ULO 1:
Explain, discuss and integrate the technical and theoretical knowledge about the regulatory environment relating to Australian corporate accounting and reporting; and apply the relevant concepts to “real” situations.
GLO6: Self-management
ULO 3:
Explain, discuss and evaluate the issues involved in accounting for investment in subsidiaries; and apply this knowledge in preparing group accounts.
GLO1: Discipline-specific knowledge and capabilities
Assignment Instructions for Task 1 (GLO1):
This assignment relates to Topic 8 to 10 on Investment in Subsidiary and requires the following to be
submitted:
An excel workbook with the following seven (7) sheets:
Sheet 1: Assignment Instructions
Sheet 2: Background Information
Sheet 3: Consolidated Journal Entries
Sheet 4: Consolidated Worksheet
Sheet 5: Consolidated Income Statement
Sheet 6: Consolidated Statement of Financial Position/Balance Sheet
Sheet 7: Discussion on Part (C)
Required:
a) Prepare an acquisition analysis and the adjusting journal entries necessary to prepare consolidated accounts for the year ending 30 June 2018 for the group comprising Chief Ltd and Sub Ltd (In Sheet 3: Consolidated Journal Entries).
b) Complete the consolidated worksheet for the year ending 30 June 2018 (In Sheet 4: Consolidated Worksheet).
a. Entering the consolidated adjusting journal entries in Part (a) to the appropriate debit and credit columns in sheet 4; and
b. Calculate the Group figures by using formula (30 marks)
c) Explain why consolidation adjusting entries are necessary by using one of your consolidation journal entry that you have prepared in part A.
Task 2 (GLO6)
Write around 500 words reflecting on what you have learnt from the research activity you have taken in
your assignment 1. Reflect on your strengths and your weaknesses and provide list of actions that you
will take next time to improve your research skills.
