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PR$2-$ Complete Journal Entries to record incorporation

Prepare journal entries to record the incorporation of the company using today's date and the costs of establishment which are to include your firms fee of $$3000($plus GST$)$ plus the lodging fee$).$ Hint:

Search on ASIC website for the current Lodgement fee$)$

Prepare the journal entry in Holy Pty$.$ Ltd$.\text{'}$s books to account for the acquisition of Holt Trading.

PR$2-$General Journal Template for Incorporation

General Journal

Holt Trading

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PR$2-$Complete Journal Entries to record incorporation

Prepare journal entries to record the incorporation of the company using today's date and the costs of establishment which are to include your firms fee of $$3000($plus GST$)$ plus the lodging fee$).$ Hint: Search on ASIC website for the current Lodgement fee$)$

Prepare the journal entry in Holy Pty$.$ Ltd$.\text{'}$s books to account for the acquisition of Holt Trading.

PR $3-$Report on Financial Responsibilities

Write a brief report to the company directors informing them of their financial reporting responsibilities and the financial records that will need to maintain to ensure compliance with the Corporations Act.

PR $4-$Prepare Journal Entry for Acquisition of Holt Trading and Balance Sheet after incorporation

On the same day, Holt Pty$.$ Ltd$.$ acquired the net assets of the partnership Holt Trading, consisting of Cash totalling $$250,000,$ Equipment at $$600,000$ and a Bank Loan of $$350,000.$

The directors of Holt Pty$.$ Ltd$.$ agreed that the fair value of Holt Trading was $$600,000$ and that each partner of Holt Trading would receive the immediate allotment of $300,000$$$1\mathrm{.}00$ ordinary shares in Holt Pty$.$ Ltd$.$

You are required to:

PR $4\mathrm{.}1$ Prepare the journal entry in the books of Holt Pty$.$ Ltd$.$ to account for the acquisition of Holt Trading, and

PR $4\mathrm{.}2$ Prepare the Balance Sheet of Holt Pty$.$ Ltd$.$ after its incorporation and subsequent acquisition of Holt Trading.

$($Calculations for all adjustments should be shown, templates are provided for all the submissions, wherever required.$)$