Even complicated and confusing topics will be easily developed and covered if you request our help writing an essay. Place an order today!

 Question 1 (20 marks)  
Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities  
Tamara Ltd acquired all the issued shares of Rex Ltd on 1 January 2016 for $88 000. At this date the equity of Rex Ltd consisted of:  
   Share capital   $          40  000    General reserve   10  000    Retained earnings   8  000  
   All the identifiable assets and liabilities of Rex Ltd were recorded at amounts equal to their fair values except for:  
     Carrying amount   Fair value Fixtures & Fittings (cost $70 000) $50 000    $55 000 Inventory    10 000    16 000  
Of the inventory on hand at 1 January 2016, 90% was sold by 30 June 2016. The remainder was all sold by 30 June 2017. The Fixtures & Fittings was considered to have a further 2-year life with benefits to be received equally in each of those years.  There were no records in the books for a provision of legal claim worth 5,000 and patents of 60,000. These were reflected at fair value. The tax rate is 30%.  
Required Prepare the consolidated worksheet entries for the consolidated financial statements prepared by Tamara Ltd at 30 June 2016.  
Show acquisition analysis calculation, BCVR entries and Pre-acquisition entries for 30.6.16  
Question 2 (10 marks)  
The following information has been extracted from the accounting records of London Ltd for the year ended 30 June 2016:   Debit Credit   Sales Dividends paid Cost of sales Finance costs  $    5 000 1 060 000 44 000 $2 000 000     
Distribution costs Transfer from general reserve Marketing costs Administrative costs Proceeds from sale of plant and machinery Carrying amount of plant and machinery
104 000  
64 000 94 000  
40 000  
11 000   
60 000  
Tax rate is 30%.  
Required Prepare a statement of profit or loss and other comprehensive income for London Ltd, for the year ended 30 June 2016, and notes to the accounts in compliance with AASB 101. Please classify expenses by function.  



testimonials icon
most sages of the axial age took which of the following views of humjan nature? A. it's neither good nor bad ...
testimonials icon
E18-11B (Multiple-Deliverable Arrangement)On December 31, 2014, Gard Company sells production equipment to Wells Inc. for $75,000. Gard include...
testimonials icon
Running head: AMERICAN RED CROSS1Your nameInstructors nameCourseDate of submissionRunning head: AMERICAN RED CROSS2Table of ContentsDefinition and mi...
testimonials icon
Holocaust class. Must be 250 words. Super picky professor. Wants lots of details and explanations. You must expla...
testimonials icon
 Perform a search on the Web for articles and stories about social engineering attacks or reverse social engineering attacks. Find an attack that...
testimonials icon
Please see attached assignment. Must be completed by 18 November 2017....
testimonials icon
(minimum of 250 words with peer review reference)  Topic 6 DQ 2Describe an ethical dilemma that you experienced, or have...
testimonials icon
...
testimonials icon
Read it carefully!!!  1. 3-5 typed pages double-spaced.  2. citing this textbook (no online re...
testimonials icon
Choose a composer and write about their life and their best compositions. There are thousands of classical music composers and you can ask...
testimonials icon
The Food Marketing Institute shows that 17% of households spend more than $100 per week on groceries. Assume th...
testimonials icon
Module 1: Module 1 - M1 Assignment 3 ...

Other samples, services and questions:

Calculate Price

When you use PaperHelp, you save one valuable — TIME

You can spend it for more important things than paper writing.

Approx. price
$65
Order a paper. Study better. Sleep tight. Calculate Price!
Created with Sketch.
Calculate Price
Approx. price
$65