Answering Questions

  • Read each question carefully.
  • When you answer a question, your answer will automatically be saved.
  • You can revisit questions and change your answers at any time during the exam.
  • The only permitted characters for numerical answers are:
    • Numbers
    • One full stop as a decimal point if required
    • One minus symbol at the front of the figure if the answer is negative.

              For example: -10234.35

No other characters, including commas, are accepted.

Navigating between questions

  • Click Next Button to move to the next question.
  • Click Pervious Button to move back to the previous question.
  • Click on a question number from the Exam Progress Details panel (see next page) to move directly to that question.
  • A message will be displayed when you click to move away from a question which has been partially attempted. You can choose to stay on the question and review your answer(s) or continue.
  • When reviewing your answer(s) for partially attempted questions ensure you read any message displayed in red text below the question in Section A or below the question
    part(s) in Section B
    .

JULIE AND VEEThe summarized statement of financial position for Julie Co and Vee Co at 30 November 2009 were as below;

 

Julie

Vee

 

 

 

            Non current asset

 

 

            PPE

138,000

115,000

            Investment

98,000

 

 

 

 

            Current Asset

 

 

            Inventory

15,000

17,000

            Receivables

19,000

20,000

            Cash

2,000

 

 

 

 

            Total Assets

272,000

152,000

 

 

 

            Share Capital of $1 each

50,000

40,000

            Retained Earnings

189,000

69,000

 

 

 

            Current Liability

33,000

43,000

 

 

 

            Total Equity and Liability

272,000

152,000


On 1st May November 2009 Julie Co bought 60% of Vee Co paying $76,000 cash

The following information is relevant

  1. At 30th November 2009 the inventory of Vee Co includes goods purchased at a cost of $800,000 from Julie Co at cost plus 25%. None of the goods have been sold on by the reporting date.
  2. Julie Co values the non controlling interest using the fair value method. At the date of acquisition the fair value of the 40% non controlling interest was $50,000.
  3. Vee Co earned a profit after tax for the year of $900,000 in the year ended 30th November 2009.

Required,

Consolidated financial position of Julie Group as at 30th November 2009.
(Provide the final amount)

Leave a Reply

Your email address will not be published. Required fields are marked *