On 1 July 2018, Nick Ltd acquired all the issued shares (ex div.) of Bear Ltd. At this date the financial statements of Bear Ltd showed the following balances in its accounts: 

Share capital 150000 

Retained earnings 80000 

General reserve 40000 

Dividend payable 15000 

Goodwill 10000 At 1 July 2018, all the identifiable assets and liabilities of Bear Ltd were recorded at amounts equal to their fair values. 

The financial statements of Nick Ltd and Bear Ltd at 30 June 2019 contained the following information: 

Nick Ltd Bear Ltd 

Profit for the period 35,000 25,000 

Retained earnings (1/7/18) 90,000 80,000 

Transfer from general reserve 0 10,000 

Retained earnings (30/6/19) 125,000 115,000 

Share capital 700,000 150,000 

General reserve 92,000 30,000 

Total Equity 971,000 295,000 

Provisions 30,000 20,000 

Payables 15,000 25,000 

Loans 55,000 110,000 

Total Equity & Liabilities 1,017,000 450,000 

Plant 600,000 820,000 

Accum. Depreciation (295,000) (650,000) 

Fixtures 300,000 120,000 

Accum. Depreciation (180,000) (80,000) 

Land 200,000 14,000 

Brands 50,000 30,000 

Shares in Bear Ltd 277,000 0 

Inventory 45,000 40,000 

Cash 5,000 7,000

Receivables 15,000 13,000 

Goodwill 0 10,000 

Total Assets 1,017,000 450,000 

Required 

Prepare the consolidation journal entries and the consolidation worksheet.