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FNSACC504 Prepare Financial Reports For Corporate Entities

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Question:

a) On 1 January 2015 the company issued a prospectus to raise an additional $1,000,000 cash by issuing 10,000 9% debentures, each with a face value of $100.The debenture issue was fully subscribed and all the debentures were issued on 1 April 2015.
b) On 30 September 2016, the company redeemed 4,000 of the $100 debentures at a price of $102.50 each.
 
Tiger Pty Ltd and Magpie Supplies Ltd are struggling as independent suppliers and have been losing market share to some larger businesses. They decide to join forces to be more competitive. The new business will be called Maggers Ltd. It was agreed that Tiger Pty Ltd would acquire the assets and liabilities of Magpie Supplies for $1,100,000 and create the new company on 1 July 2016. The acquisition would be funded through the issue of new shares in Tigers Pty Ltd (prior to changing its name to Maggers). Prior to the acquisition and conversion, Magpy Supplies’ trial balance was:
 
Prepare the general journal entries to reflect the following events during the year:
a) The final dividend declared at the end of the previous year of $140,000 was paid on 30 September 2015
b) On 1 April 2016, land and buildings were revalued from $1,500,000 to $1,700,000
c) An interim dividend was declared on 14 February 2016 and paid on 31 March 2016 for $60,000
d) On 30 June 2016 the company declared a fin al dividend of $100,000.
e) On 30 June 2016, the company decided to transfer $50,000 from retained earnings to the general reserve. 
 
The following information has been provided:
1. Profit after tax for the year was $123,500
2. Share capital at 1 July 2015 was 1,500,000 ordinary shares of $1.00 each, fully paid
3. The company issued 150,000 ordinary shares on 1 May 2016 at $1.50 each, fully paid
4. Retained earnings balance 1 July 2015 (credit) $179,500
5. General reserve balance 1 July 2015 $50,000
 
6. Transferred during the year from general reserve to retained earnings $30,000
7. Asset revaluation reserve balance 1 July 2015 $180,000
8. On 30 June 2016, the directors adopted a new valuation of land and buildings of $1,500,000. The previous valuation of land and buildings was $1,400,000.
9. A fully franked interim dividend of $0.03 per ordinary share was paid on 31 March 2016
10. The directors declared a proposed final dividend of $0.05 per ordinary share, fully franked, on 30 June 2016
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