Reference no: EM132814156
Question - Partial Goodwill Method
Green Ltd acquired 90% of the shares (ex div.) of Yellow Ltd on 1 July 2018 for $250,000. At this date, the equity of Yellow Ltd consisted of:
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Share capital
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$140,000
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General Reserve
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25,000
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Retained earnings
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70,000
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At acquisition date all the identifiable assets and liabilities of Yellow Ltd were recorded at amounts equal to fair value except the following:
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Carrying Amount
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Fair value
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Inventory
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30,000
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45,000
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Patent
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85,000
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90,000
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Plant (cost 100,000)
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80,000
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90,000
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Plant was depreciated at 10% using straight line method. Patent has definite life and existing goodwill of $5000 was recorded.
At 30 June 2019, the equity of Yellow Ltd consisted of:
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Share capital
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$140,000
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General Reserve
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40,000
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Retained earnings
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90,000
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During the 2019-20 year Yellow Ltd recorded a profit of $30,000.
Required - Prepare the consolidated worksheet entries at 30 June 2020 for Green Ltd assuming: Green Ltd adopts the partial goodwill method:
(1) Calculate Acquisition Analysis?
(2) Prepare all consolidation journal entries for 30/6/2020.
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