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Prepare journal entries to record the acquisition by abc ltd

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Reference no: EM133012588

ABC Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel, measured at net fair values, consisted of:

Plant                        37 500
Land                         60 000
Vehicle                       30 000
Accounts receivable       7 500
Accounts payable       (12 000)
                              123 000

Required:

Problem 1: Prepare journal entries to record the acquisition by ABC Ltd, supposing that:

  1. The cost of acquisition was $150 000 cash.
  2. The cost of acquisition was $108 000 cash.

Reference no: EM133012588

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