MAA716 Financial Accounting

Posted on January 29, 2018 by Cheapest Assignment

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T3 2017

Internal Assessment – Individual Assignment 2

(100 marks – 20%)

This assignment is a comprehensive question on consolidation accounting which aims to help you to understand better this topic that is critical for the final assessment – the examination. The materials that are relevant to this part will be taught in between week 8 and week 10.

Each page should be numbered and must show the total number of pages (e.g. Page 1 of 8), and every page must have a header that identifies full name and I.D. of every contributing student, and the unit code MAA716. Poor presentation, including poorly formatted tables and worksheets, will attract penalty marks up to 20% of the assignment.

MAA716 Financial Accounting


The assignment must be submitted electronically by the due date, 29 January 2018, Monday, 5:00 p.m., as a Microsoft Word/ Microsoft Excel/ PDF document by uploading it to the Dropbox in CloudDeakin. When uploading your assignment, give the document a name using the following syntax: <Name_ Assignment2 _MAA716>. Submitting a hard copy of this assignment is not required and will not be marked.

Advanced Financial Planning (DFP8_AS_v2A2)

Please review the section on ‘Plagiarism’ in the Unit Guide. You need to check that your assignment does not contain plagiarism. This is done automatically when submitting your report to the ‘Dropbox’, using Turnitin, which checks your report for plagiarism and generates an originality report that you can use to be confident that your report does not contain plagiarism. Turnitin will tell us (but tell you first) the extent to which your work has copied material from others without appropriate recognition through referencing. If this is excessive you will lose marks or you may not receive any marks, or you may have some form of disciplinary action taken if the issue is severe. Take appropriate action to amend your report to avoid this from happening. Note that uploading your report to Turnitin via the prescribed link in CloudDeakin for this unit constitutes submission to this unit AND also constitutes a declaration regarding the contents of the assignment being all your own work, except where appropriate references to the work of others have been acknowledged. You can upload your report to Dropbox as many times as you like up to the due date. In order to avoid a late submission penalty, you must upload your report to Dropbox by the due date. Reports that are submitted after the due date can still be uploaded to the Dropbox. However, a penalty of 5% of the mark achieved for each calendar day will be imposed in case assignments are submitted past the due date. If the assignments are submitted 5 calendar days (or more) past the due date, they will not be assessed and a zero mark will be given.

Assessment 2 MKT 4131

Student/s that require a time extension in relation to this assignment should discuss this with the Unit Chair, supported by documentation (e.g. medical certificate). Such requests should be e-mailed to the Unit Chair ( no later than 12 noon, Wednesday, 24 January 2018. Students are also reminded that extensions will only be given for exceptional and unusual circumstances outside the students’ control.

Other relevant matters

The marking rubric shows you how your assignment will be marked will be available to you as soon as possible. Please monitor CloudDeakin for further updates.

Should you need further clarification on this piece of internal assessment, feel free to post your queries online.

Please allow 15 working days on marking. A solution of the assignment will be available on Cloud Deakin by 31 January 2018 5:00 p.m. to help you prepare for the examination. Once the solution has been released on Cloud Deakin, any submitted assignment after the release will not be assessed.

Advanced Financial Planning (DFP8_AS_v2A2)

Group Accounting – Consolidation (100 Marks in total)

On 1 July 2014, PEACE Ltd purchased 448,500 shares of MIEL Ltd at a price of 1.95 per share. On that day, the retained earnings of MIEL Ltd was 280,000. At the time of acquisition, MIEL Ltd recorded all its assets at their fair values except for an item of plant and some land. PEACE Ltd considered that an item of plant shown in the accounts of MIEL Ltd was less than the fair value. The fair value should be 50,000 not 44,000 as shown in MIEL Ltd’s accounts. The plant was assessed to have a remaining useful life of 6 years and was to be depreciated on a straight-line basis. The land was recorded in the accounts of MIEL Ltd of $21,000 and PEACE Ltd considered its fair value to be $30,000. On 11 May 2018, the land was sold to an unrelated party of PEACE Ltd and MIEL Ltd. On 30 June 2018, the financial statements of PEACE Ltd and MIEL Ltd are as follows:

Statements of Financial Position of PEACE Ltd and MIEL Ltd as at 30 June 2018 PEACE Ltd MIEL Ltd
Cash 683,502 154,744
Accounts Receivable 56,642 37,010
Less: Allowance for doubtful accounts 10,000 46,642 4,800 32,210
Dividend Receivable 120,000
Inventory 17,158 38,950
Total Current Assets 867,302 225,904
Non-current assets
Deferred Tax assets 79,947 2,151
Investment in MIEL Ltd 874,575
Land 138,000 465,000
Property, Plant and Equipment (PPE) 900,000 1,500,000
Less: Accumulated depreciation of PPE 300,000 600,000 500,000 1,000,000
Total non-current assets 1,692,522 1,467,151
Total Assets 2,559,824 1,693,055
Liabilities and Equity
Current Liabilities
Accounts Payable 48,068 41,892
Dividend Payable 23,498 24,738
Income tax payable 109,228 54,400
Other payable 21,643 11,783
Total current liabilities 202,437 132,813
Non-Current Liabilities
Bank Loan 280,000 80,000
Total Liabilities 482,437 212,813
Shareholders’ Equity
Share capital ($1 per share) 1,000,000 690,000
Retained earnings 827,386 778,242
Revaluation Reserve 250,000 12,000
Total shareholders’ equity 2,077,386 1,480,242
Total Equity and Liabilities 2,559,824 1,693,055

HA3011 Advanced Financial Accounting

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