200109 Corporate Accounting Systems Autumn 2021 - Accounting Assignment Help

Assignment Task

Task
Cabarita Ltd (Cabarita) acquired 100% of the shares of Kakadu Ltd (Kakadu) on 1 July 2019.  The cost of investment was $620 000. At that date the capital and reserves of Kakadu were: 
Share capital $260 000 
Retained earnings $200 000 
At the date of acquisition all assets of Kakadu were considered to be fairly valued, except for  a plant that had a fair value $20 000 greater than its carrying amount. The cost of the plant  was $100 000 and it had accumulated depreciation of $60 000

The plant had original  estimated useful life of 10 years. 
During financial year 01/07/2019-30/06/2020, Kakadu sold $30 000 in inventory to Cabarita for on-sale to external parties. The inventory had originally cost Kakadu $22,000. At the year  end, Cabarita still had half of the inventory on hand. On-hand inventory was expected to be  sold in the subsequent period. There was no dividend claimed and paid from both entities for  year ended 30 June 2020. There were no other intro-group transactions between Cabarita and  Kakadu for year ended 30 June 2020. 
Cabarita incurred the following transactions with Kakadu during financial year 01/07/2020- 30/06/2021: 
• Cabarita made total sales in inventory to Kakadu of $62 000, while Kakadu sold $65 000  in inventory to Cabarita. These inventories are expected to be sold to external parties.

• The closing inventory in Cabarita includes inventory acquired from Kakadu at a cost of  $36 000. This cost Kakadu $29 000 to purchase. Kakadu sold all inventory acquired from  Cabarita to external parties during the year.

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