ACCT2002: James Ltd Case Study - Report Writing - Accounting Assignment Help

Assignment Task :

Part A

Question 1  

On 1 July 2019, James Ltd acquired all the issued shares of Kelly Ltd for $200,000. At this date, the financial statements of Kelly Ltd showed the following: 

The records also showed that the company had recorded existing goodwill of $15,000.

The Plant was calculated to have a further life of 5 years, and was depreciated on a straight-line basis. All inventory was sold by 30 June 2020.

Assume 30% tax rate

Required: 

1. Prepare the acquisition analysis at 1 July 2019.  

2. Prepare the general journal entries at acquisition date, 1 July 2019. Include narrations for each entry. 

3. Prepare the consolidation worksheet as at 1 July 2019.  

4. Prepare a Balance sheet for the reporting Group, James Ltd as at 1 July 2019 in narrative format.  

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