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MAA 363 Corporate Accounting

by | May 24

Deakin’s Bachelor of Commerce and MBA are internationally EPAS accredited.Deakin Business School is accredited by AACSB.MAA 363 Corporate AccountingTrimester 1, 2020Written Assessment 2 – Question Three

DUE DATE AND TIME:PERCENTAGE OF FINAL GRADE:DROPBOX OPEN:DROPBOX CLOSE:SUBMISSION:MARK IN GRADES:
Thursday 21 May, 2020 before 11.59 pm (AEST)10%Monday 18 May, 2020, 9.00 amThursday 28 May, 2020, 5.00 pmONLINE only to Dropbox – no hard copy to be submitted.Thursday 4 June, 2020 after 5.00 pm

Threshold Learning Standards (TSL)TLSs are the minimum accounting discipline national standards graduates are expected to meet orexceed upon graduation. This assessment item provides students with the opportunity to developand evidence the following TLSs that are aligned to the Deakin graduate learning outcomes (DGLO)and more importantly the Unit learning outcomes (ULO):

TLS
Description
Graduate Learning Outcome(GLO)

TLS01(ULO1,2 & 4)
Disciplinespecificknowledge
Discipline-specific knowledge andcapabilities: appropriate level ofdiscipline-specific knowledge
GLO 1 – Discipline-specificknowledge

TLS05(ULO1,2 & 4)
Problemsolving
Problem Solving: creating solutionsto authentic (real andill-defined) problems
GLO 5 – Problem solving

Refer to the marking rubric for details of how to evidence these TLS in your assessment submission.Page 2 of 5Assignment Instructions:This assignment relates to Topic 6 on Investment in Subsidiary and requires the following to besubmitted:An excel workbook with the following six (6) sheets:• Sheet 1: Background Information• Sheet 2: Consolidated Journal Entries• Sheet 3: Consolidated Worksheet• Sheet 4: Consolidated Income Statement• Sheet 5: Consolidated Balance Sheet / Statement of Financial Position• Sheet 6: Discussion on Part (B)PART A (23 + 7 = 30 marks)i. Record the consolidated journal entries necessary to prepare consolidated accounts for theyear ending 30 June 2018 for the group comprising United Ltd and Exon Ltd (In Sheet 2:Consolidated Journal Entries).

ii.
Complete the consolidated worksheet for the year ending 30 June 2018 (In Sheet 3:Consolidated Worksheet).

I.
Entering the consolidated journal entries in Part (a) above to the appropriate debitand credit columns in the Consolidated Worksheet; andCompleting the Group figures in the Consolidated Worksheet.

II.

Page 3 of 5PART B (5 marks):During the year ended 30 June 2020, Starhub Ltd acquired the following investments in sharesissued by other companies:

M3 Ltd
$480 000 (42% of issued capital)

Republic Ltd
$680 000 (35% of issued capital)

Starhub Ltd is unsure how to account for these investments and asked you for some professionaladvice.Specifically, Starhub Ltd is concerned that it may need to prepare consolidated financial statementsunder AASB 10. The company provided the following information about the two investeecompanies:M3 Ltd• The remaining shares in M3 Ltd are owned by:o two sisters who hold 10% of shares respectively ando a diverse group of investors who each hold a small parcel of shares.• Historically, only a small number of the shareholders attend the general meetings orquestion the actions of the directors.• Starhub Ltd has nominated three new directors and expects that they will be appointed atthe next annual general meeting. The current board of directors has five members, out ofwhich three are retiring at the next annual general meeting.Republic Ltd• The remaining shares in Republic Ltd are owned by:o M3 Ltd which owns 20% of the shares,o Pontes Ltd which owns 20% of the shares ando a diverse group of investors who each own a small parcel of shares.• The shareholders take a keen interest in the running of the company and attend allmeetings.• Two of the other shareholders, including M3 Ltd, already have representatives on the boardof directors who have indicated their intention of nominating for re-election.RequiredAdvise Starhub Ltd as to whether, under AASB 10, it controls M3 Ltd and/or Republic Ltd. Supportyour conclusion.(23 + 7 + 5 = 35 marks) Converted to 10%Page 4 of 5IMPORTANT:• Before you start the assignment, you must enter your student ID on the background information sheet(Sheet 1; Cell B2) as each student will be given a different set of values depending on their uniquestudent ID as the following:

Student ID

Input your 9-digit ID here

• Please ensure your student ID is entered in correctly otherwise all data, and thus answers, will notcorrespond to your set of allocated transactions/questions.• You must use the excel workbook provided in answering and submitting your answers. Other formatswill not be accepted.• Not following in any of the instructions in this document may result in a delay in the release ofyour results and a penalty of marks deducted.Assignment Requirements1. Please monitor CloudDeakin for any instructions/announcements.2. This is an Individual assignment (there is no group option).3. Each question must be completed on the individual excel workbook provided. The excelworkbook is located in the ‘Assessment Resources’ module, with this assignment.4. You will need to have completed Topic 6 Investment in Subsidiaries to complete thisassignment.5. If you choose not to submit this question you will score zero – the marks cannot be added tothe final examination result.6. NOTE: The submission Due Date is Thursday 21 May, 2020 before 11.59 pm (AEST).The Dropbox will remain open for late submissions. A penalty of 5% of total marks per day willbe applied. Late submissions after 5 calendar days will not be marked as per Faculty’s Policy.7. Submit/upload your assignment to the relevant Assignment Dropbox under the Assessmentstab.Page 5 of 5Submission InstructionsClick the name of the Assignment folder that you want to submit an assignment to.Carefully read the instructions relating to the assignment criteria and submission.Click Add a File.Note: You can upload a maximum of 250 MB file.Submit items from your computer / local disk.Add a comment if required.Click Submit.You will receive confirmation that your file submission was successful.You must keep a backup copy of every assignment you submit, until the marked assignment hasbeen returned to you. In the unlikely event that one of your assignments is misplaced, you will needto submit your backup copy.Any work you submit may be checked by electronic or other means for the purposes of detectingcollusion and/or plagiarism.When you are required to submit an assignment through your CloudDeakin unit site, you will receivean email to your Deakin email address confirming that it has been submitted. You should check thatyou can see your assignment in the Submissions view of the Assignment dropbox folder afterupload, and check for, and keep, the email receipt for the submission.Notes• For more information about academic misconduct, special consideration, extensions, andassessment feedback, please refer to the document Your rights and responsibilities as astudent in this Unit in the first folder next to the Unit Guide of the Resources area in theCloudDeakin unit sitePLEASE USE THE EXCEL WORKBOOK IN ANSWERING AND SUBMITTING YOUR ANSWER. ANYOTHER FORMATS WILL RESULT IN A ZERO MARK.
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