in the asset expected life subsequent to the sale.
During the year ended 31 December 2019 the following dividends were paid:
– Liam Ltd $100,000
– Ian Ltd $40,000
On 30 June 2019 Liam Ltd lent Ian Ltd $100,000. Interest on this loan at 8% was paid up to 31 December 2019.
Required:
Prepare the consolidation journal entries required to eliminate the above intragroup transactions for the year ended 31 December 2019. Assume a tax rate of 30%.
Question 4 (10 marks)
Humorous Ltd had cash and cash equivalents at 1 July 2018 of $ 1,400,000. The transactions of Humorous Ltd for the year to 30 June 2019 are as follows:
Borrowed $180,000 with a 6-month loan payable.
Received $2,280,000 cash from accounts receivable.
Sold for $240,000 cash a plant asset with a carrying amount of $160,000.
Issued ordinary shares for $720,000 cash.
Purchased a plant asset for $530,000; $162,000 in cash and $368,000 on loan.
Exchanged 90,000 shares for land with a fair value of $900,000.
Received a $200,000 dividend in cash.
Received $40,000 interest from term deposit.
Invested $600,000 cash on the short-term money market.
Paid fixed-term loan principal of $480,000 and interest of $48,000.
Cash payments for suppliers’ accounts $1,500,000.
Dividend paid during the period $120,000.
Insurance expense shown in the income statement is $84,000. At the end of the year the balance sheet shows prepaid insurance expense of $42,000. There was a prepaid insurance expense of
$36,000 at the beginning of the year.
Required:
Prepare the statement of cash flows of Humorous Ltd for the year to 30 June 2019.
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