Whopper Ltd acquires 100 per cent of the shares of Weenie Ltd on 1 July 2022 for a consideration of $1.25 million. The share capital and reserves of Weenie Ltd at the date of acquisition are:

Additional Information

There are no transactions between the entities and all assets are fairly valued at the date of acquisition. No land or plant is acquired or sold by Weenie Ltd in the year to 30 June 2023. The financial statements of Whopper Ltd and Weenie Ltd at 30 June 2023 (one year after acquisition) are:

REQUIRED

Prepare the consolidated accounts for Whopper Ltd and Weenie Ltd as at 30 June 2023

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Share capital $750 000 Retained earnings $375 000 Revaluation surplus $375 000 $1 500 000