代写ACCG926 CORPORATE ACCOUNTING

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    • 代写ACCG926 CORPORATE ACCOUNTING
    MASTER OF ACCOUNTING
    (Professional)
    ACCG926 CORPORATE ACCOUNTING
    Assessed Coursework 1
    ACCG926 s2 2016 Assessed coursework 1 Page 2
    Assessed Coursework 1
    Due date: Week 9 in your registered class
    Marks and percentages: This assessed coursework will be marked out of 15 marks and
    contributes towards 5% to your assessment.
    On 1 January 2016 Westfound Limited (an Australian entity) acquired 100% of Manchester
    Plc, which is located in the United Kingdom for A$420,000. The net assets of Manchester Plc
    on that date consisted of:
    GBP £
    Share Capital 60 000
    Retained Earnings 140 000
    Total Equity 200 000
    The relevant exchange rates for the period are as follows:
    1 GBP £ = A$
    1 January 2016 2.00
    31 March 2016 1.92
    1 April 2016 1.92
    30 June 2016 2.08
    31 December 2016 1.82
    Average for full year (1 Jan – 31 Dec 2016) 1.92
    Average for last quarter (Oct – Nov 2016) 1.89
    Average for month of December 2016 1.79
    The financial information of Manchester Plc as at 31 December 2016 is provided on the
    following pages.
    Additional information:
    a) All sales and expenses occur evenly throughout the year with the exception of
    interest.
    b) Interest is required to be paid half yearly on 30 June and 31 December each year.
    c) The interim dividend was paid on 31 March 2016 and the final dividend was
    declared on 31 December 2016.
    d) Additional equipment was acquired on 1 April 2016 for £20,000. All equipment is
    depreciated over a useful life of four (4) years.
    e) Closing inventory on hand represents purchases made in December 2016.
    f) The functional currency of Manchester Plc is Australian dollars.
    Required:
    Using the worksheet provided on the following pages, prepare the translation of the
    31 December 2016 financial statements of Manchester Plc into the functional currency of
    Australian Dollars. Round all numbers on translation to the nearest whole dollar.
    (You must use the format provided in this assessment)
    ACCG926 s2 2016 Assessed coursework 1 Page 3
    GBP £ Rate A$
    Cash 130 000
    Receivables
    115 000
    Deferred Tax Asset
    5 000
    Inventory
    30 000
    Plant 120 000
    Accumulated Depreciation (40 000)
    Total Assets 360 000
    Trade Payable
    15 000
    Current Tax Liability
    15 000
    Dividend Payable
    12 000
    Bank Loan
    80 000
    Total Liabilities
    122 000
    Net Assets
    238 000
    Share Capital
    60 000
    Retained Earnings
    178 000
    Total Equity 238 000
    ACCG926 s2 2016 Assessed coursework 1 Page 4
    GBP £ Rate A$
    Sales
    300 000
    Opening Inventory
    40 000
    Purchases
    170 000
    Closing Inventory
    (30 000)
    Cost of Goods Sold
    180 000
    Gross Profit
    120 000
    Depreciation 28 750
    Interest 10 000
    Other 11 250
    Profit before tax
    70 000
    Income Tax Expense 10 000
    Profit after Tax 60 000
    Opening Retained Earnings 140 000
    Interim dividend 10 000
    Final dividend 12 000
    Closing Retained Earnings 178 000
    代写ACCG926 CORPORATE ACCOUNTING