Foundations Of Nursing NUR132 Assignment 

Unit Code :- NUR132
Unit Title :- Foundations Of Nursing
Assessment Type :- Assignment 1
What you have to do
This assessment consists of 5 Tasks. All questions must be completed.
The recommended textbook, OLS learning resource and web tutorials will assist you with this assessment.
Foundations Of Nursing NUR132 Assignment 

Foundations Of Nursing NUR132 Assignment 

Competency requirements :-
Students must achieve a satisfactory result in topic to pass this assessment.
If you do not satisfactorily complete any of the tasks you will be required to do a gap assessment or a re submit of the entire assessment. Please note you will not be able to attempt the assessment more than twice.

To achieve a satisfactory result in these topics you must achieve the following results for each task:

Foundations Of Nursing NUR132 Assignment 1

Task 1
The following operational income and expenses relates to Beta Ltd for the year ended 30 June 2018:

Foundations Of Nursing NUR132 Assignment 1

Additional information:-
1.Administration expenses included:
a. Audit of accounts: $7,000
b. Taxation advice paid to the auditors: $4,000
c. Depreciation of plant & equipment: $10,000
2.Share capital at 1 July 2017 was 1,500,000 ordinary shares of $1.00 each, fully paid
3.The company issued 200,000 ordinary shares on 1 April 2018 at $1.25 each, fully paid
4.Retained earnings balance 1 July 2017 (credit balance): $288,000
5.General reserve balance 1 July 2017: $30,000
6.Amount transferred to general reserve 30 June 2018: $25,000
7.Asset revaluation reserve balance 1 July 2017: $110,000
8.On 30 June 2018, the directors adopted a new valuation of land and buildings of $950,000. The previous valuation of land and buildings was $900,000.
9.A fully franked interim dividend of $0.04 per ordinary share was paid on 15 February 2018.
10.The directors declared a proposed final dividend of $0.05 per ordinary share, fully franked, on 30 June 2018.
11.Assume a tax rate of 30%.
12.Franking credits available at the end of the year were $58,000.

Foundations Of Nursing NUR132 Assignment 

Required:-
a. Prepare a Statement of profit or loss and other comprehensive income with expenses classified by function for the year ended 30 June 2018.
b. Prepare the Notes to the Statement of profit or loss and other comprehensive income for the following:
(i) Summary of accounting policies
(ii) Profit
(iii) Income tax expense
(iv) Other comprehensive income
c.Prepare graphical information to illustrate the breakup of expenses. Refer to OLS learning resource to assist you.
d.Prepare the Statement of Changes in Equity for the year ended 30 June 2016.
e.Provide details required as well the additional disclosures required by Australian companies (paragraph 13) to support the Statement of changes in equity for the following:
• Dividends
• Dividend franking account

Task 2
The following trial balance was extracted from Treble Ltd’s MYOB software:

Treble Ltd Trial Balance at 30 June 2018

Foundations Of Nursing NUR132 Assignment 1

Additional information:
1.Equity investments comprise shares in companies listed on the Australian Securities Exchange (ASX) ($191,000) and debentures available for trading ($268,000).
2.The mortgage, secured by land & buildings, is due to be repaid in six equal installments, due on 1 July each year, commencing on 1 July 2018.
3.Land was re-valued by the directors on 30 June 2018 to $2,420,000.
4.Buildings were re-valued on the basis of property consultant valuation on 30 June 2018 to $1,150,000.
5.Anticipated liability for employee benefits payable within the next twelve months is $12,000.
6.The company is currently involved in a lawsuit where damages amounting to $500,000 are being claimed against the company. The company’s legal advisers believe that there is a 30% chance that the company may lose this case.

Foundations Of Nursing NUR132 Assignment 

Required:
a. Prepare the Statement of financial position for Treble Ltd as at 30 June 2018 on a current and non-current basis.
b. Prepare the Notes to the Statement of financial position which comply with accounting standard AASB 101 Presentation of financial statements, AASB 112 Income taxes and AASB 137 Provisions, Contingent liabilities and contingent assets.

Task 3
Part (a)
The following information relates to the operations of Smith Ltd for the year ended 30 June 2018:

Foundations Of Nursing NUR132 Assignment 1

Additional Information – The petty cash float was $1,000 on 30 June 2017. There was $127,200 in deposits at call on 30 June 2017.

Required:
Prepare a cash flow statement for the financial year ended 30 June 2018, including the note required for the reconciliation of cash.

Part (b)
The following is an extract from the accounting records of Palace Ltd for the year ended 30 June 2018:

Foundations Of Nursing NUR132 Assignment 1

Additional Information
Profit before tax is $863,520, tax expense $259,056. Profit was determined after accounting for the following items:

Required:
Determine the net cash from operating activities for the year ended 30 June 2018 by preparing the reconciliation with profit before tax.

Foundations Of Nursing NUR132 Assignment

Task 4
Part (a)
Jack and Jill form a company J&J Pty Ltd on 1 July 2017, to take over their existing partnership as a going concern. At that date the fair value of assets and liabilities acquired by J&J Pty Ltd were:

Additional information:
• J&J Pty Ltd paid legal fees of $8,000 in regard to the transfer of premises.
• The purchase consideration was $540,000 – payable in fully paid $1.00 ordinary shares of J&J Pty Ltd.

Required:
Prepare general journal entries to record:
(i) the acquisition of the business
(ii) payment of purchase consideration
(iii) payment of legal fees and
(iv) closing entry for legal fees.

Part (b)
On 30 June 2018, Mona Ltd acquired all the share capital Lisa Ltd for $630,000. The balance sheet at the time of acquisition is shown in the worksheet below. All assets and liabilities were shown at their fair value in the balance sheet.

Required:
Prepare all consolidation elimination entries in general journal entry format (not this consolidation worksheet).

Part (c )
Using your solution in Part b), after the consolidation entries, what would be the consolidated balances of:
(i) Retained earnings,
(ii) Share capital and
(iii) Reserves.

Foundations Of Nursing NUR132 Assignment 1

Task 5
Steel Ltd acquired all the issued capital of wool Ltd on 1 July 2017 for $1,102,500. At that date the share holders’ equity of Wool Ltd was:

Additional information :-
During the year ended 30 June 2018:
(i) Inter company sales:
• Steel Ltd to Wool Ltd $13,500
• Wool Ltd to Steel Ltd $16,875
(ii) Unrealised profits in closing inventory as at 30 June 2018 is $2,700 for goods sold by Wool Ltd to Steel Ltd and $5,625 for goods sold by Steel Ltd to Wool Ltd.
(iii) Unrealised profit in opening inventory for goods sold by Steel Ltd to Wool Ltd as at 1 July 2017 is $4,500 and for goods sold by Wool to Steel is $7,875.
(iv) Wool Ltd provides administration services to Steel Ltd. Steel Ltd pays an administration fee of $67,500 per annum for these services.
(v) The final dividend of $45,000, declared as at 30 June 2017, was paid by Wool Ltd in October 2017.
(vi) On 1 January 2018, Steel Ltd purchased office equipment from Wool Ltdfor $28,125. Wool Ltd made profit on this sale of $4,500. Both companies depreciate office equipment at 20% per annum.
(vii) Wool Ltd borrowed funds from Steel Ltd by issuing 450, 10% Debentures (each with a face value of $100) on 1 July 2017 to Steel Ltd. Interest is paid at the end of each quarter (and has been paid for the period ending 30 June 2018).
(viii) The directors review the balance of goodwill each year. They agree that:
• for the year ended 30 June 2017, goodwill was impaired by $6,750.
• for the year ended 30 June 2018, goodwill was impaired by $18,000.

Foundations Of Nursing NUR132 Assignment

Required:
a) Prepare the calculation of goodwill / gain on consolidation.
b) Complete the consolidation worksheet.
c) A computerised accounting package such as MYOB Xero or even an in-house accounting package can manage or record consolidation elimination entries. Explain how this works.
d) When must Steel Ltd lodge and pay to the Australian Taxation Office (ATO) its consolidated tax return by?

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