Recent Question/Assignment

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TIME ALLOWED: 24 hours
Assessment Weight: 50 total marks
• All questions must be answered by using the answer boxes provided in this paper.
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This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit.

Question 1 (11 marks)
ABC Ltd has the following land and buildings in its financial statements as of 30 June 2022:
Residential land, at cost 2,294,013
Factory land, at valuation 2020 2,064,612
Buildings, at valuation 2020 1,835,210
Accumulated depreciation -229,401
On 30 June 2022, the balance of the revaluation surplus is $917 6305, of which $688 204 relates to the factory land and $229 401 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values on 30 June 2022 are:
Residential land, previously recorded at cost 2,523,414
Factory land, previously revalued in 2020 1,605,809
Buildings, previously revalued in 2020 2,064,612
Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies residential land and factory land as different classes of assets.
ANSWER: ** Answer box will enlarge as you type
Question 2 (11 marks)
XYZ Ltd acquires 100 per cent of Red-X Ltd on 1 July 2021. XYZ Ltd pays the shareholders of Red-X Ltd the following consideration:
Cash 85 033
Plant and equipment fair value $303 688;
carrying amount in the books of XYZ Ltd $206 400
Land fair value $364 425;
carrying amount in the books of XYZ Ltd $242 950
There are also legal fees of $230 803 involved in acquiring Red-X Ltd.
On 1 July 2021, Red-X Ltd’s statement of financial position shows total assets of $364 425 and liabilities of $364 425. The fair value of the assets is $971 800.
Has any goodwill been acquired, and if so, how much? And discuss the potential for including associated legal fees into the cost of acquiring Red-X using appropriate accounting standards.
Question 3 (7 marks)
Discuss the differences between bad debt and doubtful debt. In your explanation, use your insight and discuss if the recognition/disclosure recommended in the standard is sufficient.
Question 4 (7 marks)
Explain when should both basic and diluted EPS be disclosed. In your response, discuss the potential impact (if any) on the stockholders.
Question 5 (7 marks)
Referring to the recommendation in standards on the treatment for revaluation increment or decrements, use your insight and discuss if the differences between the treatment of these events are conceptually correct.
Question 6 (7 marks)
Explain if the organisation has any responsibility toward future generations and how this may impact accounting.
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