## Prepare the consolidated financial statements, Theory of Computation

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Prepare the consolidated financial statements for the year ended 30 June 2011.

On 1 July 2006, Mark Ltd acquired all the share capitall of john Ltd for \$700,000. At the date , John Ltd's equity consisted of the following:

Share capital                      \$500,000

General reserve                  \$ 100,000

Retained Earnings              \$ 50,000

At 1 July 2007, all the identifiable assets and liabilities of John Ltd were recorded at fair value.

Financial information for Mark Ltd and John Ltd for the year ended 30 June 2011 is presented in the left hand columns of the worksheet. It is assumed that both companies use the perpetual inventory system.

a) During the year 2010-11, John Ltd  paid a dividend of \$30,000 from profits earned before 20 June,2007.

b) On January 1 2011, John Ltd sold merchandise costing \$40,000 to Mark Ltd for \$50,000. Half this merchandise was sold to external entities for \$30,000 before 30 June2011.

c) It is estimated that goodwill acquired in John Ltd has been impaired by an amount of \$7000.

d) Mark Ltd sells plant to John Ltd for \$8,500. This plant initially cost Mark Ltd \$15,000, is 5 years old and has an accumulated depreciation of \$8000 at the date of sale . The remaining useful life is assessed as 7 years.

e) At July 1 2010, there was a profit in the inventory of Mark Ltd of \$4000 on goods acquired from John Ltd in the previous period.

f) The tax rate is 30%.

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