User Account

All Pages

Create the journal entries in the records of quick buck ltd

Assignment Help Accounting Basics
Reference no: EM132568319

On 1 July 2019, Quick Buck Ltd took control of the assets and liabilities of Eldorado Ltd. Quick Buck Ltd issued 80,000 shares having a fair value of $2.40 per share in exchange for the net assets of Eldorado Ltd. The costs of issuing the shares by Quick Buck Ltd cost $1,600. At this date the statement of financial position of Eldorado Ltd was as follows:

                                                                    Carrying amount                             Fair value

Machinery                                            $40,000                                         $67,000

Fixtures & fittings                                     60,000                                              68,000

Vehicles                                                       35,000                                           35,000

Current assets                                           10,000                                            12,000

Current liabilities                                          (16,000)                                           (18,000)             

Total net assets                                             $129,000

Share capital (80,000 shares at $1.00 per share)    $80,000

General reserve                                                  20,000

Retained earnings                                                 29,000

Total equity                                                       $129,000

Required:

Question 1: Prepare the journal entries in the records of Quick Buck Ltd at 1 July 2019 for the acquisition.

Reference no: EM132568319

Questions Cloud

Evaluate by what amount balances of the deferred liability : Evaluate by what amount the balances of the deferred liability and deferred tax asset will increase or decrease for the year to 30 June 2020.
How many direct labor hours were used in printing : How many direct labor hours were used in printing during the month if the activity rate for printing was $10 per direct labor hour
Social contexts of american correctional system : Identify the historical and social contexts of the American correctional system.
Differences between relationship and target marketing : Explain the differences between relationship marketing and target marketing and Discuss brand equity and brand values
Create the journal entries in the records of quick buck ltd : On 1 July 2019, Quick Buck Ltd took control, Prepare the journal entries in the records of Quick Buck Ltd at 1 July 2019 for the acquisition.
Define community corrections : Define community corrections. Identify at least two community corrections programs available in your state.
Make all entries that are necessary at april : The proper amount of cash is paid. The exchange lacked commercial substance. Make all entries that are necessary at April 1, 2018
What kind of lyrics and instruments are used : As you watch the presentation select two of the songs that are performed. Tell me who created them, what the songs symbolize, what kinds of lyrics.
Make the necessary journal entries to recognise : Make the necessary journal entries to recognise the non-controlling interest as at 30 June 2019. calculate the non-controlling interest as at 30 June 2019.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd