Tomex Ltd & Sussex Ltd Case Study, Share Capital, Retained Earnings & General Reserves - Accounting Assignment Help

Assignment Task

Questions

Tomex Ltd purchased all the issued shares of Sussex Ltd for $793000 on 1 July 2019 when the equity of Sussex Ltd was as follows;

1 . Share capital 317200 
2. Retained earnings 237900.
3. General reserves 1118950 
At this date, Sussex Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the following assets.

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