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Question - Arya Ltd acquired 25% of the voting shares of Brya Ltd on 1 July 2014 for $80,000. At the date of acquisition the shareholders equity of Brya is as follows:
Share Capital 220,000
Retained earnings 100,000
320,000
All assets are recorded at their fair value
The following information relates to Brya Ltd:
Profit /loss after tax as of 30/6/15 are $60,000, dividend paid $20,000, ARR balance $2,000.
Required -
(a) Prepare the equity accounting journals at 1 July 2014 and 30 June 2015 assuming that Arya does not prepare consolidated financial statements.
(b) Calculate Value of equity for Brya Ltd.
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