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HA3011 Advanced Financial Accounting

Question

Answered

Questions:

1.

MAP Ltd acquired a Machine from FAT Ltd for the following consideration:

  • Cash $65 000,
  • Land in the books of MAP Ltd the land is recorded at its cost of $750 000. It has a fair value of $700 000.

MAP Ltd also agrees to assume the liability of the FAT Ltd bank loan of $95 000 as part of the Machine acquisition.

Required:

  • Calculate the acquisition cost of the Machine. 
  • Provide the journal entries that would appear in MAP Ltd.’s books to account for the acquisition of the Machine.

2.

An item of depreciable machinery is acquired on 1st July, 2016 for $270 000. It is expected to have a useful life of 10 years and a zero-residual value (straight-line). On the 1st July, 2020, it is decided to revalue the asset to its fair value of $140 000.

Required:

  • Provide journal entries to account for the revaluation
  • In your own words, discuss when you think the revaluation increment should be included as part of the profit or loss?

3.

BDX company issues $ 15 million of five-year, 6.5 per cent, semi-annual coupon debentures to public which pay interest each six months. The market also requires a rate of return of 6.5 per cent. Assume that the moneys come in and the debentures are allocated on the same day, 30th June, 2019.

Required:

Provide the accounting entries at 30th June, 2019, 31st December, 2019 and 30th June, 2024 to record:

  • The receipt of funds.
  • The first payment of interest
  •  
  • The redemption of the debentures
  • In your own words, explain how you would determine the discount or premium on a debenture issue? 

4.

Fred Ltd acquired an item of equipment and enters into a non-cancellable lease agreement with Melbourne Equipment Ltd on the 1st January, 2015. The lease consists of the following information:

Date of inception:

1/1/15

Duration of the lease:

4 years

Life of the leased asset:

5 years

Lease Payments (annual):

$320,000 (annual) which includes $40,000 for Maintenance and insurance costs per annum.

Guaranteed residual value

 

(Added to the final payment):

$120,000

Interest Rate:

10%

Required:

  1. Determine the present value of minimum lease rental payment. 
  2. Prepare the journal entries for John Ltd(the Lessee) using the Net Method for the following:
  • Transfer of control. 
  • Payment of annual payments for 2015 and 2016. 

5.

You are provided with the following information from the accounts of KPM Ltd for the year ending 30th June, 2019, as shown in the table below:

Accounting Information

($) Amount

Cash Sales

500 000

Cost of Goods Sold

45 000

Amount received in advance for services to be performed in August 2019

9 500

Rent expenses for year ended 30th June, 2019

9 000

Rent Prepaid for two months to 31st August, 2019

1 200

Doubtful debts expenses

1 200

Amount provided in 2019 for employees’ long-service leave entitlements

5 000

Goodwill impairment expenses

3 000

 

Calculate the taxable profit and accounting profit for the year ending 30th June, 2019.

NRP Ltd has the following deferred tax balances as at 30th June, 2019.

Deferred tax asset

$8 00 000

Deferred tax liability

$6 00 000


The above balances were calculated when the tax rate, was 20 per cent. On 1st December, 2019 the government raises the corporate tax rate to 25 per cent.

Required:

Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.

6.

On 5th June, 2018 Sydney Ltd acquires goods on credit from a supplier in London. The goods are shipped FOB London on 5th June, 2018. The cost of the goods is UK£500 000 and the debt remains unpaid as at 30th June, 2018. On 5th June, 2018 the exchange rate is A$1.00 = UK£0.43. On 30th June, 2018 it is A$1.00 = UK£0.40. Hence, the value of the Australian dollar has decreased relative to the UK pound. Sydney Ltd.’s reporting date is the 30th of June.

Required:

  • Provide the accounting entries necessary to account for the above purchase transaction for the year ending 30th June, 2018. 
  • In your opinion, why do companies need to translateforeign currency transactions into local currency? 
  • Some current assets, such as inventory, are required from an overseas supplier with the debt denominated in a foreign currency. In the absence of a hedge arrangement, if the exchange rate moves againstthe Australian dollar while the debt is outstanding, how should the movement be treated for accounting purposes? Provide a full explanation.

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