The Following Information Relates to Question
Aussie Ltd Acquired $\text { Statement of Financial Position as at } 1 \text { July } 20 \times 0$

question 5

Multiple Choice

The following information relates to question
Aussie Ltd acquired 100% of Sing Sing Ltd (Sing Sing) on 1 July 20X0. The statement of financial position of Sing Sing on that date was as follows:
$\text { Statement of Financial Position as at } 1 \text { July } 20 \times 0$
$\begin{array}{lrlr}&S\$&&S\$\\\text { Machinery at cost } & 280,000 & \text { Share capital } & 200,000 \\\text { Investment property } & 200,000 & \text { General Reserve } & 100,000 \\\text { Receivables } & 50,000 & \text { Retained earnings } & 300,000\\\text { Cash }&70,000\\&600,000&&600,000\end{array}$ The statement of financial position of Sing Sing as at 30 June 20X1was as follows:
Statement of Financial Position as at 30 June 20X1
$\begin{array}{lrlr}&S\$&&S\$\\\text { Machinery- carrying value } & 150,000 & \text { Share capital } & 200,000 \\\text { Investment property } & 200,000 & \text { General Reserve } & 100,000 \\\text { Trade receivables } & 250,000 & \text { Retained earnings } & 500,000 \\\text { Cash } & 300,000 & \text { Trade payables } & 85,000 \\& & \text { Income tax payable } & 15,000\\&900,000&&900,000\end{array}$
Relevant exchange rates are as follows:
$\begin{array}{llll}&A\$&&S\$\\1 \text { July } 20 \times 0 & 1.00 & = & 1.25 \\30 \text { June } 20 \times 1 & 1.00 & = & 1.28 \\\text { Average } 20 \times 0-\times 1 & 1.00 & = & 1.18\end{array}$
-If the local currency of Sing Sing is Singapore dollars and the functional currency is Australian dollars the total assets of S$900,000 would translate into Australian dollars as:

• A) $703 125
• B) $709 688
• C) $1 141 500
• D) $1 152 000

Explain the concept and implications of express and implied warranties under the UCC.

Identify the conditions under which buyers and sellers have the right to reject, revoke acceptance, or demand performance of contracts.

Describe the perfect tender rule and its exceptions.

Analyze the obligations of contractual parties as determined by common law and the UCC.

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