Prepare the equity accounting journals at july

Assignment Help Accounting Basics
Reference no: EM133017039

Question - Arya Ltd acquired 25% of the voting shares of Brya Ltd on 1 July 2014 for $80,000. At the date of acquisition the shareholders equity of Brya is as follows:

Share Capital $220,000

Retained earnings $100,000

320,000

All assets are recorded at their fair value

The following information relates to Brya Ltd:

Profit /loss after tax as of 30/6/15 are $60,000, dividend paid $20,000, ARR balance $2,000.

Required -

(a) Prepare the equity accounting journals at 1 July 2014 and 30 June 2015 assuming that Arya does not prepare consolidated financial statements.

(b) Calculate Value of equity for Brya Ltd.

Reference no: EM133017039

Questions Cloud

Integrity in a business situation : Can you think of, or remember an instance in which someone you know displayed integrity in a business situation or in any other setting?
What is marcus net capital gain : In addition, Marcus has a long-term capital loss carryover from 2019 of $1,800. What is Marcus's 2020 net capital gain
Determine the net benefit-cost of the project : Determine the net benefit/cost of the project. Should the city council approve the project?
Describe the benefit to management of the prepared budget : Question - Describe the benefit to management of the prepared budget. What decisions will the budget assist management in making and why
Prepare the equity accounting journals at july : Prepare the equity accounting journals at 1 July 2014 and 30 June 2015 assuming that Arya does not prepare consolidated financial statements
What is the cost of new common equity : Now (use the following information) suppose that: The cost of debt (rd) is 3.75% (before tax), What is the cost of NEW common equity
Complete the t accounts providing the amounts : Complete the T accounts providing the amounts of a) to l) to show the flow of costs through the company's manufacturing accounts
Discuss what are hybrid securities : Question - Discuss what are hybrid securities and what are advantages and disadvantages for investors to invest in each type of hybrid securities
How digital transformation affects industries and business : How digital transformation affects industries and business functions?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the amount of interest income

Problem - Monty Corp. had the following long-term receivable account balances at December 31, 2016. Determine the amount of interest income

  Problem related to accounts in ledger

The Boa Co. has the following accounts in its ledger: Cash, Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscella..

  Create a new learning program for an existing

Describe the new learning program that is being introduced and for which this marketing plan is being developed. description of the organization.

  Would a regular quarterly announcement of earnings-per-share

Would a regular quarterly announcement of earnings-per-share which is "good" be an example of signaling? What about early adoption of a new accounting standard that would reduce income?

  When a change in accounting principle occurs

When a change in accounting principle occurs? Which of the following is the appropriate general journal entry to record the declaration of cash dividends?

  What are the tax consequences to Z

What are the tax consequences to Z and to the partnership (i.e. X and Y) if Z receives a 1/10th capital interest in the partnership as compensation

  Gulag industries made a number of changes

(Changes to Accounting Methods) Gulag Industries made a number of changes to its accounting system in 2012, which resulted in significant changes to the way the company costs its products.

  Calculate pope enterprises

Pope reported cost of goods sold of $925,000.

  Explain what is diluted EPS

Alps Ltd has a net income after tax of $1 500 000 for the year ended 30 June 2019. Explain what is diluted EPS

  All sales are on account collections are expected to be 50

haas company prepares monthly cash budgets. relevant data from operating budgets for 2011 arejanuary februarysales

  Form of business organization-proprietorship

What form of business organization- proprietorship, partnership or corporation you recommend that natalie, partnership, or corporation- do recommend that natalie use for her business? discuss the benefits and weaknesses of each form and give the r..

  Significant deficiency and a material weakness

What is the difference between a significant deficiency and a material weakness as it relates to internal Control? How does the presence of one material deficiency affect the auditor's report on internal controls under the PCAOB standards? Likewis..

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd