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BAE

This is the final unit in the accounting major where you will have to produce complex journal

For the theory aspect of the question, the references should be in (Western Sydney University) Harvard. Consolidation Aspect Part 1 (12 Marks) Using the information below and the financial statements on the following page, prepare the following: A: acquisition analysis and adjustment/elimination journal entries for consolidation at acquisition, 30 June 2010 B: i. adjustment/elimination journal entries for consolidation as at 30 June 2016; Ii the consolidation worksheet, and iii. consolidated financial statements and statements of changes in equity of Good Ltd and its controlled subsidiary for the year ending 30 June 2016. CONSOLIDATION ASPECT PART 2 (3 MARKS) • You MUST number your journal entries and present them in the order as they relate to the number given for each “event”. Where more than one journal is needed for an “event” to be completely accounted for add the letters a,b,c,…etc to them as necessary. [For example, if three separate journal entries are required to fully record the information detailed in point number 1, then the first journal will be 1a and the second is to be 1b and the third 1c.] Short narrations are expected for each journal entry. Marks will be lost if journals are not presented in a clear and professional manner (i.e. poor or unclear presentation can include showing the debit entry on one page but the credit entry on another, or not clearly distinguishing between debit and credit entries). • The required statements for both the group and the parent company are: the statement of comprehensive income, statement of financial position, and statement of changes in equity. Follow the formats shown in Chapter 26 and 27 of the textbook. Notes to the statements are not required. Marks will be lost if statements are not presented in a clear and professional manner (i.e. poor or unclear presentation can include splitting the reports over two pages, so start each statement on a new page!). • You may “cut and paste” the financial information on the next page into your excel file, but no other information is to be copied into your file from anywhere else. • You are expected to use at least the basic formula functions in Excel when preparing worksheets and financial statements (i.e. use Excel formulas to calculate totals and sub-totals etc, rather than calculating values manually and then just typing them in to the spreadsheet!). • This is the final unit in the accounting major where you will have to produce complex journal entries and financial reports at a professional level. Therefore, a very high standard is expected. Approach it as if you are preparing it for your employer. The reports cannot be late for the board meeting and the directors carefully review all of the information you give them. Your continuing employment depends upon quality work, being both technically correct and professionally presented!

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