Prepare journal entries to record acquisition by Parma Ltd

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Question - (a) What is a 'business combination' and which Australian accounting standard deals with this topic?

(b) Does any goodwill or bargain purchase need to be reported on acquisition? If so, where is the goodwill / bargain purchase amount reported? (2 marks)

(c) Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty Ltd. The parcel, measured at net fair values, consisted of:

Balance of Accounts:

Plant 250,000

Land 340,000

Vehicles 320,000

Accounts receivable 130,000

Accounts payable (148,000)

Total 892,000

Required - Prepare journal entries to record the acquisition by Parma Ltd, if the cost of acquisition was $1,100,000 cash.

Reference no: EM133008981

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