Company Accounting Assignment Homework Help Online
- August 9, 2017
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- Category: Accounting QA
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Bathurst Ltd, an Australian company, acquired all of the shares of Sentosa Ltd a Singapore company for S$160,000 on 1 January 2010. At that date, Sentosa Ltd’s Statement of Financial Position was as follows
Sentosa Ltd Statement of Financial Position as at 1 January, 2010 | |
Assets | S$ |
Cash | 20,000 |
Motor Vehicles (net) | 40,000 |
Plant & Equipment (net) | 180,000 |
Liabilities | |
Creditors | 30,000 |
Net assets | $210,000 |
Shareholders’ equity | |
Share capital | 150,000 |
Retained earnings | 60,000 |
Total equity | $ 210,000 |
All the assets and liabilities were recorded at fair value. At 31 December 2010 the financial statements of Sentosa Ltd were as follows
Sentosa Ltd Statement of Comprehensive Income | |
for the year ended 31 December, 2010 | |
S$ | |
Sales | 93,750 |
Expenses | -66,000 |
Profit | $ 27,750 |
Sentosa Ltd Statement of Financial Position as at 31 December, 2010 | |
Assets | S$ |
Cash | 45,000 |
Motor Vehicles | 65,000 |
Accumulated depreciation – Motor vehicles | 180,000 |
Plant & Equipment | -16,250 |
Accumulated depreciation – Plant & equipment | 220,000 |
Liabilities | -44,000 |
Creditors | 30,000 |
Net assets | $237,750 |
Shareholders’ equity | |
Share capital | 150,000 |
Retained earnings | 87,750 |
Total equity | $237,750 |
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Additional information
Tax is not considered in this exercise. The exchange rates applicable are as follows
AUD $1 is equivalent to
AUD $1 S$
Opening rate (01/01/10) 1.30
Closing rate (31/12/10) 1.20
Average for 2010 1.25
Sales and expenses were incurred evenly throughout the 2010 year.
Required
a) Translate the accounts of Sentosa Ltd into the presentation currency of Australian dollars(round to the nearest dollar).
b) Verify the translation adjustment.
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