prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%.
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Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet
(a) In January 2019, MEL Ltd paid a $5 000 interim dividend.
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- Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (a) During June 2019, MEL Ltd declared a $3000 dividend. The dividend was paid in August 2020.Kent Ltd owns all of the shares of Lodh Ltd. In relation to the following intragrouptransactions, all parts of which are independent unless specified, prepare theconsolidation worksheet adjusting entries for preparation of the consolidated financialstatements as at 30 June 2020. Assume an income tax rate of 30%. a. On 1 January 2020, Kent Ltd sold inventory costing $10,000 to Lodh Ltd at a transfer (sale) price $16,000. Lodh Ltd sold half of this inventory to an external party for $10,000 (i.e., half of the inventory is remained with Lodh Ltd at the end of the year). b. During March 2018, Lodh Ltd paid a $5,500 interim dividend. c. Kent Ltd rented a spare warehouse to Lodh Ltd. The total charge for the rental was $6,000. Lodh Ltd paid the whole amount to Kent Ltd during the year. d. On 1 July 2019, Kent…Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (a) SYD Ltd manufactures certain items which it then markets through MEL Ltd. During the current period, SYD Ltd sold items for $20 000 to MEL Ltd at cost plus 20%. MEL Ltd has sold 75% of these transferred items at 30 June 2019.
- Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (a) SYD Ltd sold inventory to MEL Ltd on 1 September 2018 for $30 000. This inventory had cost SYD Ltd $18 000. One-third of the inventory was sold by Mel Ltd to QLD Ltd for $14 000 and one-third to ADL Ltd for $14 200.Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (a) SYD Ltd sold inventory to MEL Ltd on 1 September 2018 for $30 000. This inventory had cost SYD Ltd $18 000. One-third of the inventory was sold by Mel Ltd to QLD Ltd for $14 000 and one-third to ADL Ltd for $14200. (b) SYD Ltd manufactures certain items which it then markets through MEL Ltd. During the current period, SYDLtd sold items for $20 000 to MEL Ltd at cost plus 20%. MEL Ltd has sold 75% of these transferred items at 30 June 2019. (c) During June 2019, MEL Ltd declared a $3000 dividend. The dividend was paid in August 2020. (d) In January 2019, MEL Ltd paid a $5 000 interim dividend. (e) SYD Ltd sold a warehouse to MEL Ltd for $150 000. This had…Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. d) In January 2019, MEL Ltd paid a $5 000 interim dividend. (e) SYD Ltd sold a warehouse to MEL Ltd for $150 000. This had originally cost SYD Ltd $123 000. The transaction took place on 1 January 2018. MEL Ltd charges depreciation at 5% p.a. on a straight-line basis. (f) In May 2019, a SYD sold inventories to MEL Ltd for $60 000. The inventories had previously cost the SYDentity $48 000. The entire inventory is still held by the MEL Ltd at reporting date, 30 June 2019. Ignoring tax effects, which of the following is the adjustment entry in the consolidation worksheet at reporting date? (g) SYD Ltd sold an item of plant to its subsidiary MelLtd on 1 January 2019 for $50…
- On 1 July 2021, King Ltd acquired all the share capital of Queen Ltd for $1,800,000, and on that date Queen Ltd.'s equity were as follows: Share capital $1,200,000; Revaluation surplus $500,000 and Retained earnings $200,000. All the assets and liabilities of Queen Ltd. were recorded at fair value on 1 July 2021. During the financial year 2022, the following intragroup transactions occurred between King Ltd and Queen Ltd: Queen Ltd sold land to King Ltd for $400,000, which was $100,000 above cost. The land was still hold by King Ltd. King Ltd sold an equipment to Queen Ltd for $400,000. The carrying amount of equipment to King Ltd of $320,000. Both entities depreciate equipment at a rate of 10% p.a. on cost. Queen Ltd sold inventories costing $160,000 to King Ltd for $180,000. 1/4th of the inventories were still on hand with King Ltd. King Ltd received $15,000 of service revenue from Queen Ltd. Queen Ltd paid dividend of $30,000 and interest on loan of $8,000 to King Ltd. The tax rate…Sydney Ltd owns all of the shares of Mel Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (e) SYD Ltd sold a warehouse to MEL Ltd for $150 000. This had originally cost SYD Ltd $123 000. The transaction took place on 1 January 2018. MEL Ltd charges depreciation at 5% p.a. on a straight-line basis.Marie Bhd acquired 80% of Donny Bhd ordinary share capital on 1 January 2019. As at 31 December 2019, extracts from their individual statements of financial position showed: Accounts Marie Bhd (RM) Donny Bhd (RM) Current assets: Receivables 105,000 40,000 Current liabilities: Payables 90,000 21,000 As a result of trading during the year, Marie Bhd’s receivables balance included an amount due from Donny Bhd of RM5,000.Required:Explain the amount to be shown as the consolidated figure for receivables andpayables. Please show your calculation.
- On 1 July 2019, Quick Buck Ltd took control of the assets and liabilities of Eldorado Ltd. Quick Buck Ltdissued 80,000 shares having a fair value of $2.40 per share in exchange for the net assets of EldoradoLtd. The costs of issuing the shares by Quick Buck Ltd cost $1,600.At this date the statement of financial position of Eldorado Ltd was as follows: c Carrying amount Fair valueMachinery $40,000 $67,000Fixtures & fittings 60,000 68,000Vehicles 35,000 35,000 Current assets 10,000 12,000Current liabilities (16,000) (18,000)Total net assets…Entity A invested in 38,600 shares of a listed company on 1 October 2019 at a cost of $3.95 per share. On 31 December 2019, the shares have a market value of $3.45. Entity A is not planning on selling these shares in the short term and elects to hold them as Fair Value through Other Comprehensive Income. REQUIRED: (1) Measure the amounts of the financial asset recognised in the Statement of Financial Position as at 31 December 2019. (2) Measure the amounts recognised in the Statement of Profit or Loss for the financial asset of the year 2019. (3) Measure the amounts of the Fair Value Reserve recognised in the Statement of Financial Position as at 31 December 2019Sky Ltd (Sky) has purchased an investment of 15,000 shares on 1 August 2019 at a cost of $6.5 each. Transaction costs on the purchase amounted to $1,500. As at the year ended 30 September 2019, these shares are now worth $7.75 each. Sky makes an irrevocable election at initial recognition to measure these shares at fair value through other comprehensive income to reduce accounting mismatch. Required: What is the effect on the statement of profit or loss and other comprehensive income of these shares for the year ended 30 September 2019 of Sky in accordance with HKFRS 9 ‘Financial Instruments’? A. $17,250 gain in other comprehensive income B. $18,750 gain in other comprehensive income and $1,500 expense C. $17,250 gain in profit or loss and $1,500 expense D. $18,750 loss in other comprehensive income and $1,500 expense