Financial Accounting Pro Forma Consolidated Journal Entries Assignment Homework Help
- September 18, 2017
- Posted by:
- Category: Accounting QA
Best UK USA UAE Australia Canada China Financial Accounting Pro Forma Consolidated Journal Entries Assignment Homework Help Service Online
The following are the financial statements of Jack Ltd and its subsidiary Jill Ltd for the year ended 31 December 2007.
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2007 | ||
JACK LTD | JILL LTD | |
ASSETS | ||
Property, plant and equipment at carrying amount | 55 000 | 77 500 |
Land and buildings | 25 000 | 65 000 |
Machinery | 20 000 | 7 500 |
Vehicles | 10 000 | 5 000 |
Investment in Jill Ltd at fair value | 74 000 | – |
40 000 ordinary shares | 55 000 | – |
12 500 10% Preference shares | 15 000 | – |
Current account | 4 000 | – |
Inventories | 12 500 | 15 000 |
Trade receivables | 7 500 | 15 000 |
Total assets | 149 000 | 107 500 |
EQUITY AND LIABILITIES | ||
Share capital: Ordinary (100 000/50 000 shares) | 100 000 | 50 000 |
Share capital:10% Preference (25 000 shares) | – | 25 000 |
Mark-to-market reserve | 6 500 | – |
Retained earnings | 22 500 | 25 000 |
Current account- Jack Ltd | – | 2 500 |
Trade & other payables | 20 000 | 5 000 |
Total equity and liabilities | 149 000 | 107 500 |
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 DECEMBER 2007 | ||
JACK LTD | JILL LTD | |
Revenue | 45 250 | 37 000 |
Cost of sales | (20 000) | (13 000) |
Gross profit | 25 250 | 24 000 |
Other expenses | (2 500) | (4 000) |
Other income received from Jill Ltd: | 22 750 | 20 000 |
Ordinary dividend | 2 000 | – |
Preference dividend | 1 250 | – |
Interest received | 250 | – |
Management fees | 2 000 | – |
Profit before tax | 28 250 | 20 000 |
Income tax expense | (12 500) | (10 000) |
PROFIT FOR THE YEAR | 15 750 | 10 000 |
Other comprehensive income for the year | ||
Fair value adjustments on equity investments | 1 500 | – |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 17 250 | 10 000 |
EXTRACT FROM THE STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2007 | ||||
Mark-to-market reserve | Retained earnings | |||
JACK LTD | JACK LTD | JILL LTD | ||
Balance at 1 January 2007 | 5 000 | 11 750 | 20 000 | |
Changes in equity for 2007 | ||||
Total comprehensive income for the year: | ||||
Profit for the year | 15 750 | 10 000 | ||
Other comprehensive income for the year | 1 500 | |||
Ordinary dividend paid | – | (5 000) | (2 500) | |
Preference dividend paid | – | – | (2 500) | |
Balance at 31 December 2007 | 6 500 | 22 500 | 25 000 |
Additional Information
1. Jack Ltd acquired the share investments in Jill Ltd on 1 June 20.5, when the retained earnings of Jill Ltd was $19 500. At the acquisition date, the assets and liabilities were considered to be fairly valued and there were no unaccounted for contingent liabilities. Jack Ltd paid $50 000 for the investment in ordinary shares and $13 500 for the investment in preference shares.
2. Jack Ltd classified the equity investment in Jill Ltd under IFRS 9 in the separate financial statements and recognized any fair value adjustments in the mark-to-market reserve
(other comprehensive income). The fair values of the investments at 31 December 20.6 were as follows:
Investment in ordinary shares $54 000
Investment in preference shares $14 500
3. Since March 2007, Jill Ltd has purchased certain inventories from Jack Ltd. The selling price of the inventories is cost plus 33.33%. Included in the inventories of Jill Ltd on 31 December 20.7 are inventories purchased at an invoice price of $500 from Jack Ltd. Inventories invoiced at $1 500 were in transit to Jill Ltd on 31 December 2007. Total purchases from Jack Ltd in Jill Ltd’s records amounted to $7 500 before the inventories in transit had been accounted for.
4. Jack Ltd elected to measure the non-controlling interests at its proportionate share of the acquiree’s identifiable net assets at the acquisition date.
5. Ignore tax implications
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to besthomewrokhelpers@gmail.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email besthomeworkhelpers@gmail.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to besthomeworkhelpers@gmail.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
Our Clients
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
Related Services
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
Required
1) Prepare the analysis of owners’ equity of Jill Ltd.
2) Prepare the analysis of preference shareholders’ equity of Jill Ltd.
3) Prepare the pro forma consolidation journal entries with regards to the above transactions. Journal narrations are not required.
Product Code: ACC392
Looking for Financial Accounting Pro Forma Consolidated Journal Entries Assignment Homework Help, please submit your details here with product code mentioned above.