Solution-Make the consolidated worksheet entries at June

Make the consolidated worksheet entries at June

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Reference no: EM132615984

Question - Sydney Ltd acquired 90% of the shares (cum div.) of Tasmania Ltd on 1 July 2018 for $470 000. At this date, the equity of Tasmania Ltd consisted of:

Share capital $240,000

Asset revaluation surplus 60,000

Retained earnings 160,000

At acquisition date all the identifiable assets and liabilities of Tasmania Ltd were recorded at amounts equal to fair value. Tasmania Ltd had recorded a dividend payable of $20,000, which was paid in August 2018, and goodwill of $12,000.

At 30 June 2019, the equity of Tasmania Ltd consisted of:

Share capital $240,000

Asset revaluation surplus 80,000

Retained earnings 220,000

During the 2019-20-year Tasmania Ltd recorded a profit of $100,000.

Required - Make the consolidated worksheet entries at 30 June 2020 for Sydney Ltd using the partial goodwill method.

Reference no: EM132615984

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Make the consolidated worksheet entries at June

Reference no: EM132615984

Reference no: EM132615984

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