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Question 6 (10 marks) Kangaroo Ltd owns all of the share capital of Wallaby Ltd. In...
Amber Ltd owns all of the shares of VStone Ltd. In relation to the following intragroup...
Amber Ltd owns all of the shares of VStone Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2019. Assume an income tax rate of 30%. (a) On 1 January 2018, Amber Ltd sold inventory costing $6000 to VStone Ltd at a transfer price of $9000. On 1 September 2018, VStone Ltd sold half these items...
a) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The...
a) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities: On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previously costed Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000. During the 2016–17...
a) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The...
a) Liala Ltd acquired all the issued shares of Jordan Ltd on 1 January 2015. The following transactions occurred between the two entities: On 1 June 2016, Liala Ltd sold inventory to Jordan Ltd for $12,000, this inventory previously costed Liala Ltd $10,000. By 30 June 2016, Jordan Ltd had sold 20% of this inventory to other entities for $3,000. The other 80% was all sold to external entities by 30 June 2017 for $13,000. During the 2016–17...
On 1 July 2015, Fluffy Ltd acquired all the issued shares of Glider Ltd. Fluffy Ltd...
On 1 July 2015, Fluffy Ltd acquired all the issued shares of
Glider Ltd. Fluffy Ltd paid $30 000 in cash and 20 000 shares in
Fluffy Ltd valued at $3 per share. At this date, the equity of
Glider Ltd consisted of $66 000 share capital and $6000 retained
earnings.
At 1 July 2015, all the identifiable assets and liabilities of
Glider Ltd were recorded at amounts equal to their fair values
except for:
Additional information
(a) Fluffy Ltd...
On 1 July 2017, Parent Ltd acquired all the shares of Son Ltd, on a cum-div....
On 1 July 2017, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $3,230,000. At this date, the equity of Son Ltd consisted of: $1,200,000 Share capital -600 000 shares General reserve Retained earnings 500,000 900,000 At the acquisition date, Son Ltd reported a dividend payable of $50,000 and its assets included $100, 000 of recorded goodwill. The dividend payable at the acquisition date was subsequently paid in August 2017. On 1 July 2017, all...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000. At that date all the identifiable assets and liabilities were recorded at fair value with the exception of: The inventory was all sold by 30/6/14. The remaining useful life of the plant is...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000 At that date all the identifiable assets and liabilities were recorded at fair value with the exception of ASSET Inventory Land Plant (less depn) Book Value Market Value 12,000 28,000 10,000 25,000 20,000...
Consolidated financial statements, rationale for &n
Consolidated financial statements, rationale for adjustments Lead beaters Ltd acquired all the issued shares (cum div.) of Possum Ltd on 1 July 2014. At this date the shareholders’ equity of Possum Ltd was: Share capital – 100 000 shares General reserve Asset revaluation surplus Retained earnings $ 450 000 45 000 45 000 15 000 At 1 July 2014, the accounting records of Possum Ltd contained a dividend payable of $15 000. This dividend was paid in...
Paused : Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current...
Paused : Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd, for $15 000. These items previously cost Jessica Ltd $12 000. Amelie Ltd subsequently sold half the items to Ningbo Ltd for $8000. The tax rate is 30%. The group accountant for Jessica Ltd, Li Chen, maintains that the appropriate consolidation adjustment entries are as follows: Sales Cost of Sales Inventory Dr15 000 Cr 13 000...
L Ltd owns 100% equity of S Ltd. The following inter-entity transaction took place between L...
L Ltd owns 100% equity of S Ltd. The following inter-entity transaction took place between L Ltd and S Ltd. During the period, S Ltd sells inventory to L Ltd at a sales price of $300 000. S Ltd marks up its inventory by 50%. At the end of the period, 25% of this inventory is still on hand with L Ltd. The tax rate is assumed to be 30%. What will be the ‘CR’ to the inventory asset account...
On 1 July 2015, Fluffy Ltd acquired all the issued shares of
Glider Ltd. Fluffy Ltd paid $30 000 in cash and 20 000 shares in
Fluffy Ltd valued at $3 per share. At this date, the equity of
Glider Ltd consisted of $66 000 share capital and $6000 retained
earnings.
At 1 July 2015, all the identifiable assets and liabilities of
Glider Ltd were recorded at amounts equal to their fair values
except for:
Additional information
(a) Fluffy Ltd...
On 1 July 2017, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $3,230,000. At this date, the equity of Son Ltd consisted of: $1,200,000 Share capital -600 000 shares General reserve Retained earnings 500,000 900,000 At the acquisition date, Son Ltd reported a dividend payable of $50,000 and its assets included $100, 000 of recorded goodwill. The dividend payable at the acquisition date was subsequently paid in August 2017. On 1 July 2017, all...
On 1 July 2013 David Ltd acquired all of the share capital of Goliath Limited for a consideration of $500,000 cash and a brand that was held in their accounts at a book value of $10,000 but at 1 July 2013 had a fair value of $24,000 At that date all the identifiable assets and liabilities were recorded at fair value with the exception of ASSET Inventory Land Plant (less depn) Book Value Market Value 12,000 28,000 10,000 25,000 20,000...
Paused : Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd, for $15 000. These items previously cost Jessica Ltd $12 000. Amelie Ltd subsequently sold half the items to Ningbo Ltd for $8000. The tax rate is 30%. The group accountant for Jessica Ltd, Li Chen, maintains that the appropriate consolidation adjustment entries are as follows: Sales Cost of Sales Inventory Dr15 000 Cr 13 000...
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