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Hi i need this case study to be done. And the website recommends you. Pleaae do look at it thanks
BUS356 2018 CASE STUDY OF ABC LTD AND XYZ LTD ABC Ltd made a takeover bid for all the issued voting shares of XYZ Ltd offering three ABC Ltd shares for every two XYZ Ltd shares. The offer from ABC Ltd was accepted by 90% of the shareholders of XYZ Ltd. The date control was obtained by ABC Ltd was deemed to be 1 January 20X7. The following information is available. (a) Shareholders’ equity of XYZ Ltd at balance date on 31 December 20X6: $000 Share capital (200,000) shares 200 General reserve 300 Retained earnings 150 650 (b) Market value of each entity’s shares at 1 January 20X7 ABC Ltd $3.20 XYZ Ltd $4.00 (c) In XYZ Ltd’s accounting records, land was stated at $200,000 below its cost to the group. This is to be accounted for as a consolidation adjustment. Statements of comprehensive income and statements of financial position of ABC Ltd and XYZ Ltd for the year ended 31 December 20X8 are as follows: Statements of Comprehensive Income ABC Ltd XYZ Ltd $000 $000 Sales 5000 2000 Cost of sales 2570 1025 Gross profit 2430 975 Dividend revenue   252     – 2682 975 Expenses  2057 300 Operating profit before tax 625 675 Income tax expense    280   260 Operating profit after tax 345 415 ABC Ltd XYZ Ltd $000 $000 Retained earnings at 1.1.X8 294 200 Profit for the year 345 415 Interim dividend paid (100) (150) Final dividend declared   (160)   (200) Retained earnings at 31.12.X8     379     265 Statements of Financial Position ABC Ltd XYZ Ltd $000 $000 Assets Current assets Other current assets     385     395 Total current assets     385     395 Non-current assets Property, plant and equipment     550     750 Investments     864         – Total non-current assets   1414    750 Total assets 1799 1145 Liabilities Current liabilities Trade and other payables 60 180 Provision for final dividend     160     200 Total current liabilities     220     380 Total liabilities     220     380 Net assets   1579     765 Shareholder’s equity Share capital 1200 200 General reserve         –    300 Retained earnings     379     265 Total equity   1579     765 Additional information ABC Ltd records dividend revenue in the accounting period when the cash is received. The final dividend declared by XYZ Ltd for the 20X7 year was $130,000 and it was paid on 1 March 20X8. Impairment losses for goodwill arising on acquisition had not been recognised in any of the previous years’ consolidated financial statements. The directors of ABC Ltd are of the opinion an impairment loss of $10 000 will be recognised in relation to its investment in XYZ Ltd in the consolidated financial statements for the year ended 31 December 20X8. Inter-company sales for 20X8         Cost Sales Price From ABC and XYZ $300 000 $500 000 From XYZ to ABC $200 000 $350 000 In relation to the inventory sales in (d) above, inventory held by ABC Ltd and purchased from XYZ Ltd is as follows:         Cost Sales Price As at 1 Jan 2008 $50 000 $120 000 As at 31 Dec 2008 $75 000 $150 000 The rate of company income tax is 30%. Assume the directors of ABC Ltd have adopted the full goodwill method. Required: For the accounting records of ABC Ltd show the general journal entries to record: the acquisition of the shares in XYZ Ltd on 1 January 20X7. the dividend received from XYZ in 20X8 but proposed by XYZ Ltd in 20X7; and the interim dividend received from XYZ Ltd in 20X8. (3 marks) Prepare the consolidated financial statements at 31 December 20X8. Show all consolidation journal entries and a worksheet and all workings for the calculation of NCI. The consolidated financial statements should be presented in the same manner your textbook presents them. (20 marks) Explain the partial and the full goodwill methods. In your discussion list the advantages and disadvantages of using each method. (2 marks) TOTAL MARKS 25 ASSESSMENT WEIGHTING 25% 4