Reference no: EM132674453
Question - On 1 July 2017 South Ltd acquired all the share capital of West Ltd for $160,000. At that date the accounts of West Ltd show the following:
Share capital $100,000
General reserve 30,000
Retained earnings 20,000
Additional information for the year ended 30 June 2017.
1. Sales by West Ltd to South Ltd during the year amounted to $ 110,000.
2. Unrealised profit in inventory of South Ltd:
01/07/2016 $5,000
30/06/2017 $3,000
3. On 1 January 2010 South Ltd sold an item of plant to West Ltd for $45,000, making a profit on the sale of $10,000. West Ltd depreciates plant at 20% per annum on cost.
4. Included in the other assets of South Ltd is a three-year loan of $20,000 at 15% per annum to West Ltd made on 1 April 2017. Three months interest was accrued by both companies at 30 June 2016.
5. Goodwill is tested annually for impairment; goodwill has been impaired by:
$1,000 for the year ended 30 June 2016; and
$2,000 for the year ended 30 June 2017.
Required - Complete the consolidation worksheet.
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: On 1 July 2017 South Ltd acquired all the share capital of West Ltd for $160,000. Complete the consolidation worksheet
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