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QUESTIONS - CONSOLIDATION WORKSHEET ENTRIES
On 1 July 2019, ABC Ltd acquired all the issued shares of XYZ Ltd for $268,000. At this date, the equity of XYZ Ltd consisted of:
Share capital
$150,000
General reserve
30,000
Retained earnings
50,000
All the identifiable assets and liabilities of XYZ Ltd were recorded at amounts equal to their fair values except for:
Carrying amount
Fair value
Plant (cost 300,000)
250,000
280,000
Inventory
40,000
Plant can be used for another 5 years since the acquisition date. Inventory are sold by 30/6/2020. The tax rate is 30%.
Required -
PART A - Prepare an acquisition analysis at 1 July 2019 by ABC Ltd.
PART B - Prepare consolidation worksheet entries on 30 June 2020.
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