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If you know AASB then please help me with one! Thanks! Topic 4: Investment in associates On 1 July 2016 Pandini Ltd acquired 25% of
If you know AASB then please help me with one! Thanks!
Topic 4: Investment in associates On 1 July 2016 Pandini Ltd acquired 25% of the shares of Amani Ltd for $400,000. The acquisition of these shares gave Pandini Ltd significant influence over Amani Ltd. At this date the equity of Amani Ltd consisted of: Share capital General reserve Retained earnings $660000 100000 440000 At 1 July 2016, all the identifiable assels and liabilities of Armani Ltd were recorded at amounts eqal to their fair values except for Carrying amount Fair value $1 200000 1 000000 $1 600000 1100000 Land Plant (cost $1 200000) The plant was considered to have a further useful life of 5 yoars. The land was revalued in the records of Amani Ltd and the revaluation model applied in the of the land. The tax rate is 30%. At 30 June 2018, Amani Ltd reported the following information: 720,000 (300,000) 420,000 870.000 1,240,000 (40,000) 50,000) 30,000) (120,000) 1,120,000 640,000 150,000 310,000 2,220,000 Profit before tax Incoma tax expanse Protit after tax Ratained aarnings at 1 July 2017 Dividends paid Dvidends declarad Transter to general reserve Retained earnings at 30 June 2018 Share capital General reserve Asset revaluation surplus Total equity Amani Ltd also reported other comprehensive income relating to gains on revaluation of land of $10,000 Required Prepare the journal entries for inclusion in the consolidation worksheet of Pandini Ltd at 30 June 2018 for the equity accounting of Amani Ltd x. marks allocated uestion2 cquisition analysis orkin onsolidetion entries TolalStep by Step Solution
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