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Accounting for investments in associates and joint ventures:
Partridge Ltd acquired a 25% interest (enough to constitute a significant influence) in Pear Tree Ltd for $70,000 on 1 July 2017. At acquisition date, all the identifiable assets and liabilities of Pear Tree Ltd were recorded at amounts equal to fair value, except for an item of plant whose fair value was $20,000 higher than its carrying amount. The equity of Pear Tree Ltd at the date of acquisition totalled $210,000.
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Problem 1: Assume Partridge Ltd does not prepare consolidated financial statements. Prepare the journal entries in the records of Partridge Ltd for the years ended 30 June 2018 and 30 June 2019 in relation to the investment in Pear Tree Ltd.
Problem 2: Assume Partridge Ltd does prepare consolidated financial statements. Prepare the consolidated worksheet entries for the year ended 30 June 2019 for inclusion of the equity-accounted results of Pear Tree Ltd.
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