Financial Accounting Pro Forma Consolidated Journal Entries Assignment Homework Help
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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|
|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||–|
|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|
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
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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
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