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### Tutorial 11 Solutions

Course: ACCT 2542, Fall 2011
School: UNSW
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Word Count: 377

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11 TUTORIAL SOLUTIONS Exercise 28.2 Accounting for an associate by an investor JASMINE LTD HAYLEY LTD 40% Jasmine Ltd Hayley Ltd At 1 July 2009: Net fair value of identifiable assets and contingent liabilities of Hayley Ltd Net fair value acquired Cost of investment Goodwill = = = = = \$400 000 40% x \$400 000 \$160 000 \$170 000 \$10 000 Recorded profit Hayley Ltd Investors Share 40% \$39 000 15 600...

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11 TUTORIAL SOLUTIONS Exercise 28.2 Accounting for an associate by an investor JASMINE LTD HAYLEY LTD 40% Jasmine Ltd Hayley Ltd At 1 July 2009: Net fair value of identifiable assets and contingent liabilities of Hayley Ltd Net fair value acquired Cost of investment Goodwill = = = = = \$400 000 40% x \$400 000 \$160 000 \$170 000 \$10 000 Recorded profit Hayley Ltd Investors Share 40% \$39 000 15 600 Increment in Asset Revaluation Reserve (40% x \$100 000) \$40 000 Note: 1. There is no need to adjust for differences in depreciation method. If both companies have chosen a method that best reflects the flow of benefits as the assets are consumed, then there is no policy difference. 2. As the general reserve is created as an appropriation from Retained Earnings, then there is no need to adjust for movements in general reserve. The journal entries in the books of Jasmine Ltd for the year ended 30 June 2010 are: 1 July 2009 2009 2010 Investment in Hayley Ltd Cash/Share capital Dr Cr 170 000 Cash Dr Cr 6 000 Investment in Hayley Ltd Share of profit or loss of associates (40% x \$39 000) Dr Cr 15 600 Investment in Hayley Ltd Asset revaluation reserve (40% x \$100 000) Dr Cr 40 000 Investment in Hayley Ltd (Dividend from associate 40% x \$15 000) 30 June 2010 170 000 6 000 15 600 40 000 Exercise 28.8 Accounting for an associate within and where there are no consolidated financial statements AMY LTD SUMMER LTD 40% Amy Ltd Summer Ltd At 1 July 2008: Net fair value of identifiable assets and liabilities Summer of Ltd Net fair value acquired Cost of investment Goodwill = = = = = = \$125 000 + \$11 000 \$136 000 40% x \$136 000 \$54 400 \$63 200 \$8 800 1. Amy Ltd does not prepare consolidated financial statements Profit for the period 2010 2011 Adjustments: Realised profit on motor vehicle 20% x \$3 000 (1 30%) Realised profit in opening inventory \$800 (1 30%) Unrealised profit in ending inventory \$1 600 (1 30%) \$18 100 420 560 (1 120) \$ 17 960 Investors share 40% \$7 184 The entries in the books of Amy Ltd at 30 June 2011 are: Cash Investment in Summer Ltd (40% x \$4 000 dividend paid) Dr Cr 1 600 Dividend receivable Investment in Summer Ltd (40% x \$5 000 dividend declared) Dr Cr 2 000 Investment in Summer Ltd Share of profits or losses of associates Dr Cr 7 184 1 600 2 000 7 184 2. Amy Ltd prepares consolidated financial statements Change in retained earnings 2008 2010 (\$16 000 \$11 000) Adjustments: Unrealised profit on motor vehicle Profit on sale \$3 000 (1 30%) less x 20% x \$2 100 Unrealised profit in ending inventory \$800 (1 30%) \$5 000 (1 890) (560) \$2 550 Investors share 40% \$1 020 The consolidation worksheet entries at 30 June 2011 are: Investment in Summer Ltd Retained earnings (1/7/10) Dr Cr 1 020 Investment in Summer Ltd Share of profits or losses of associates Dr Cr 7 184 Dividend revenue Investment in Summer Ltd (40% x \$4 000 dividend paid) Dr Cr 1 600 Dividend revenue Investment in Summer Ltd (40% x \$5 000 dividend provided) Dr Cr 2 000 1 020 7 184 1 600 2 000
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