Prepare the consolidation worksheet entries for yummy ltd

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Reference no: EM132816950

On 11 January 2020, Yummy Ltd acquired all the issued shares (cum div.) of Candy Ltd for $315,000. At that date the equity of Candy Ltd was recorded at:

Share capital $190,000
Retained earnings $50,000
General reserve $30,000

On 11 January 2020, the records of Candy Ltd showed that the company had previously recorded a goodwill at cost of $5,000. Further, Candy Ltd had a dividend payable of $15,000, the dividend to be paid in May 2020. All other assets and liabilities were carried at amounts equal to their fair values.

Required:

Problem 1: Prepare the acquisition analysis at 11 January 2020.

Problem 2: Prepare the consolidation worksheet entries for Yummy Ltd's group at 11 January 2020.

Reference no: EM132816950

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