On 1 July 2018, Intelligent Ltd acquired all the issued shares (ex div ) of Endeavour Ltd Intelligent Ltd and Endeavour Ltd became Intelligent Consolidated Group, who mainly provide catering services to Australian major airlines At this date, the financial statements of Endeavour Ltd showed the following balances in its accounts Share capital $175000 General reserve 40000 Retained earnings 80000 Dividend payable 20000 Goodwill 10000 At 1 July 2018, all the identifiable assets and liabilities of Endeavour Ltd were recorded at amounts equal to their fair values Consideration transferred is $317000 The financial statements of Intelligent Ltd and Endeavour Ltd at 30 June 2019 contained the following information Intelligent Ltd ($) Endeavour Ltd ($) Profit for the period 35000 25000 Retained earnings (1 7 18) 90000 80000 Transfer from general reserve 0 10000 Retained earnings (30 6 19) 125000 115000 Share capital 700000 175000 General reserve 92000 30000 Total equity 917000 320000 Provisions 30000 25000 Payables 15000 25000 Long term loans 50000 110000 Total liabilities 95000 160000 Total equity and liabilities 1012000 480000 Plant 600000 820000 Accumulated depreciation (295000) (650000) Fixtures 300000 120000 Accumulated depreciation (180000) (80000) Land 200000 140000 Brands 50000 55000 Shares in Endeavour Ltd 272000 0 Goodwill 0 10000 Inventory 45000 45000 Cash 5000 7000 Receivables 15000 13000 Total assets 1012000 480000 Required Explain the difference between ex div and cu div acquisitions the effects on the acquisition journal entry in the records of the parent under each circumstance Why is it necessary to make consolidation adjustments for intragroup transactions In making consolidation worksheet adjustments, sometimes tax effect entries are made, why Give an example about the tax effect of intragroup transactions in catering services for airline industries In March 2020, due to Corona Virus Pandemic, Intelligent consolidated group is likely to wind up, discuss the two possible approaches of winding up companies In Apr 2020, Intelligent consolidated group went into liquidation Discuss the 5 main tasks relating to accounting for liquidation What are the three main accounts used in accounting for liquidation Any suggestions on making liquidation process more efficient

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On 1 July 2018, Intelligent Ltd acquired all the issued shares (ex div.) of Endeavour Ltd. Intelligent Ltd and Endeavour Ltd became Intelligent Consolidated Group,

On 1 July 2018, Intelligent Ltd acquired all the issued shares (ex div.) of Endeavour Ltd. Intelligent Ltd and Endeavour Ltd became Intelligent Consolidated Group, who mainly provide catering services to Australian major airlines. At this date, the financial statements of Endeavour Ltd showed the following balances in its accounts:

Share capital	$175000
General reserve	40000
Retained earnings	80000
Dividend payable	20000
Goodwill	10000

At 1 July 2018, all the identifiable assets and liabilities of Endeavour Ltd were recorded at amounts equal to their fair values. Consideration transferred is $317000

The financial statements of Intelligent Ltd and Endeavour Ltd at 30 June 2019 contained the following information:

	Intelligent Ltd ($)	Endeavour Ltd ($)
Profit for the period	35000	25000
Retained earnings (1/7/18)	90000	80000
Transfer from general reserve	0	10000
*Retained earnings (30/6/19)*	*125000*	*115000*
Share capital	700000	175000
General reserve	92000	30000
*Total equity*	*917000*	*320000*
Provisions	30000	25000
Payables	15000	25000
Long-term loans	50000	110000
*Total liabilities*	*95000*	*160000*
*Total equity and liabilities*	*1012000*	*480000*
Plant	600000	820000
Accumulated depreciation	(295000)	(650000)
Fixtures	300000	120000
Accumulated depreciation	(180000)	(80000)
Land	200000	140000
Brands	50000	55000
Shares in Endeavour Ltd	272000	0
Goodwill	0	10000
Inventory	45000	45000
Cash	5000	7000
Receivables	15000	13000
*Total assets*	*1012000*	*480000*

Required

Explain the difference between ex div and cu div acquisitions - the effects on the acquisition journal entry in the records of the parent under each circumstance

Why is it necessary to make consolidation adjustments for intragroup transactions? In making consolidation worksheet adjustments, sometimes tax-effect entries are made, why? Give an example about the tax-effect of intragroup transactions in catering services for airline industries.

In March 2020, due to Corona Virus Pandemic, Intelligent consolidated group is likely to wind up, discuss the two possible approaches of winding up companies.

In Apr 2020, Intelligent consolidated group went into liquidation. Discuss the 5 main tasks relating to accounting for liquidation. What are the three main accounts used in accounting for liquidation. Any suggestions on making liquidation process more efficient?