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Question - Adam Ltd acquires all the share capital of Luke Ltd for 5290.000. The equities of Luke Ltd at the date of acquisition were as follows:
Share Capital $150,000
General Reserve $30,000
Retained Earnings $60,000
Goodwill $10,000
All assets and liabilities of Luke Ltd were of fair value at DOA except the land had the fair value of $160,000. The carrying amount of the land is recorded at $140,000.
Provide the workings of necessary worksheet consolidation entries (no marks given) and complete the worksheet below.
Aden Ltd
It Ltd
Adj. Dr.
Adj. Cr.
Group
Income
$50,000
$34,000
Other income
$14,000
312.000
Expenses
$21,000
315.000
Income tax expense
$8,000
58.000
Profit for the period
$35.000
525.000
Retained earnings (117115)
$90.000
580.000
Transfer from general reserve
$0
Retained earnmas (3041151
$125,000
$105,000
Share capital
$558,000
$150,000
General reserve
$92,000
$30,000
FairValue Adjustment
Provisions
Payables
315,000
$25,000
Deferred tax liability
Loans
$110,000
Total equities and &babes
$970,000
$450,000
Plant
$600,000
$820,000
Accumulated depreciation
$295,000
-$550,000
Factures
$300,000
$120.000
Accumulated depredation
$180,000
$80,000
Land
$200,000
$140,000
Brands
Shares in Luke Ltd
$230,000
Inventory
$45,000
$40,000
Cash
$5,000
$7,000
Receivables
$15,000
$13,000
Deferred tax asset
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