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Prepare the consolidation worksheet entries

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Question - On 1 July 2016, Jackson Ltd acquired all the issued shares (cum div.) of Laurie Ltd for $240 000. At that date the financial statements of Laurie Ltd showed the following information:

Share capital               $100 000

General reserve          50 000

Retained earnings       70 000

Dividend payable        20 000

All the assets and liabilities of Jackson Ltd were recorded at amounts equal to their fair values at that date.

The dividend payable reported at 1 July 2016 by Laurie Ltd was paid on 15 August 2016.

Laurie Ltd paid a $25 000 dividend on 2 February 2017.

Required

A. Prepare the consolidation worksheet entries at 1 July 2016.

B. Prepare the consolidation worksheet entries at 30 June 2017.

Reference no: EM131584109

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