ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
FACULTY OF BUSINESS, DESIGN AND ARTS
ACC20013 Company Accounting
ASSIGNMENT:
GROUP ACCOUNTING
Semester 1, 2021
Assignment Weighting = 20% of overall unit assessment
Due Date: 15 June 2021 (Tuesday)
Requirements:
1. This is a Group Assignment, to be completed by a group of three (3) students. Any
arrangement other than this is subject to prior approval by the convenor.
2. This consolidation assignment consists of a Practical Exercise to be completed by
setting up spreadsheet(s) using Microsoft Excel.
3. The assignment must be submitted in electronic form (Using Turnitin) via Canvas.
For soft copy submission, the naming convention for your Excel shall be
'ACC20013 CA S1 2021_Assignment_Group No.#'
4. Group team leader to submit your group assignment together with one PEER
EVALUATION FORM which have been duly signed. These forms are available in
Canvas under the Assessments/Assignment folder.
5. Individual team member of the group to submit individually completed ‘Teamwork
Self-Reflection & Evaluation’ via Canvas.
6. It is the student’s responsibility to ensure the tutor or lecturer receives the
assignment. Students are advised to keep a photocopy of work as record and back
up an electronic data copy of the assignment.
7. Please be informed that penalty may apply for plagiarized assignment.
1
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
The Major Group Assignment has two sections, will be graded as a score out of 200, with that
score converted to a mark out of 20 (as the assignment is worth 20% of the marks for this unit).
The 200 marks are allocated across Section A (178 marks) and Section B (22 marks).
Section A is completed by the team. Sections A and B are unrelated.
Section A requires the team to prepare consolidation worksheet entries for a group of
companies. This Section A requires the team to work together to produce for your immediate
holding company listed in Australia, consolidated financial statements as at the end of June
2021 of a listed subsidiary company (Vincenzo Berhad) based in Malaysia.
Section B requires each team member to individually submit a short piece titled “Teamwork
Self-Reflection & Evaluation”.
You need to form a team consisting of a minimum of three and a maximum of four students and
work collectively to complete Section A (team membership can include students from different
tutorial classes).
You need to appoint a team leader in your respectively group. The team leader will notify their
tutor and Elizabeth Voong at alvoong@swinburne.edu.my of the names and student id numbers
of the members of their team.
Submission details
This assessment will be submitted through the Canvas assessment submission system (via
Turnitin).
Online submission: No later than 23.59pm on 15th June 2021:
•
Each team leader will submit via Turnitin one electronic version of the team response to the
assignment (Section A) + Assignment Cover Page + Peer Evaluation Form
•
Each individual will submit via Turnitin an electronic version of their short piece titled
“Teamwork Self-Reflection & Evaluation” (Section B of the assignment).
2
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
SECTION A (178 marks)
Part 1: Case Study – Acquisition of subsidiaries
Vincenzo Berhad is a public company that is listed on Bursa Malaysia, the Malaysian stock
exchange and its immediate holding company is listed in the Australian Securities Exchange.
In Malaysia, Vincenzo Berhad owns 80% of the issued ordinary shares of Cassano Sdn Bhd and
100% of the issued ordinary shares of Doldam Research Sdn Bhd. The remaining shares of
Cassano Sdn Bhd are widely distributed among numerous small shareholders, none of which
owns more than 2.5% of Cassano Sdn Bhd.
Information on the acquisition of Doldam Research Sdn Bhd
On 1 March 2021, Vincenzo Berhad acquired Doldam Research Sdn Bhd for a consideration of
$1.25 million, a dormant company. The share capital and reserves of Doldam Research Sdn
Bhd at the date of the acquisition were:
$ 750 000
375 000
375 000
1 500 000
Share capital
Building reserve
Retained earnings
Information on the acquisition of Cassano Sdn Bhd
Vincenzo Berhad acquired Cassano Sdn Bhd on 1 October 2017 on a cum-div basis of
acquisition for $3,150,000. Legal and accounting costs incurred by Vincenzo Berhad in
undertaking this business combination amounted to $3,300. Costs to issue the shares to the
ordinary shareholders of Cassano Sdn Bhd were $1,200.
On the acquisition day, the equity of Cassano Sdn Bhd consisted of:
Share capital (Ordinary shares of $2 each)
General reserve
Retained earnings
Dividend payable [paid on 15 December 2017]
Goodwill
$ 2 300 000
150 000
588 067
100 000
50 000
You are the Group Financial Controller for Vincenzo Berhad. Today is the 18th July 2021 and
your accounting team is currently compiling financial information for the consolidated financial
statements relating to the financial year ended 30 June 2021 for your immediate holding
company based in Australia.
3
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Part 1: Case Study – Acquisition of subsidiaries (contd.)
Fair Value Information of Cassano Sdn Bhd (subsidiary)
Vincenzo Berhad analysed the assets and liabilities of Cassano Sdn Bhd at the acquisition date
and determined that the only assets and liabilities for which the fair value was different from the
current recorded amount were:
Note
Freehold land
Plant and equipment (accumulated
depreciation $500,000)
Inventory
Patents
Contingent liability – legal suit
Provision for restoration costs
1
2
Carrying
amount
$ 100,000
900,000
Fair value
$ 180,000
1,250,000
3
4
5
6
70,000
60,000
-
78,000
120,000
?
?
NOTES:
1.
The freehold land was sold in January 2021 for $215,000.
2.
The plant and equipment were considered to have a further useful life of six years at the
acquisition date on a straight-line depreciation basis.
3.
All the inventory was sold by 23 May 2018.
4.
The patents were considered to have an indefinite life. An impairment was conducted in
June 2018 and the patents were assessed to be impaired by $6,000.
5.
In the audited accounts for the year ended 30 June 2018 of Cassano Sdn Bhd, there was
a disclosure made in the notes to the financial statements pertaining to a contingent liability.
A previous general manager is suing Cassano Sdn Bhd and claiming $200,000 for wrongful
dismissal at an employment tribunal. Cassano Sdn Bhd had submitted its appeal and is
currently waiting for a tribunal hearing.
6.
Cassano Sdn Bhd constructed a power generator in a designated rural area with an
estimated useful life of 10 years. Cassano Sdn Bhd is required by the Government to
dismantle the plant, remove it, and return the site to its original condition. Hence, Cassano
Sdn Bhd estimates these costs to be as follows:
Dismantling the plant
Environmental remediation costs
Replacement of flora and fauna
$100,000
$170,000
$20,000
$290,000
[The discount rate applicable to Cassano Sdn Bhd’s credit risk profile is 12%]
7.
Vincenzo Berhad estimated that the fair value of the non-controlling interest (NCI) in the
subsidiary at acquisition date to be $670,000.
4
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Part 1: Case Study – Acquisition of subsidiaries (contd.)
Information on related party transactions (RPT):
Downstream transactions:
8.
On 1 January 2019, Vincenzo Berhad sold an item of equipment (cost $100,000 and
accumulated depreciation $65,000) to Cassano Sdn Bhd for $60,000. Vincenzo Berhad
had depreciated the equipment at 10% per annum on reducing balance method, while
Cassano Sdn Bhd applied a depreciation rate of 20% straight-line since the date of the
transfer of the asset.
9.
Vincenzo Berhad gave Cassano Sdn Bhd a 5-year loan of $60,000 on 1 January 2019.
Interest on the loan was accrued by both companies at 0.8% per month and was payable
every 6 months from the commencement date of the loan.
10.
Since 1 November 2017, Cassano Sdn Bhd incurred management fees of $100,000 per
year payable to Vincenzo Berhad in relation to services rendered. These amounts have
been invoiced and paid except for the last quarter of the current financial year. The
outstanding amounts were included in ‘Other receivables’ and ‘other payables’ accounts.
Upstream transactions:
11.
On 1 May 2020, Cassano Sdn Bhd sold its machinery to Vincenzo Berhad for $600,000.
The cost of the machinery was $500,000 and the machinery had depreciated by $120,000
prior to the disposal. At the time of its disposal, it was estimated to have a remaining useful
life of 6 years using straight-line depreciation basis. There is no residual value on the asset.
12.
During the current financial year, Cassano Sdn Bhd sold goods to Vincenzo Berhad at cost
plus 20%. Vincenzo Berhad had $0.5 million of goods in its inventory on 1 December 2020
which was supplied by Cassano Sdn Bhd. Vincenzo Berhad sold 40% of the inventory to
a local external customer in February 2021 for $1.6 million. Another 40% was sold to an
overseas customer in March 2021 for $2.1 million. The remaining 20% was still on hand
on 30 June 2021. In addition, Cassano Sdn Bhd had a trade receivable balance of
$300,000 due from Vincenzo Berhad as at 30 June 2021.
13.
The opening inventory of Vincenzo Berhad included inventory sold by Cassano Sdn Bhd
in the previous year for $600,000. Both companies sell goods at cost plus 20%.
Approximately 60% of this inventory was sold by 30 June 2021.
14.
The interim dividend of $0.35 per share was paid by Cassano Sdn Bhd in the current
financial year. The final dividend of $0.40 per share was declared by Cassano Sdn Bhd in
June 2021 and was paid in July 2021. Shareholders' approval is not required in relation to
dividend payments.
5
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Part 1: Case Study – Acquisition of subsidiaries (contd.)
Other events:
15.
Cassano Sdn Bhd is a separate cash-generating unit (CGU) for the group. As such, the
management conducted an impairment test for purchased goodwill for indication of
impairment on an annual basis. Vincenzo Berhad assessed that 5% per annum of the total
goodwill acquired by the Group was impaired at group level. Impairment losses were
classified as ‘Other expenses’ accounts at group level.
16.
The patents were assessed to be impaired by $6,000 per year, at Group level, as at 30
June 2020 and 30 June 2021, respectively.
17.
The Group has legally enforceable rights to offset its tax liabilities with its tax assets.
18.
Doldam Research Sdn Bhd has unutilised tax losses and unabsorbed capital allowances
carried forward of $450,000 and $350,000, respectively.
19.
On 2 July 2021, the immediate holding company of Vincenzo Berhad requested all its
subsidiaries to prepare integrated reports for compilation purposes. The Board believes
that it is important to communicate to their stakeholders and to operate their core
businesses in a way that deliver value for society and the business in a world that faces
unprecedented social, environmental and financial challenges.
Accounting policies of the Group (extracts)
On an annual basis, Vincenzo Berhad prepares consolidated financial statements for the usage
of its immediate holding company. The tax rate is 24%.
Vincenzo Berhad uses the full goodwill method to prepare its consolidated financial statements
in compliance with AASB 3/IFRS 3 Business Combinations and AASB 10/IFRS 10 Consolidated
Financial Statements.
Any adjustments for differences between carrying amounts at the acquisition date and fair values
are made on consolidation. ‘Revaluation Surplus recognised on consolidation’ account
created are transferred on consolidation to retained earnings when assets are sold or fully
consumed. The full effects of intragroup transactions are eliminated upon consolidation. When
revalued assets are sold or fully consumed, any related revaluation surpluses are transferred to
retained earnings.
6
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Part 2: Case Study – Acquisition of an associate
On 1 February 2018, Vincenzo Berhad acquired 41% of the shares (ex-div) of PotterHouse Sdn
Bhd for $220,000. At this date, the equity of PotterHouse Sdn Bhd consisted of:
Share capital (Ordinary shares of $1.30 each)
Building reserve
Retained earnings
$ 250 900
3 000
135 000
388 900
At this date, all the identifiable assets and liabilities of PotterHouse Sdn Bhd were recorded at
fair value except for a property which had a fair value of $130,000 greater than the carrying
amount and inventories which had a fair value of $40,000 greater than its carrying amount. The
property had a further expected useful life of 10 years. Approximately 50% of the inventories at
the acquisition date had been sold to Cassie Sdn Bhd in the year ended 30 June 2019, and the
remaining 50% were sold in the year ended 30 June 2020.
The financial statements of PotterHouse Sdn Bhd over the years contained the following
information:
Financial
1 February 2018 1 July 2018 to
period/year ended to 30 June 2018 30 June 2019
Profit/(loss) for the
($200,000)
45,000
period/year
Dividends paid
$13,000
$10,000
Final dividends
declared
(AGM date = 26
July 2021)
Building reserve
$30,000
$20,000
balance
at year end
1 July 2019 to
30 June 2020
$110,000
1 July 2020 to
30 June 2021
($350,000)
$15,000
$8,000
$20,000 paid on
27 July 2021
$70,000
$50,000
PotterHouse Sdn Bhd is regarded as an associate of Vincenzo Berhad, and accordingly,
Vincenzo Berhad applies the equity method of accounting for its investment in the associate.
Time apportionment applies whenever necessary. The tax rate is 24%.
Additional financial information:
C1. The opening inventories of PotterHouse Sdn Bhd on 1 July 2019 included goods of $45,000
purchased from Vincenzo Berhad at cost plus 30%. These inventories were all sold by 30
June 2020.
C2. In June 2020, PotterHouse Sdn Bhd sold inventories to Vincenzo Berhad for $98,000 at a
margin of 30%. All of these inventories were still held by Vincenzo Berhad at 30 June 2020.
40% of these inventories were sold to third parties by June 2021.
7
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Part 2: Case Study – Acquisition of an associate (contd.)
Additional financial information: (contd.)
C3. On 1 August 2018, Vincenzo Berhad sold a leasehold land to PotterHouse Sdn Bhd for
$79,500, with Vincenzo Berhad recording a profit before tax of $60,000. The leasehold land
had a further 20-years life, with benefits expected to occur evenly in these years.
C4. The constitution of PotterHouse Sdn Bhd requires approval of final dividends by
shareholders at the Annual General Meeting before these can be declared or paid.
C5. The amounts due to/from the associate were as follows:
At 30 June 2020
Amount due from the associate
$180,000
Amount due to the associate
$3,000
At 30 June 2021
$160,000
$35,000
C6. Due to recent poor financial results, Vincenzo Berhad’s directors consider that the goodwill
acquired in the Investment in PotterHouse Sdn Bhd to be fully impaired on 30 June 2021.
8
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Part 3: Case Study – Vincenzo Berhad’s deferred tax exposure
The financial statements of Vincenzo Berhad (Company level) for the current year ended 30
June 2021 have yet to include the effects and accounting for its deferred tax. The deferred tax
balances currently recorded in the general ledger of Vincenzo Berhad have been brought
forward from the prior year.
(a)
The Company is entitled to claim a tax deduction of 125% on development costs when
incurred.
(b)
Amortisation of development costs is non-deductible for tax purposes.
(c)
The details of accumulated depreciation for tax purposes on 30 June 2021 were as follows:
Leasehold land
Machinery
Motor Vehicles
Plant and equipment
Furniture and Fittings
(d)
Accumulated tax depreciation
at 30 June 2021
$44,914
$204,000
$200,000
$382,500
$302,000
The carry forward unutilised tax losses (B/f) amounted to $69,910. The Company did not
recognise a deferred tax asset (DTA) in respect of these tax losses on 30 June 2020 as it
did not meet the recognition criteria as per AASB 112 on that date.
(e)
On 1 July 2020, the Company’s freehold land was revalued from the historical cost of
$100,000 to its fair value of $280,000. The land is a non-depreciable asset. The Company
has yet to put through the tax adjustments related to the revaluation gain of $180,000.
(f)
The entertainment expenses are non-deductible for tax purposes.
(g)
Rental income is only assessable for tax purposes when the rental proceeds have been
received. During the year, the actual rental income received in cash was $12,000.
(h)
Interest income and other income are taxable on receipts and interest expense is
deductible when paid.
(i)
Warranty, long-service leave, and other provisions are deductible when paid. Bad debts
are deductible when written off as bad.
9
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Required for Section A (178 marks):
1)
Prepare the deferred tax worksheet for Vincenzo Berhad (Company level) as at 30 June
2021 and the applicable tax entries (general journal entries) in accordance with relevant
AASBs/IFRSs. Show all relevant computations and explanation, if necessary. List any
assumptions that you may have.
(20 marks)
2)
Prepare the Acquisition Analysis for the acquisitions of
(i)
Investment in subsidiaries; and
(ii)
Investment in associate, showing all relevant workings.
(25 marks)
3)
Prepare the Consolidation Worksheet Journal Entries for Vincenzo Berhad Group for
the financial year ended 30 June 2021, showing all relevant workings and applications
of AASBs/IFRSs. List any assumptions that you may have.
The Journal Entries must include narration(s) and supporting computation(s) (wherever
relevant). Explanations are needed whenever necessary.
(85 marks)
4)
Prepare the Equity Accounting Journal Entries for inclusion in the consolidation of
Vincenzo Berhad at 30 June 2021 for the Investment in associate, showing all relevant
workings and applications of AASBs/IFRSs. List any assumptions that you may have.
(25 marks)
5)
Prepare and present the Consolidated Equity as at 30 June 2021 for Vincenzo Berhad
in accordance with relevant AASBs/IFRSs. Show all relevant computations and
applications.
(13 marks)
[Additional maximum 10 Marks will be given for the overall presentation of assignment]
Students are advised to comply with typical accounts used in the
Australian Approved Accounting Standards (AASBs) or IFRSs when determining
the format or the presentation of the Consolidated Financial Statements.
10
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
The separate financial statements for Vincenzo Berhad’s group were presented as follows:
Vincenzo Berhad (Group of Companies)
Statements of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2021
Vincenzo
Berhad
$
Cassano
Sdn Bhd
$
Doldam
Research
Sdn Bhd
$
Income
Sales revenue
Less) Sales returns and allowances
Less) Discounts given
Net Sales
Less)
Cost of sales
Less) Discounts received
1,773,961
-
(533,790)
2,669
-
3,405,200
1,242,840
-
695,000
15,000
100,000
4,500
23,000
280,000
1,117,500
10,100
100,000
30,000
189,000
329,100
-
(856,375)
(80,000)
(268,950)
(6,889)
(5,000)
(9,111)
(200,000)
(13,350)
(100,000)
(50,000)
(18,000)
(563,000)
(266,895)
(105,000)
(23,000)
(20,000)
(227,027)
(120,000)
(11,000)
(308,500)
(8,000)
(2,500)
(4,000)
(1,666)
(2,000)
(130,000)
(62,000)
-
428,518
(18,116)
(102,844)
-
1,688,739
325,674
(18,116)
180,000
90,000
-
8,000
-
50
50
Finance costs
Interest expense
PROFIT BEFORE TAX
Less)
4,997,200
Administrative and other expenses
Salaries, wages and allowances
Management fee expense
Legal and professional fee
Rental expense
Depreciation expense - PPE
Amortisation expense - leasehold land
Amortisation expense - development cost
Amortisation expense - intangible assets
Loss on disposal of property, plant and equipment
Entertainment expenses
Warranty expense
Long service leave expense
Bad debts expense
Other expenses
Less)
-
Other income
Dividend income
Rental income
Management fee income
Interest income
Bad debts recovered
Gain on sale of property, plant and equipment
Less)
1,779,300
(1,780)
(3,559)
(1,600,000)
8,000
GROSS PROFIT
Add)
5,037,500
(10,075)
(30,225)
2,222,025
Income tax expense
(533,286)
PROFIT FOR THE YEAR
Other comprehensive income for the year, after tax:
Gains on revaluations of PPE
Exchange differences on translating foreign
operations
Total Comprehensive income for the year
1,868,739
11
423,674
(18,116)
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Vincenzo Berhad (Group of Companies)
Statements of Financial Position as at 30 June 2021
Vincenzo
Berhad
$
Cassano Sdn
Bhd
$
Doldam
Research Sdn
Bhd
$
ASSETS
Non-current assets
Property, plant and equipment:
Freehold land
280,000
100,000
-
Leasehold land
385,000
231,165
-
Accumulated amortisation - Leasehold land
(26,889)
(17,336)
-
340,000
(55,000)
400,000
(240,000)
850,000
(478,125)
453,000
(226,500)
926,148
(611,257)
200,000
(160,000)
1,300,000
(1,062,500)
289,000
(144,500)
120,000
(5,000)
130,000
(21,000)
3,070,000
220,000
60,000
100,000
(20,000)
50,000
5,270,486
150,000
50,000
45,000
150,000
1,445,720
200,000
315,000
190,000
612,000
1,700,000
(85,000)
120,000
600,000
65,000
388,000
160,000
90,000
815,713
4,655,713
9,926,199
266,293
676,000
1,725,000
(86,250)
60,000
897,266
20,000
30,000
561,888
4,150,197
5,595,917
Machinery
Accumulated depreciation - Machinery
Motor vehicles
Accumulated depreciation - Motor vehicles
Plant and equipment
Accumulated depreciation - Plant and equipment
Furniture & fittings
Accumulated depreciation - Furniture & fittings
Other non-current assets:
Intangible assets
Accumulated impairment losses - intangible assets
Goodwill
Accumulated impairment losses - goodwill
Investment in Cassano Sdn Bhd
Investment in Associate
Accumulated impairment losses - associate
Loan receivable
Investment in Lassio Ltd (Papua New Guinea)
Development cost
Accumulated amortisation - development cost
Deferred tax assets
Total non-current assets
Current assets
Investments in unit trusts
Inventories
Trade receivables
Less) Allowance for impairment of financial assets
Prepaid insurance
Other receivables
Interest receivable
Dividend receivable
Amount due from associate
Amount due from subsidiary
Cash and cash equivalents
Total current assets
TOTAL ASSETS
12
1,000,000
50,000
200,000
80,000
1,330,000
1,645,000
ACC20013 Company Accounting Assignment:
Vincenzo Berhad Case Study
Semester 1, 2021
Vincenzo Berhad (Group of Companies)
Statements of Financial Position as at 30 June 2021
Vincenzo
Berhad
$
Cassano Sdn
Bhd
$
Doldam
Research Sdn
Bhd
$
EQUITY AND LIABILITIES
Current liabilities
Trade and other payables
Amount due to holding company
Amount due to associate
Provision for long service leave
Provision for warranty
Other provisions
Dividend payable
Deferred income
Interest payable
Current tax liability
Total current liabilities
694,385
35,000
43,000
95,000
100,000
300,000
100,000
120,000
180,000
1,667,385
165,743
300,000
25,000
460,000
36,000
140,000
1,126,743
151,116
151,116
438,000
100,000
538,000
250,000
60,000
310,000
12,000
12,000
3,150,000
2,100,000
1,895,814
445,000
130,000
7,720,814
9,926,199
2,500,000
200,000
330,000
483,174
433,000
155,000
58,000
4,159,174
5,595,917
750,000
356,884
375,000
1,481,884
1,645,000
Non-current liabilities
Deferred tax liabilities
Loan payable
Total non-current liabilities
Equity
Share capital - ordinary shares
Share capital - preference shares
General reserve
Retained earnings
Revaluation surplus
Building reserve
Foreign translation reserve
Total equity
TOTAL EQUITY AND LIABILITIES
13
ACC20013 Company Accounting
Assignment: Vincenzo Berhad Case Study
Semester 1, 2021
Vincenzo Berhad (Group of companies)
Statements of Changes in Equity for the year ended 30 June 2021
Vincenzo Berhad
Share
Capital Ordinary
Balance at 1 July 2020
Total comprehensive income
for the year
Transfers to general reserve
Interim dividends paid
Final dividends declared
Balance at 30 June 2021
Share
Capital Preference
General
Reserve
Retained
Earnings
Revaluation
surplus
Building
reserve
Foreign
Translation
reserve
Total
NCI
Total Equity
3,150,000
-
1,600,000 1,357,075.00
265,000
130,000
-
6,502,075.00
-
6,502,075.00
3,150,000
-
1,688,739.00
500,000 (500,000.00)
(300,000.00)
(350,000.00)
2,100,000 1,895,814.00
180,000
445,000
130,000
-
1,868,739.00
(300,000.00)
(350,000.00)
7,720,814.00
-
1,868,739.00
(300,000.00)
(350,000.00)
7,720,814.00
Cassano Sdn Bhd
Balance at 1 July 2020
Total comprehensive income
for the year
Transfers to general reserve
Interim dividends paid
Final dividends declared
Balance at 30 June 2021
Share
Capital Ordinary
Share
Capital Preference
General
Reserve
Retained
Earnings
2,500,000
200,000
250,000 1,100,000.00
343,000
155,000
50,000 4,598,000.00
-
4,598,000.00
2,500,000
200,000
80,000
330,000
90,000
433,000
155,000
8,000
423,674.00
(402,500.00)
(460,000.00)
58,000 4,159,174.00
-
423,674.00
(402,500.00)
(460,000.00)
4,159,174.00
325,674.00
(80,000.00)
(402,500.00)
(460,000.00)
483,174.00
Revaluation
surplus
12
Building
reserve
Foreign
Translation
reserve
Total
NCI
Total Equity
ACC20013 Company Accounting
Assignment: Vincenzo Berhad Case Study
Semester 1, 2021
Doldam Research Sdn Bhd
Share
Capital Ordinary
Balance at 1 March 2021
Total comprehensive income
for the period
Interim dividends paid
Final dividends declared
Balance at 30 June 2021
Share
Capital Preference
General
Reserve
Retained
Earnings
Revaluation
surplus
Building
reserve
Foreign
Translation
reserve
Total
750,000
-
-
375,000.00
-
375,000.00
-
1,500,000.00
750,000
-
-
(18,116.00)
356,884.00
-
375,000
-
(18,116.00)
1,481,884.00
12
SECTION B (22 marks)
Teamwork Self-Reflection & Evaluation
Section B requires each team member to individually submit a short piece titled “Teamwork
Self-Reflection & Evaluation”. Copy the tables and questions below into a word document
and provide your response.
1.
Rate your team participation using the following rating scale:
Team participation
1 Always
2 Sometimes
criteria
I shared my ideas and
answers with my team
I asked questions when I
did not understand
something
I helped others to
understand when they
had problems
I tried to make people
feel comfortable
working in the team
I stayed on the assigned
task
I tried to find out why I
did not agree with
someone else
3 Rarely
2.
a. In my team, I am good at … (use no more than 10 words)
b. Next time I will try to be better at … (use no more than 10 words)
c. I learned from the team … that I probably would not have learned working alone (use
no more than 10 words)
d. Other team members learned from me … that they probably would not have learned
working alone (use no more than 10 words)
e. Suggest one change the team could make to improve its performance (use no more
than 10 words)
f. I feel my team was … (use one word to describe your team)
3. Rate your team and other members.
1 Extremely well
2 Well
3 Adequately
4 Poorly
None
One
Two
Three
Overall, how
efficiently did the
team work
together on this
assignment?
Excluding
yourself, how
many team
13
members failed
to participate
actively most of
the time?
Excluding
yourself, how
many team
members failed
to fully prepare
for the activity?
Prior to submission of your assignment make sure your work is properly edited and
proofread. Please use spelling and grammar checkers. You would like to obtain assistance
from the Language and Academic Skills (LAS) Centre to improve your assignment and your
writing skills. If you intend to obtain assistance from LAS, then you should contact them as
soon as possible. This can be done even before you have started working on your assignment.
For
more
information
about
LAS
and
how
http://www.swinburne.edu.au/student/study-help/las.html
to
contact
them
-
You may also benefit from using Writer’s Diet (http://writersdiet.com/?page_id=4) - a free online
tool that help you improve the quality of your written work.
Objectives of the Assignment
There are two objectives for this assignment. The first objective is to assist you achieve the
following Unit Learning Outcomes (ULOs):
1. Demonstrate a comprehensive accounting knowledge in such areas as business
combinations, consolidations, accounting for income tax, liquidation of companies and
preparation of team financial statements.
2. Apply critical thinking, problem solving techniques and presentation skills to individual
and/or team activities dealing with financial accounting problems.
3. Undertake independent research skills and communicate solutions utilizing relevant
accounting standards, corporations’ legislation and accounting and other relevant
frameworks.
4. Work collaboratively in diverse teams to develop appropriate and relevant solutions to
accounting problems.
The second objective of this assignment is to assist you develop effective written
communication skills, analysis skills and the ability to work as section of team.
Research with employers consistently shows that communication skills is the main priority
of employers when recruiting graduates in business, including accounting. In the 2015
Graduate Outlook Report published by Graduate Careers Australia, 58.3 per cent of
graduate employers ranked ‘communication skills’ in their three top key selection criteria.
Due to its importance, The Australian Learning and Teaching Council (ALTC) included
Communication Skills as one of the five threshold learning outcomes for accounting
graduates.
The development of the assignment marking rubric has been informed by those objectives.
13