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e acquired by Bill Led. Interest on debentures is paid annually. Outstanding interest has been paid by Bill Led on 30 June 2021. The balance of the other reserve account on 1 July 2020 was $16,000 (Bill Led) and $12,800 (Thomas Led). There is no movement of the general reserve during the current year. 9) Bill Led uses the partial goodwill method. h) On realization of the business combination valuation reserve, a transfer is made to retained earnings on consolidation. The tax rate is 30% The financial information provided by the two companies for 30 June 2021 was as follows: Bill Led Thomas Led Sales revenue S 505.600 352,000 Debenture interest 8.000 Management and c 5.000 Dividends 19.200 Total revenue 540.800 352.000 Cost of sales (208,000) (136,000) Manufacturing exper (164.000) (106.000) Depreciation on plan (24.000) (24,000) Administrative exper (24.000) (12.800) Financial expenses (17.600) (8,000) Other expenses 12 400) (19 200) Total expenses 460 000 3015.000 Profit from trading 50.800 46.000 Gains on sale of pop-cure 20.000 10.000 Profit before income tax 100.500 56.000 Income tax expense 40.000) (27.200) Profit for the year 60,800 28,800 Retained earnings on 1 July 2020 80.000 112.000 140 800 140.800 Dividend paid (32.000) (24.000) Retained earnings on 30 June 3021 108.500 116.800 Share capatal 450.000 160.000 General reserve 75.200 16,000 Other reserve 20.800 16.000 Debentures $20,000 160.000 Current tax liability 40.000 27.200 Deferred tax habilmes 24.000 11.200 Other current habilities 136.000 27.200 Toral equity and lightities 1.204.800 $34,400 Shares in Thomas Lad 230.000 5% Debentures in Thomas Lad 160,000 Plant 192,000 163.200 Accumulated depre (104 000) 58:000) Intangibles 121.600 85.000 Accumulated am (54000) 40,000) Deferred tax assets 117 200 48.000 Financial assets 80.000 96.090 Land 240,060 91-200 Inventories 144.000 85.000 Receivables 88.000 5.000 Cash 40.000 Total assets 1.204.800 534.400 Required: Prepare the consolidation journal entries (including NCI journals, for the Bill Led group for the year ended 30 June 2021. You must use the ) Step method to calculate NCI and show all workings, (20 marks Note The answer section is spread over four pages. This is the fourth page,Question 1 (continued) - NCI allocations On 1 July 2018, Bill Led acquired 80% of the issued shares (ex. div.) of Thomas Led for $230,000. At this date, the equity of Thomas Led consisted of: Share capital (100,000 shares) $ 160,000 General reserve 4,800 Retained earnings $9,200 Dividend payable 20,000 At the date of acquisition, all the identifiable assets and liabilities of Thomas Led were recorded at amounts equal to their fair values except for: Carrying amount Fair value $ 104 000 $ 112 00 Land $5.000 P0,000 Inventants 50.000 56.000 Note the following about these assets. The plant was expected to have a further useful life of 10 years. The land was sold on 1 January 2021. The inventories were all sold by 30 June 2019. On 1 July 2018, Thomas Led had unrecorded brands that had a fair value of $36,000. The brands had an indefinite life. Additional information: a) Thomas Lid had inventories on hand on 30 June 2020 that included inventories at the cast of $16,000 sold to it by Bill Led. These inventories had cost Bill. Lted $12,000. The inventories were all sold by Thomas Led by 30 June 2021 During the 2020-21 year, Thomas Ltd sold inventories to Bill Led for $96,000. At 30 June 2021, Bill Led still had some of these inventories on hand. These inventories had been sold to it by Thomas Led at a profit of $8,000. On 1 January 2020, Thomas Led sold an item of plant to Bill Lid for $32,000. The original cost of the plant to Thomas Led was $30,000 and had a carrying amount at the time of sale of $$24,000. Plant of this class is depreciated at 20% pa. Management ion fees derived by Bill Lid are all from Thomas Lid and represent charges for administration of $3.520 and technical services for the manufacturing section of $4.480. On 1 July 2020, all debentures issued by Thomas Lid are acquired by Bill Led. Interest on debentures is paid annually. Outstanding interest has been paid by Bill Lid on 30 June 2021, The balance of the other reserve account on 1 July 2020 was $16,000 (Bill Led) and $12:800 (Thomas Led). There is no movement of the general reserve during the current year. g) Bill Led uses the partial goodw On realization of the business combination valuation reserve, a transfer is made to retained earnings on consolidation. The tax rate is 30% The financial information provided by the two companies for 30 June 2021 was as follows: Bull Led Thomas Ltd Sales revenue 505.600 352.000 Debenture interest 5.0G0 Management and co 5.000 Dividends 19.200 Total revenue 840 800 342.000 Cost of sales 208 000) (136,000) Manufacturing etpaw 154.600) (106.000) Depreciation on plant (24000) (24.000) Administrative expo 24.500 12.5001 Type here to search L Vo