Prepare the consolidated adjustments

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Reference no: EM131979588

Question: Required: 1. Prepare acquisition analysis on 1 July 2013, and journal entries to record the acquisition of 60% interest in East Coast Limited in Ocean Blue Limited's records.

2. Prepare the consolidated adjustments for Ocean Blue Ltd and its controlled entity on 30 June 2018, and offset deferred tax liabilities as at 30 June 2018 (if any) with deferred tax assets arose from the consolidation adjustments.

3. Calculate non-controlling interest (NCI) in the profit for the financial year ended 30 June 2018, the opening retained earnings as at 1 July 2017, and the reserves and share capital as at 30 June 2018. Prepare the consolidated entries for NCI for the financial year ended 30 June 2018.

4. Prepare the consolidation worksheet and post all consolidation journal entriesinto the worksheet, offsetting deferred tax liabilities with deferred tax assets (if any) as at 30th June 2018.

Information related to above question is enclosed below:

Attachment:- Assignment2_2018S1.rar

Reference no: EM131979588

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