(Answered) Introduction to consolidation presentation questionon 1

Accounting

Introduction to Consolidation: Presentation Question

On 1 July 2016, Jack Ltd acquired all the issued shares cum div of Jill Ltd for $965 000. At this date, the equity of Jill Ltd was recorded as follows:

Share capital $500 000

General reserve 150 000

Revaluation surplus 80 000

Retained earnings 185 000

All the identifiable assets and liabilities were recorded at amounts equal to their fair values. At the acquisition date, Jill Ltd had recorded a dividend payable of $5 000. The dividend was paid in July 2016.

Jack Ltd applies the partial goodwill method.

Required

A. Prepare the consolidation worksheet entries at 1 July 2016 and 1 July 2017.

B. Prepare the consolidation worksheet entries at 1 July 2016 and 1 July 2017 assuming Jack Ltd paid $910 000 for the shares in Jill Ltd.

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