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Julia Ltd is a Namibian entity that manufactures electronic
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Julia Ltd is a Namibian entity that manufactures electronic equipment. The year-end of Julia Ltd is 30 June. On 1July 2014 Julia Ltd acquired 65% interest in Olga Ltd, an entity with a functional currency of Euro (?).

The consideration amounted to N$10 000. At the date of acquisition Julia Ltd determined that a plot owned by Olga Ltd was undervalued by N$1 200.

The trial balance of the two entities for the year ended 30 June 2015 is given below.

Julia Ltd (N$)

Olga Ltd (?)

Land and buildings

524 000

356

Plant and equipment

282 000

674

Investment in Olga Ltd

10 000

0

Inventory

83 000

54

Accounts receivable

95 000

78

Bank

102 000

93

Share capital

200 000

100

Retained earnings 1 July 2014

355 000

972

Long term loan

130 000

86

Accounts payable

76 000

24

Sales

740 000

165

Cost of sales

296 000

66

Operating expenses

109 000

26

The following exchange rates applied:

Closing rates

1?$

30 June 2014

12.87

1 July 2014

12.74

30 June 2015

11.98

Average rates

1 July 2013 - 30 June 2014

13.04

1 July 2014 - 30 June 2015

13.65

Additional information

The functional currency of Julia Ltd is Namibian dollars (N$), and this is also the presentation currency.

Ignore deferred tax.

Julia Ltd measures non-controlling interest at the proportionate share of the attributable assets and liabilities of the acquiree.

Required

Prepare the translated trial balance of Olga Ltd for the year ended 30 June 2015.                                                                                                                                 (9)

Prepare all the pro-forma journal entries to account for the consolidation of the Julia Ltd group. Narrations are required.                                            (16??)

Prepare the following consolidated annual financial statements of Julia Ltd for the year ended 30 June 2015:

Statement of profit or loss and other comprehensive income.               (4)

Statement of financial position.                                                      (11)

Statement of changes in equity.                                                      (5??)

Show your workings.

 







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