BUS356 Contemporary Financial Accounting Group Assignment 2026 | Murdoch

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Published: 28 Mar, 2025

Category	Assignment	Subject	Finance
University	Murdoch University (MU)	Module Title	BUS356 Contemporary Financial Accounting

BUS356 Assignment Brief

Assignment Type – Group Assignment

The assignment must be submitted online through the LMS under the Group Assignment section by the deadline. Ensure that only one member of the group submits the final assignment on behalf of the group. The group assignment is to be done in pairs of TWO or Three students.

Late submissions will not be accepted, and no extensions will be granted. Students are reminded that assignments are to be their own work. Any evidence of collusion or plagiarism between groups will be treated as academic misconduct, and appropriate action will be taken.

Please find the instructions for the individual assignment over the page.

You are required to submit your assignment as a Word file using size 12, Times New Roman font.

There is a word limit on the written answers to questions 4 & 5 of the assignment; your answers for these questions are not to exceed 750 words for both answers. It is recommended that you reference your answers where appropriate.

Generative AI

While students are permitted to used generative AI to enhance their understanding of contemporary financial accounting concepts and principles, generative AI must be properly referenced if it is used in this assessment. If evidence of the use of generative AI is found in this assignment without proper referring, academic misconduct proceedings will be initiated.

Group Assignment Question

On 1 July 2019, Diana Ltd acquired 100% of the issued shares of Charles Ltd for $320 000. At the date of acquisition, the shareholders’ equity of Charles Ltd consisted of:

Share capital	$	200 000
General reserve	$	50 000
Retained earnings	$	30 000
	$	280 000

At 30 June 2023, the accounts of the two companies are presented below.

	Diana Ltd $	Charles Ltd $
Sales	360 000	195 000
Cost of goods sold	(230 000)	(120 000)
Gross profit	130 000	75 000
Dividends revenue	14 000	–
Interest revenue	3 000	5 000
	147 000	80 000
Less Expenses
Depreciation	11 000	7 000
Financial expenses	9 000	9 000
Selling expenses	8 000	10 000
Profit before tax	119 000	54 000
Tax expense	48 000	20 000
Profit after tax	71 000	34 000
Retained earnings 1 July 2022	60 000	10 000
	131 000	44 000
Interim dividend paid	10 000	6 000
Final dividend proposed	30 000	10 000
Retained earnings 30 June 2023	91 000	28 000

Statement of financial position	Diana Ltd $	Charles Ltd $
Shareholders’ equity
Retained earnings	91 000	28 000
Share capital	350 000	200 000
General reserve	30 000	50 000
Liabilities
Accounts payable	45 000	5 000
Dividend payable	30 000	10 000
Accrued interest – Diana Ltd	–	1 000
Loan – Diana Ltd	–	40 000
Other liabilities	40 000	10 000
	586 000	344 000
Assets
Cash at bank	2 000	1 000
Deposits		65 000
Inventory	40 000	30 000
Interest receivable	1 000	–
Loan – Charles Ltd	40 000
Investment in Charles Ltd	320 000
Plant and equipment	110 000	180 000
Accumulated depreciation	(45 000)	(40 000)
Land and buildings	120 000	102 000
Accumulated depreciation	(5 000)	(14 000)
Other assets	3 000	20 000
	586 000	344 000

Additional Information

The identifiable net assets of Charles Ltd were recorded at fair value at the date of acquisition.
In applying the impairment test for goodwill in the current year, the directors have determined that a write-down of $10 000 is required for consolidation purposes. The cumulative goodwill impairment write-downs for prior years amounted to $15 000.
An item of plant and equipment owned by Charles (cost $30 000 and accumulated depreciation of $15 000) was sold to Diana Ltd for $13 000 on 1 July 2020. Charles depreciated the asset at 10% per annum straight-line on original cost (assuming a 10-year economic life). Diana, assuming a further economic life for the plant and equipment of
five years from its date of acquisition, has applied a depreciation rate of 20% straight-line from the date of transfer of the asset.
The opening inventory of Charles Ltd includes unrealised profit of $2 000 on inventory transferred from Diana Ltd during the prior financial year. All of this inventory was sold by Charles Ltd to parties external to the group during the year ended 30 June 2023.
During the current financial year, Charles Ltd purchased inventory from Diana Ltd for $30 000. The inventory had previously cost Diana Ltd $24 000. One-third of this inventory was sold to outsiders by Charles during the year.
Charles Ltd borrowed $40 000 from Diana Ltd during the financial year. Charles paid $2 000 interest on this loan during the year. In addition, a further $1 000 in interest has been recognised as an accrued expense in Charles Ltd’s accounts and as interest receivable in Diana Ltd’s accounts. Interest expense is included in Charles Ltd’s accounts under the financial expenses heading.
On 15 July 2022, Charles Ltd paid a final dividend of $8 000 to Diana Ltd from profits for the prior financial year.
Charles also paid an interim dividend of $6 000 to Diana Ltd on 1 February 2023. In addition, Charles Ltd has provided for a final dividend amounting to $10 000. Diana Ltd has not recognised this dividend as a receivable prior to receipt.
The tax rate is 30%.

Required

Prepare an acquisition analysis.
Prepare the consolidation journal entries necessary to prepare consolidated accounts for the year ending 30 June 2023 for the group comprising Diana Ltd and Charles Ltd.
Prepare the consolidation worksheet for the preparation of the consolidated financial statements for the period ended 30 June 2023.
Why is it important to identify intragroup transactions as current or previous period transactions?
In what circumstances is a tax-effect adjustment required when making an adjustment for an intragroup transaction? Provide two examples of intragroup transactions that would require a tax-effect adjustment and one example of an intragroup transaction that would not require a tax-effect adjustment.

BUS356 Group Assignment Marking Rubric

Question	Assessment Criteria
1. Acquisition Analysis (8 marks)	Accuracy and completeness of the acquisition analysis
2. Consolidation Journal Entries (34 marks)	Correctness and appropriateness of all required journal entries
3. Consolidation Worksheet (43 marks)	Accuracy and completeness of worksheet preparation
4. Importance of Intragroup Transaction Timing (5 marks)	Clear explanation of the importance of identifying intragroup transactions as current or prior periods.
5. Tax-Effect Adjustments for Intragroup Transactions (10 marks)	Clear explanation of circumstances requiring tax-effect adjustments, including two relevant examples that require adjustment and one that does not.
	………/100
Mark	………/20

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