Exam (elaborations)
FAC3762 ASSIGNMENT 1 OF 2021
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Guranteed distinction
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FAC3762 ASSIGNMENT 1 OF 2021(a) From:
Sent:
To:
Subject: Consolidation of bank balances
Good day.
A bank overdraft of one entity in the group can be set off against a positive balance
of another entity in the group only if:
(i) Their bank accounts are held with the same bank; and either
(ii) The entity with the favourable bank balance guarantees the bank overdraft of
the other entity or the bank itself sets off the two amounts in terms of an
agreement between the two entities and the bank; and
(iii) The group has the intention to settle the amounts on a net basis.
The net amount will be presented under cash and cash equivalents as follows:
CURRENT ASSETS R
Cash & cash equivalents (1 240 000 − 50 000) 1 190 000
(b) Consolidated statement of changes in equity of the Brick Ltd Group for the
year ended 30 June 2020
Ordinary Retained Total Non - Total
Share Earnings Controlli
Capital ng
Interest
R R R R R
Balance at beginning of year (𝒊 & 𝒊𝒊) 1 500 000 2 118 644 3 618 644 252 367 3 871 011
Total Comprehensive income (𝑖𝑖𝑖) 6 277 730 6 277 730 320 429 6 598 159
Ordinary dividends (𝐶1) (496 000) (496 000) (10 000) (506 000)
Balances at end of year 1 500 000 7 900 374 9 400 374 562 796 9 963 170
(i) [1 968 974 + 135 870 (𝐶1) + 8 150 (𝐶2) + 5 650(𝐶2]) = 𝑹𝟐 𝟏𝟏𝟖 𝟔𝟒𝟒
(ii) [218 400 (𝐶1) + 33 967 (𝐶1)] = 𝑹𝟐𝟓𝟐 𝟑𝟔𝟕
(iii) [6 598 159 − 320 429 (𝐶2)] = 𝑹𝟔 𝟐𝟕𝟕 𝟕𝟑𝟎
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