$18$:$38$

FAC$3247$N$\_3226$N$\_3147$N$\_$ASSI...

QUESTION $3(11$ marks$)$

Midrand Ltd acquired a $90\%$ interest in Bramely Ltd on $2$ December $20\mathrm{.}21$ for R$2$ million. The consideration was settled as follows:

$\backslash$table$[[,$R$],[$Cash payment,,$1000000],[$Issue of $100000$ shares to the seller,$650000],[$Issue of debentures to the seller,$450000]]$

Legal and other costs incurred in relation to the acquisition of the shares in relation to Bramely Ltd amounted to R$126000.$ Costs to issue the shares and the debentures amounted to R$89000$ and R$77500$ respectively.

$\backslash$table$[[$REQUIRED QUESTION $3,$MARKS$],[\backslash$table$[[$Prepare the relevant journal entries to record the above transactions.$],[$Journal narrations are required$]],11$