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Financial Report 2 - task_21

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Objective: Apply selected accounting standards to practical problems from topic 8;Submit your assignment to the link provided in the ? Assessment Details ? on the BB site.;The link to submit an assignment will be open 4?5 weeks before the due date. After the due;date, a separate link will be available for late submission with approved extension. This;assignment will not apply Turnitin assignment. You must use the electronic Assignment;Cover Sheet provided, fill in details and then make the cover sheet the first page of your;assignment. Do not send it as a separate document. The file name of your assignment should;include (in order) your surname and your student number. For example;? Parker1235456'. Your assignments must be submitted as.docx or.xlsx documents. If you;wish to submit in any other file format please discuss this with your lecturer before the;assignment submission date.;1;The financial statements of Pacific Ltd and its subsidiary Sea Ltd contained following;information at 30 June 2014. Information extracted from the Statement of Comprehensive Income;Information extracted from the Statement of Financial Position;Pacific Ltd acquired all the shares of Sea Ltd on 1 July 2012 for $880,000. The shareholders?;equity of Sea Ltd consisted of share capital $360,000, general reserve $120,000 and retained;earnings $230,000 at the acquisition date.;2 ;Pacific Ltd;Sea Ltd;$;$;Assets;Current Assets;cash;71,000;112,000;Inventory;104,000;173,000;Non-Current Assets;Plant and Equipment;660,000;560,000;Less: Accumulated depreciation;132,000;148,000;Investment in Sea Ltd;880,000;Accumulated impairment of investment in Sea;Ltd;75,000;Total Assets;1,508,000;697,000;Liabilities;Accounts payables;89,000;37,000;Dividends payable;180,000;Loan;135,000;79,000;Shareholders' equity;Retained earnings at 30 June 2014;394,000;101,000;Share capital;560,000

 

Paper#79664 | Written in 18-Jul-2015

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