Western Sydney Acquisition of Subsidiary and Consolidation Entries Project I really need to get distinction in this unit. Everything is going good but I’m

Western Sydney Acquisition of Subsidiary and Consolidation Entries Project I really need to get distinction in this unit. Everything is going good but I’m only stucked at this point. I startedctgis project but couldn’t finish it because it’s veryvtime consuming and i don’t want to be stucked at one place leaving others.

This project is based on australian standards.

I want the stuff with very low plaigarism and properly referenced in WSU harvard style.

Everything is mentioned in the attached pdf.

Thanks 200109 Corporate Accounting Systems
Autumn 2019
Practical Project
Due Date:
Weight:
Topic:
Length:
Friday 17 May 2019 (week 11). Submit electronically (Turnitin) to vUWS
prior to 5:00pm.
20%
Acquisition of a subsidiary and consolidation entries
1,000 words maximum (comprising consolidation analysis and journal entries
in Part A equivalent to 750 words and a written component of 250 words in
Part B)
The practical project involves two parts:
? Part A is the preparation of a selection of consolidation elimination journals for an
economic entity comprising a parent and a subsidiary.
? Part B is an explanation and discussion of the business combination.
Part A
Super Retail Ltd (Super Retail) acquired 100% of the shares of New World Retail Ltd (New
World Retail) on 1 July 2017. The cost of investment was $620 000. At that date the capital
and reserves of New World Retail were:
Share capital
$260 000
Retained earnings $200 000
At the date of acquisition all assets of New World Retail were considered to be fairly valued,
except for a plant that had a fair value $20 000 greater than its carrying amount. The cost of
the plant was $100 000 and it had accumulated depreciation of $60 000. The plant had
original estimated useful life of 10 years.
During financial year 01/07/2017-30/06/2018, New World Retail sold $30 000 in inventory
to Super Retail for on-sale to external parties. The inventory had originally cost New World
Retail $22,000. At the year end, Super Retail still had half of the inventory on hand. On-hand
inventory was expected to be sold in the subsequent period. There were no other intro-group
transactions between Super Retail and New World Retail for year ended 30 June 2018.
Super Retail incurred the following transactions with New World Retail during financial year
01/07/2018-30/06/2019:
?
Super Retail made total sales in inventory to New World Retail of $62 000, while New
World Retail sold $65 000 in inventory to Super Retail. These inventories are expected to
be sold to external parties.
1
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?
?
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The closing inventory in Super Retail includes inventory acquired from New World
Retail at a cost of $36 000. This cost New World Retail $29 000 to purchase. New World
Retail sold all inventory acquired from Super Retail to external parties during the year.
On 1 July 2018 Super Retail sold an machinery to New World Retail for $145 000 when
its carrying amount in Super Retail’s accounts was $100 000 (initial cost $168 650,
accumulated depreciation $68 650). This machinery is assessed as having a remaining
useful life of 9 years.
New World Retail declared and paid dividend $100 000 on 30 June 2019.
Super Retail provided management consultation to New World Retail and this was the
first time that Super Retail Ltd provided such service to New World Retail. At the end of
2019, New World Retail paid $8,000 for these services and has a balance of $1000
payable at year end.
New World Retail has a number of long-term loans, including a four-year loan for
$50,000 from Super Retail. This loan was effective from 1 July 2018. Interest rate was
4% per annum. During the year ending 30 June 2019, New World Retail paid $1000
interest on this loan.
You were requested to prepare the followings:
I.
II.
III.
acquisition analysis and adjustment/elimination journal entries for consolidation at
acquisition, 1 July 2017;
adjustment/elimination journal entries for consolidation as at 30 June 2018, and
adjustment/elimination journal entries for consolidation as at 30 June 2019.
After meeting with your supervisor you gathered the following information which you might
need to complete your work:
?
?
?
?
?
?
Super Retail has the following accounting policies for the economic entity:
?
Revaluation adjustments on acquisition are to be made on consolidation only, not
in the books of any subsidiary;
?
Plant and machinery are depreciated using the straight-line method with no
residual value. For part-years, depreciation is to be calculated on the number of
months the asset is held in the relevant year.
?
All calculated amounts are to be rounded to the nearest whole dollar. Companies
in the group do not show cents in any journals, worksheets, or financial
statements.
Management team of Super Retail believes that goodwill acquired from business
combination is impaired by $6 000 in the current financial year. Previous impairment of
goodwill amounted to $4 000.
Super Retail declared dividend $200 000 and paid dividend $150 000 on 30 June 2019.
The company tax rate is currently 30% and this rate has not changed for a number of
years.
Journal narrations are required.
Number each year consolidation elimination/adjusting journal entries by 1, 2, 3, …, etc;.
Where more than one journal entry is needed for an event to be completely accounted for
add the letters a,b,c,…etc to them as necessary.
2
Part B
Super Retail is an Australian company and growing very fast. The Board of Directors
expressed the interest to acquire another retailing business in America.
The Board of Directors is concerned about some obstacles to acquire a business overseas.
From financial accounting perspective, the Board raised the following question:
‘What are some possible impediments to acquire a business in America, any possible
plans/solutions to overcome those possible impediments?
After a meeting with your supervisor, you were requested to prepare response/suggestions to
the above question.
You might make reference to relevant paragraphs of International Financial Reporting
Standards, Conceptual Framework, Generally Accepted Accounting Principles and to other
sources of material.
Harvard Style referencing is expected. For details on the Harvard referencing system go to:
http://library.westernsydney.edu.au/uws_library/guides/referencing-citation (and click on
‘Harvard’ link).
3
Marking Criteria
Part A (15 marks)
CRITERIA
FAIL
PASS
CREDIT
DISTINCTION
HIGH DISTINCTION
FULL MARK
Acquisition analysis has not
prepared, and/or three journals
not correctly recorded and/or
missing and/or included
incorrectly
Acquisition analysis has
not prepared and/or two
journals not correctly
recorded and/or missing
and/or included incorrectly
Acquisition analysis has
error and/or two journals
not correctly recorded
and/or missing and/or
included incorrectly
Acquisition analysis is clear
and correct but two journal
not correctly recorded
and/or missing and/or
included incorrectly
Acquisition analysis is
clear and correct but one
journal not correctly
recorded and/or missing
and/or included incorrectly
Acquisition analysis is
clear and correct and all
required journals are
correct, with none missing
or included incorrectly
0 mark
1 mark
1.3 marks
1.5 marks
1.7 marks
2 marks
Part A (II)
Correct /complete events
and consolidation journal
entries at 30 June 2018
Five or more events not
correctly recorded and/or
missing and/or included
incorrectly
Four events not correctly
recorded and/or missing
and/or included incorrectly
Three events not correctly
recorded and/or missing
and/or included
incorrectly
Two events not correctly
recorded and/or missing
and/or included incorrectly
One event not correctly
recorded and/or missing
and/or included incorrectly
Every required
event/journal is clear and
correct, with none missing
or included incorrectly
Part A (III)
Correct /complete events
and consolidation journal
entries at 30 June 2019
0 mark
Nine or more events not
correctly recorded and/or
missing and/or included
incorrectly
Part A work presentation,
account names, numbering
journal entries and
narrations
0 mark
Nine or more journals are not
presented clearly and/or not
complete and/or not numbered
correctly and/or no narration
Part A (I)
Correct /complete
acquisition analysis;
correct/complete
consolidation journal
entries at the date of
acquisition
1.5 marks
2.25 marks
2.55 marks
Seven or eight events not
correctly recorded and/or
missing and/or included
incorrectly
1.95 marks
Five or six events not
correctly recorded and/or
missing and/or included
incorrectly
Three or four events not
correctly recorded and/or
missing and/or included
incorrectly
One or two events not
correctly recorded and/or
missing and/or included
incorrectly
4 marks
Seven or eight journals not
presented clearly and/or
not complete and/or not
numbered correctly and/or
no narration
5.2 marks
Five or six journals not
presented clearly and/or
not complete and/or not
numbered correctly and/or
no narration
6 marks
Three or four journals not
presented clearly and/or not
complete and/or not
numbered correctly and/or
no narration
6.8 marks
One or two journals not
presented clearly and/or
not complete and/or not
numbered correctly and/or
no narration
1 marks
1.3 marks
1.5 marks
1.7 marks
0 mark
4
3 marks
Every required
event/journal is clear and
correct, with none missing
or included incorrectly
8 marks
All events/journals are
presented clearly and
numbered correctly.
2 marks
Part B (5 marks)
CRITERIA
CLO 4:
PROBLEM
SOLVING
Identifies the
problem and
develops a plan to
solve the problem.
Collects and
analyses the
information;
provides possible
solutions
Presents with
clarity: references
and paraphrases
correctly and uses
clear prose style:
sentence structure,
grammar and
spelling
FAIL
PASS
CREDIT
DISTINCTION
HIGH DISTINCTION
FULL MARK
The problem is not stated
and underlying issue(s) is
not identified. A coherent
plan to solve the problem
is not developed.
The problem is poorly stated
and underlying issue(s) is
poorly identified. A marginal
plan is developed but is not
followed to conclusion.
The problem is acceptably
stated and underlying issue(s)
is acceptably identified. An
acceptable plan is developed
and is followed to
conclusion.
The problem is clearly
stated and underlying
issue(s) is adequately
identified. An adequate
plan is developed and is
followed to conclusion.
The problem is clearly stated
and underlying issue(s) is
adequately identified. A clear
and concise plan is developed
and is followed to conclusion.
0 mark
0.5 mark
1.75 marks
The problem is clearly stated
and underlying issue(s) is
clearly identified. A clear and
concise plan with alternative
strategies to solve the
problem is developed, and is
followed to conclusion.
1.25 marks
1.5 marks
Shows some evidence of
critical consideration of
relevant information, but
may require better
organization. Information is
adequately analysed. A
logical solution is provided.
Shows evidence of critical
consideration of relevant
information and integrates
it to support the points
made. Information is
adequately analysed.
Clearly solves the problem.
Shows evidence of critical
consideration of relevant
information and adequately
integrates it to support the
points made. Information is
adequately analysed. Clearly
solves the problem, offering
alternative solutions.
2 marks
Critically chooses
information and clearly
integrates it to support the
points being made.
Information is analysed indepth. Clearly solves the
problem, offering alternative
solutions.
1.25 marks
1.5 marks
Writing style is coherent,
with a few grammatical
and/or spelling errors.
Satisfactory in-text citation,
paraphrasing and reference
list, possibly with a few
errors.
Writing style is coherent,
with possibly a few
grammatical and/or
spelling errors. Satisfactory
in-text citation,
paraphrasing and reference
list, possibly with a few
minor errors.
Dumps information. Shows
no evidence of critical
consideration of relevant
information. Analysis is
not inadequate. Fails to
provide a logical solution.
Shows some evidence of
critical consideration of
relevant information, but may
be poorly organised. Basic
analysis is performed. A
logical solution is provided.
0 mark
0.5 mark
Writing style is poor and
difficult to follow and/or
marred by many
grammatical and/or
spelling errors. In-text
citation and/or
paraphrasing and/or
reference list missing or
substantially incomplete.
Writing style is unclear at
times. There are a number of
grammatical and/or spelling
errors. In-text citation and/or
paraphrasing and/or reference
list have a number of errors.
0.5 mark
0.65 mark
0.75 mark
0 mark
Late submission -10% per day
Total marks: 20
5
1.75 marks
Writing style is coherent, with
possibly a few grammatical
and/or spelling errors. Excellent
in-text citation, paraphrasing
and reference list.
2 marks
Writing is clear and error-free
and demonstrates superior
written communication skills.
Excellent in-text citation,
paraphrasing and reference
list.
0.85 mark
1 mark
Project Preparation
?
The practical project is to be submitted as an individual attempt. It must be prepared
using Microsoft Word document only and be entirely your own work. Submit
Microsoft Word (electronic) copy through vUWS (Turnitin) by 5:00pm Friday, 17
May 2019 (week 11). An electronic individual assignment cover sheet is required.
?
The practical project marking guide is on page 4 and page 5 of this document. Use the
marking guide sheet to see what is expected and how your work will be marked. The
marker will use the marking sheet to calculate your assessment result and provide you
with feedback on the standard you achieved against each of the criteria.
?
Your practical project will be scanned using the anti-plagiarism software Turnitin®.
The Turnitin plagiarism prevention system is being used with this unit. It is an
important tool to assist students with their work by promoting awareness of
plagiarism. Please use this tool to improve your work and iron out any plagiarism
issues prior to your final submission. The system will allow you to overwrite your
submission up until it is due.
If you have copied material from the textbook, the internet or other sources
improperly, you will be penalised. Staff in the unit will perform a check on the
similarity of your work to others. The scanning will tell us if you have copied from
another student, or from an assignment from another unit. Severe penalties apply to
cases of plagiarism (e.g., copying internet resources without referencing, copying
other students’ answers, copying other unit’s assignments etc.).
?
All late submissions will be penalised as per WSU policy – a deduction of 10% of the
possible mark for each day, or part day, late. Submissions will not be accepted by
email.
?
Staff will not assist students with their answers, nor review draft answers to confirm if
students are “on the right track” or not. Any queries about the requirements of the
practical project must be directed to the Unit Coordinator only, not to other teaching
staff.
?
vUWS Assessment Zone: under the ‘Assessment Zone’ link on vUWS there is a
folder titled ‘Assessment 3: Practical Project’. Here you will find the submission link.
?
The file name for the electronic submission must follow the following pattern: your
student ID number followed by 200109 Practical Project. For example, if your student
ID number is 12345678, the file name should be 12345678-200109 Practical Project.
?
This is the final financial accounting unit in the accounting major where you will have
to produce complex journal entries at a professional level. Therefore, a high standard
is expected. 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).
Your preparation cannot be late for the board meeting and the directors carefully
review all of the information you give them. They pay you well, but they expect
quality work. It needs to be technically correct and presented well.
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Checklist
When submitting the final version, check you have:
?
Clearly answered both parts of the project and included an electronic assignment
cover sheet and a reference list.
?
Proof-read the assignment for spelling and grammar: use “spell check” in Word to
help if you have any concerns.
?
Met the requirement for the word-limit (1000 words).
?
Submitted the practical project through the electronic submission link prior to 5:00pm
on Friday 17 May 2019.
7

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