Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty...
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Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty Ltd. The parcel, measured at net fair values, consisted of: Balance of Accounts: Plant Land Vehicles Accounts receivable Accounts payable Total 130,000 (148,000) 320,000 250,000 340,000 892,000 Required: Prepare journal entries to record the acquisition by Parma Ltd, if the cost of acquisition was $1,100,000 cash. Parma Ltd purchased a parcel of assets and liabilities comprising a business directly from Pauls Pty Ltd. The parcel, measured at net fair values, consisted of: Balance of Accounts: Plant Land Vehicles Accounts receivable Accounts payable Total 130,000 (148,000) 320,000 250,000 340,000 892,000 Required: Prepare journal entries to record the acquisition by Parma Ltd, if the cost of acquisition was $1,100,000 cash.
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Related Book For
Advanced Financial Accounting
ISBN: 978-0132928939
7th edition
Authors: Thomas H. Beechy, V. Umashanker Trivedi, Kenneth E. MacAulay
Posted Date:
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