User Account

All Pages

Prepare the consolidation journal entries

Assignment Help Accounting Basics
Reference no: EM132762014

Question - B Ltd purchased an asset for $200 000 on 1 July 2015. This asset has a five year life and is depreciated straight line for both accounting and taxation purposes. B Ltd sold this asset to A Ltd on 1 Jul 2017 for $150 000. A Ltd owns 80% of the share capital of B Ltd.  For the year ended 30 June 2019, B Ltd made an after tax profit of $500 000.  The company tax rate is 30%.

Required - Prepare the consolidation journal entries for 2018 and 2019 to adjust for this asset sale, and calculate the NCI share of B Ltd as at 30 June 2019.

Reference no: EM132762014

Questions Cloud

Determine the consolidated retained earnings : S Company had retained earnings of P2,400,000 after paying dividends of P180,000 to the acquirer. Determine the Consolidated Retained Earnings
Discuss about human resources in the health care industry : Why is human resources in the health care industry just as important as it is in other industries? Provide an example. The response must be typed.
What is the total amount of the dividend that will be paid : The company's board of directors has declared a dividend of 70 cents per share. What is the total amount of the dividend that will be paid
Should the bank outsource its call center service : Should the bank outsource its call center service based on just these numbers and the other data given in the case
Prepare the consolidation journal entries : Prepare the consolidation journal entries for 2018 and 2019 to adjust for this asset sale, and calculate the NCI share of B Ltd as at 30 June 2019
Vulnerability Assessment : Perform a Vulnerability Assessment of your place of employment or living area.
Industry experts believe blockchain is technology : Industry experts believe blockchain is a technology that has the potential to affect the business of most IT professionals in the next five years.
Prepare journal entry to record the impairment on January : JJ Company determined that due to obsolescence, an equipment with an original cost of P4,500,000. Prepare journal entry to record the impairment on January
What are main data pre processing steps : Why are the original/raw data not readily usable by analytics tasks? What are the main data preprocessing steps? List and explain their importance in analytics.

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