Forest Ltd purchased all the issued capital of Shrub Ltd on 1 July 2013 for cash...

  
 

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Forest Ltd purchased all the issued capital of Shrub Ltd on 1 July 2013 for cash consideration of $1 million.The fair value of Shrub Ltd's net assets at that date was $1 million made up of: Share capital Retained earnings Total equity $750 000 250 000 $1 000 000 During the period ended 30 June 2014,Shrub Ltd declare a dividend of $100 000 out of pre-acquisition earnings.What consolidation journal entries would be required to prepare group accounts for the period? French Ltd purchased 100% of the issued capital of Pastry Ltd for a cash consideration of $2.1 million on 1 July 2015.At that time the fair value of the net assets of Pastry Ltd were represented by: Share capital Retained earnings $1 700 000 300 000 $2 000 000 Goodwill had been determined to have been impaired by $5000 during the period.During the period ended 30 June 2016 Pastry Ltd sold inventory that cost $190 000 for $300 000 to French Ltd.Sixty per cent of this inventory remains on hand in French Ltd at the end of the year.Both companies use a perpetual inventory system.The taxation rate is 30%. What consolidation journal entries are required for the period ending 30 June 2016? Meat Ltd purchased 100% of the issued capital of Pie Ltd for a cash consideration of $1.7 million on 1 July 2014.At that time the fair value of the net assets of Pie Ltd were represented by: Share capital Retained earnings $1 000 000 500 000 $1 500 000 Goodwill had been determined to have been impaired by $20 000 during the period.During the period ended 30 June 2015,Pie Ltd sold inventory that cost $450 000 for $620 000 to Meat Ltd.Twenty per cent of this inventory remains on hand in Meat Ltd at the end of the year.Both companies use a perpetual inventory system.The taxation rate is 30%.At the end of the period Pie Ltd declared a dividend of $45 000 that has not yet been paid. What consolidation journal entries are required for the period ending 30 June 2015? Forest Ltd purchased all the issued capital of Shrub Ltd on 1 July 2013 for cash consideration of $1 million.The fair value of Shrub Ltd's net assets at that date was $1 million made up of: Share capital Retained earnings Total equity $750 000 250 000 $1 000 000 During the period ended 30 June 2014,Shrub Ltd declare a dividend of $100 000 out of pre-acquisition earnings.What consolidation journal entries would be required to prepare group accounts for the period? French Ltd purchased 100% of the issued capital of Pastry Ltd for a cash consideration of $2.1 million on 1 July 2015.At that time the fair value of the net assets of Pastry Ltd were represented by: Share capital Retained earnings $1 700 000 300 000 $2 000 000 Goodwill had been determined to have been impaired by $5000 during the period.During the period ended 30 June 2016 Pastry Ltd sold inventory that cost $190 000 for $300 000 to French Ltd.Sixty per cent of this inventory remains on hand in French Ltd at the end of the year.Both companies use a perpetual inventory system.The taxation rate is 30%. What consolidation journal entries are required for the period ending 30 June 2016? Meat Ltd purchased 100% of the issued capital of Pie Ltd for a cash consideration of $1.7 million on 1 July 2014.At that time the fair value of the net assets of Pie Ltd were represented by: Share capital Retained earnings $1 000 000 500 000 $1 500 000 Goodwill had been determined to have been impaired by $20 000 during the period.During the period ended 30 June 2015,Pie Ltd sold inventory that cost $450 000 for $620 000 to Meat Ltd.Twenty per cent of this inventory remains on hand in Meat Ltd at the end of the year.Both companies use a perpetual inventory system.The taxation rate is 30%.At the end of the period Pie Ltd declared a dividend of $45 000 that has not yet been paid. What consolidation journal entries are required for the period ending 30 June 2015?

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