Financial Accounting Group Assignment

Financial Accounting Group Assignment-49
Books of World Retailing Ltd Sale was made by the parent company, (World Retailing Ltd) to its fully owned subsidy (Adelaide Retailing Ltd) reported unrealized profit.

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Furthermore, Mark Construction Ltd has been acquired at the closure of the accounting period as on 30th June 2019.

Reporting of the consolidation accounts for the betterment of financial statement of the economic entity and, furthermore to bring uniformity across companies book of accounts for such acquisitions it compulsory for the companies to follow prescribed guidelines as per Australian Accounting Standard Board 1024 for the proper closure of books.(AASB,1992) For the year closing at 30th June 2019 following necessary adjustments are required to be made in the books of World Retailing Ltd in accordance with Australian Accounting Standard Board 1024.

As the financial accountant you are requested to prepare a response to the following questions: (a) Should the financial statements of new acquired business, Mark Construction Ltd, be consolidated into the economic entity and why?

(250 words maximum) (b) Why does the economic entity have a deferred tax balance?

To ensure that students develop a deep understanding of the real-world applications of corporate accounting, universities have been handing out complex corporate accounting assignments.

These assignments include tedious tasks which might involve going through a firm’s annual reports, describing its items of equity and assessing its income tax expenses.These statements have been presented to the Board of Directors.One of the Board members pointed out that the new business acquired by World Retailing is a construction company.An added advantage is our unmatched knowledge of university specific guidelines and marking criteria.Our experts tailor assignments to the specific requirements of each assessment hence, providing winning solutions to the students who seek our services.The control is defined when more than half of the voting rights of one entity is in the power of the other entity(AASB,1992).Furthermore, to appoint or remove a majority of the members of the board, to cast the majority of the votes at directors’ meeting.The cost of the plant was 5 000 and it had accumulated depreciation of 000.In addition, the World Retailing Ltd acquired 100 per cent of the shares of Adelaide Retailing Ltd on 1 July 2017-that is two years earlier. At that date the capital and reserves of Adelaide Retailing Ltd were: At the date of acquisition all assets of Adelaide Retailing Ltd were considered to be fairly valued.Owing to the complexity of these assignments, students sometimes struggle to make a submission on time.My Assignment Services is one of the leading providers of Corporate Accounting assignment help in Australia.


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