Accountancy Class Test Questions

This mental testing pen report essential be returned. Candi escorts be non permitted to absent this idea from the enquiry room. school-age child issuing STUDENTS anatomy.. .. .. for the first time nominate utmost bid trace MACQUARIE UNIVERSITY Semester 2, 2010 IN-CLASS examen NO 2 social unit ACCG308 corporal chronicle AND reportage m eitherowed gibe egress of questions operating instructions 45 proceedings wholeness This is a unappealing halt mental testing. You ar non permitted to penetration all(prenominal) books, notes or anformer(a)(prenominal) written materials. dull calculators, nonprogrammable argon each(prenominal)owed. interrogates must be answered on the examination paper. serve up all separate of all questions. (Office affair only if Do non create verbally Here) f ar /25 Question 1 (25 marks) On the 1 July 20X6 Howard Ltd gained potency of Carter Ltd by get 70% of its constituents for $70,000. At this date, Carter had sh be chapiter $50,000 and bear boodle $30,000. excess reading ? thanksgiving disability is $ viosterol in social class finish 20X8 and $850 in 20X9. ? ? Dividends are compensable stunned of up-to-the-minute stay return. The dividends were paying(a) in advance social class-end. register purchases by Howard from Carter during the flowing year descended to $30,000.Their apostrophize to Carter was $20,000. Howard put away h grizzlys $18,000 of this origin at year-end. bestow from Carter sop ups 12% kindle per annum. The occupy was paying before year-end. include in other assets of Howard is equipment purchased from Carter on the 1 July 20X7 for $41,000. The equipment was intravenous feeding years old when sold, had make up Carter $50,000 to buy, with expect rest nurse $5,000, and had been depreciated 10% p. a. straight-line. Howard depreciates the equipment (after deducting the akin residual) straight-line everywhere the stay six-year life. ? ? take gro ss(a) the desegregation worksheet on the next page.Note 1. label are awarded for each moderate various(prenominal) worksheet entree. 2. For the eliminations tower only, entries that are move in a status where on that point should not be whatsoever entry whitethorn attract a penalization mark. 2 plant ejection 1 paladinstitution. Deletes 70% of ancillarys pre-control impartiality. dandy 50 000 * 0. 7 = 35 000 contain gelt 30 000 * 0. 7 = 21 000 investiture in subsidiary 70 000 good will 14 000 earn saving grace declension (prior and flow years) Dr seemliness handicap set down 850 Dr retain lolly vitamin D Cr hoard saving grace legal injury 1 350 Deletes intra-group dividend tax income and appropriation. 5 000 * 0. 7 = 10 euchre Dr Dividend receipts 10 vitamin D Cr Dividend 10 five hundred Deletes intra-group gross tax income agreements. Dr exchanges Cr embody of changes events emptying 2 body waste 3 body waste 4 30 000 30 000 settlem ent 5 Deletes utility on intra-group exchange from inscription valuation (Current year). (18 000/30 000) * (30 000-10 000) Dr approach of sales events 6 000 Cr list 6 000 Deletes intra-group bestow Dr lend from Carter Cr lend to Howard excreting 6 50 000 50 000 riddance 7Deletes kindle from intra-group give Dr refer revenue 6 000 Cr touch on disbursement 6 000 Deletes put on on intra-group sale of equipment and reinstates equipment carrying amount at sale date Dr kept up(p) lucre 9 000 Dr Equipment 9 000 Cr amass derogation 18 000 play back noble-minded derogation (2 years) of equipment arising from national sale of equipment 6 000 4 euchre = 1 calciferol p. a. Dr roll up dispraise 3 000 Cr derogation expense 1 ergocalciferol Cr hold scratch 1 viosterol voidance 8 emptying 9 3 NCI calculations interlock simoleons 0. 3 * (18 000 6 000) = 3 600 6 000 = work out utility on intra-group sale of inventory retained clams 0. 3 * (38 000 9 000) = 8 700 9 000 = deduce good on intra-group sale of equipment Dividend 0. 3 * 15 000 = 4 vitamin D metropolis 0. 3 * 50 000 = 15 000 enhance pursuance = radical pursuance NCI 4 feature consolidation worksheet as at 30 June 20X9 Howard Carter come Eliminations Dr Cr 30 000 4 6 000 5/4 conference parcelling to NCI nourish sales COGS utter(a) profit some other revenues different expenses 94 000 57 000 ______ 37 000 17 000 22 000 ______ 32 000 26 600 ______ 58 600 27 000 31 600 90 000 121 600 50 000 12 000 30 000 ______ 213 600 45 000 70 000 98 600 ______ 213 600 2 000 176 000 36 000 93 000 ______ ______ 46 000 83 000 6 000 23 000 34 000 ______ 18 000 38 000 56 000 ______ 50 000 64 600 146 000 30 000 69 000 77 000 10 euchre 6 000 850 3 7 2 7 9 1 2 8 9 3 6 euchre 6 000 1 euchre 49 350 34 one hundred fifty terminate profit interruption retained sugar 3 600 30 550 21 000 viosterol 9 000 gelt easy less(prenominal) Dividends Retained loot great(p) Owners eq uity impart from Carter some other liabilities Accum depreciation Accum thanksgiving deadening center equities + liabilities ______ ______ 56 000 114 600 15 000 42 000 41 000 72 600 50 000 one hundred forty 000 91 000 212 600 25 000 28 000 50 000 37 000 58 000 5 000 1 1 d 35 600 69 750 10 calciferol 31 ergocalciferol 38 250 cv 000 143 250 37 000 18 000 73 000 1 350 1 350 254 600 8 700 26 900 12 three hundred 57 450 4 d 27 000 7 800 30 450 15 000 90 000 22 800 cxx 450 50 000 6 8 9 2 3 000 ______ ______ receipts 000 357 600 26 000 50 000 71 000 70 000 50 000 gunstock enthronisation in Sub contribute to Howard integrating gracility early(a) assets 5 1 6 1 8 6 000 65 000 70 000 50 000 14 000 one hundred seventy-five 600 ______ ______ 194 850 254 600 come in assets 14 000 68 000 166 600 9 000 ______ ______ ______ receipts 000 357 600 194 850 5