Prepare the consolidation worksheet entries on January

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Question - On 1 January 2023, Suva Ltd acquired all the issued shares (cum div.) of Lautoka Ltd for $263?000. At that date the equity of Lautoka Ltd was recorded as:

Share capital $150, 000

Reserves 40,000

Retained earnings 60,000

On 1 January 2023, the records of Lautoka Ltd also showed that the company had recorded the asset goodwill at cost of $5000. Further, Lautoka Ltd had a dividend payable liability of $10,000, the dividend to be paid in March 2023. All other assets and liabilities were carried at amounts equal to their fair values.

Required - Prepare the consolidation worksheet entries on 1 January 2023, immediately after combination.

Reference no: EM133066459

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