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Background Information: (a) Record the consolidated journal entries necessary to prepare consolidated accounts for the year ending 30 June 2022 for the group comprising M
Background Information:
(a) Record the consolidated journal entries necessary to prepare consolidated accounts for the year ending 30 June 2022 for the group comprising M Ltd and N Ltd (In Sheet 2: Consolidated Journal Entries)
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1. Consolidation Adjustments at 30/6/2022 | |||
Accounts | Ref | Dr ($) | Cr ($) |
Share Capital | 1 | $1,166,400 | |
Retained earnings | 2 | $218,700 | |
Plant replacement reserve | 3 | $291,600 | |
Goodwill | 4 | $591,760 | |
BCVR | 5 | $323,540 | |
Investment in N Ltd | 6 | $2,592,000 | |
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