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Question - On 1 July 2019, Quick Buck Ltd took control of the assets and liabilities of Eldorado Ltd. Quick Buck Ltd issued 80,000 shares having a fair value of $2.40 per share in exchange for the net assets of Eldorado Ltd. The costs of issuing the shares by Quick Buck Ltd cost $1,600.
At this date the statement of financial position of Eldorado Ltd was as follows:
Carrying amount
Fair value
Machinery
$40,000
$67,000
Fixtures & fittings
60,000
68,000
Vehicles
35,000
Current assets
10,000
12,000
Current liabilities
(16,000)
(18,000)
Total net assets
$129,000
Share capital (80,000 shares at $1.00 per share)
$80,000
General reserve
20,000
Retained earnings
29,000
Total equity
Required - Prepare the journal entries in the records of Quick Buck Ltd at 1 July 2019 for the acquisition.
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