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Accountancy Class Test Questions

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Accountancy Class Test Questions
This examination paper must be returned. Candidates are not permitted to remove this paper from the examination room.

STUDENT NUMBER…………………………

STUDENT'S NAME..................................................……………………………………..……..……......

First name

Last name

SIGNATURE………………………………………………………………………………

MACQUARIE UNIVERSITY
Semester 2, 2010 IN-CLASS TEST NO 2

Unit:

ACCG308 CORPORATE ACCOUNTING AND REPORTING

Time allowed: Total number of questions: Instructions:

45 minutes ONE

This is a closed book examination. You are not permitted to access any books, notes or other written materials. Silent calculators, nonprogrammable are allowed. Questions must be answered on the examination paper. Answer all parts of all questions.

(Office Use Only – Do Not Write Here)

Total

/25

Question 1 (25 marks) On the 1 July 20X6 Howard Ltd gained control of Carter Ltd by buying 70% of its shares for $70,000. At this date, Carter had share capital $50,000 and retained profits $30,000. Additional information:  Goodwill impairment is $500 in year ended 20X8 and $850 in 20X9.   Dividends are paid out of current period profit. The dividends were paid before year-end. Inventory purchases by Howard from Carter during the current year amounted to $30,000. Their cost to Carter was $20,000. Howard still holds $18,000 of this inventory at year-end. Loan from Carter attracts 12% interest per annum. The interest was paid before year-end. Included in other assets of Howard is equipment purchased from Carter on the 1 July 20X7 for $41,000. The equipment was four years old when sold, had cost Carter $50,000 to buy, with expected residual value $5,000, and had been depreciated 10% p.a. straight-line. Howard depreciates the equipment (after deducting the same residual) straight-line over the remaining six-year life.

 

Required: Complete the consolidation worksheet on the next page. Note: 1. Marks are awarded for each correct individual worksheet entry. 2. For the eliminations column only,

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