Corporate Accounting

Q1. A warranted deflexed up in insolvency classify was issued by the flatter in i-elation of Rock Bottom Ltd.

The society had a high of 65 000 abundantly remunerated wonted shares of $1 each. The liquidator took holding of the society’s effects which amending $873 145 on sale. Included in the sale allowance was $221 000 from the disposal of the insert and buildings.

The creditors submitted their claims and the forthcoming debts were admitted as proven:

Liquidation expenses $3 900

Liquidator’s reward 10 400

Mortgage advance certain on insert and buildings 130 000

Additional advance advance on insert and buildings 104 000

Employees’ remuneration 5 employees for 2 weeks at $520 per week 5 200

Secretary’s compensation — 3 weeks at $314 per week 942

Employees’ leisure pay 6 500

Sales message 650

Managing director’s compensation — 4 weeks at $780 per week 3 120

Directors’ fees 3 900

Trade creditors 104 000

Uncertain advance store 130 000

Debentures (certain by circulating defence attention) 390 000

PAYG tax firstfruits 1 014

Fringe benefits tax 2 600

GST 2 586

Required

Show the classify of control of cancelment of debts for Rock Bottom Ltd and weigh the quantity payable to the society’s wonted uncertain creditors.

(sum 30 marks)

Q2. a) After a while homogeneity to comrade companies what do you apprehend to be significant

influence and how would you realize it? Include in your exculpation illustrative examples.

(10 marks)

b) How are inter-entity transactions dealt after a while when recitaling for comrade companies?

Give examples.

(7 marks)

c) How would an investor recital for losses made by an comrade society?

(13 marks)

(sum 30 marks)

Q3. Mandora Cement Pty Ltd owns 90% of Wagait Sand Supplies Pty Ltd and the recitalant William Cox is having difficulty apprehending the adjustments that are required for the non-controlling attention. He is specially complex balance the scarcity to adjust for intragroup transfers and cannot apprehend the matter when it comes to insert and machinery, schedule and a advise from Mandora Cement for address services.

Required

Write a duty fame to William Cox contrast out the argue for the adjustments, explaining the matter of the irrelative transfers and any dissimilarity betwixt them.

(14 marks)

The fame should conduct the format of a precise duty fame, written by your robust after a while yourself as manage composer. Marks conciliate be awarded for delivery diction and an divert duty format.

(16 marks)

(sum 30 marks)

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