Make a journal entries for the parent company Asynchronous Activity 3.xlsx - ExcelSign inFileHomeInsertPage LayoutFormulasDataReviewViewHelpO Tell me what you want to do8 Share> AutoSum vCalibri- 11A Aab Wrap TextCustomV Fill vSort & Find &Filter v Select vPasteBI U-EConditional Format asCellInsert Delete FormatE E E Merge & Center$ • % >.00ClearFormatting Table Styles vClipboardFontAlignmentNumberStylesCellsEditingD23fe=+D17+D21ABDEFGHKMNPAssume that AAA Co. plans to acquire XYZ Co. As its subsidiary on April 30, 2022.4 Below are the statements of financial position of the two companies before the acquisition is made:56 AAA Co. and XYZ Co.Statement of financial position8 April 30, 2022.7910AAA Co.XYZ Co.11 Assets12Current Assets13Cash725,300250,12514Trade Receivables1,200,100650,37515Inventory850,500711,00016Prepayments120,00015,00017Total Current Assets2,895,9001,626,50018 Non-current Assets19Equipment (net)1,950,000639,25020Other Assets210,000150,00021Total Non-current Assets2,160,000789,25023 Total Assets5,055,9002,415,7502425 Liabilities and Equity2. Data3. Calculation of Excess4. Journal - Parent5. Journal - Eliminating Entry 6. Wo ......Ready+ 100%11:07 PM5/13/2022 Asynchronous Activity 3.xlsx - ExcelSign inFileHomeInsertPage LayoutFormulasDataReviewViewHelpO Tell me what you want to do8 ShareΣΑυtoSum> AutoSum vCalibri- 11A Aab Wrap TextCustomV Fill vSort & Find &Filter v Select vPasteBI U-EConditional Format asCellInsert Delete FormatE E E Merge & Center$ • % >.00ClearFormatting Table Styles vClipboardFontAlignmentNumberStylesCellsEditingD23fe=+D17+D21AВFGHKMNP21Total Non-current Assets2,160,000789,25023 Total Assets5,055,9002,415,7502425 Liabilities and Equity26 Liabilities27 Current Liabilities28Trade Payables911,000305,62029Loan Payable -current portion250,00030Total Current Liabilities1,161,000305,62031Non-Current Liability32Loan Payable -non-current portion750,00033Total Non-current Liabilities750,00035Total Liabilities1,911,000305,6203637 Equity38Common Stock2,000,0001,500,00039Additional Paid-in Capital800,000450,00040Retained Earnings344,900160,13041Total Equity3,144,9002,110,13043 Total Liabilities and Equity5,055,9002,415,750442. Data3. Calculation of Excess4. Journal - Parent5. Journal - Eliminating Entry 6. Wo ......Ready+ 100%11:08 PM5/13/2022

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If the consideration paid is lower than the net assets value, then the difference will be treated as…

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Business

Accounting

Make a journal entries for the parent company

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Make a journal entries for the parent company

Asynchronous Activity 3.xlsx - Excel
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D23
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A
B
D
E
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P
Assume that AAA Co. plans to acquire XYZ Co. As its subsidiary on April 30, 2022.
4 Below are the statements of financial position of the two companies before the acquisition is made:
5
6 AAA Co. and XYZ Co.
Statement of financial position
8 April 30, 2022.
7
9
10
AAA Co.
XYZ Co.
11 Assets
12
Current Assets
13
Cash
725,300
250,125
14
Trade Receivables
1,200,100
650,375
15
Inventory
850,500
711,000
16
Prepayments
120,000
15,000
17
Total Current Assets
2,895,900
1,626,500
18 Non-current Assets
19
Equipment (net)
1,950,000
639,250
20
Other Assets
210,000
150,000
21
Total Non-current Assets
2,160,000
789,250
23 Total Assets
5,055,900
2,415,750
24
25 Liabilities and Equity
2. Data
3. Calculation of Excess
4. Journal - Parent
5. Journal - Eliminating Entry 6. Wo ...
...
Ready
+ 100%
11:07 PM
5/13/2022

Asynchronous Activity 3.xlsx - Excel
Sign in
File
Home
Insert
Page Layout
Formulas
Data
Review
View
Help
O Tell me what you want to do
8 Share
ΣΑυtoSum
> AutoSum v
Calibri
- 11
A A
ab Wrap Text
Custom
V Fill v
Sort & Find &
Filter v Select v
Paste
BI U-E
Conditional Format as
Cell
Insert Delete Format
E E E Merge & Center
$ • % >
.00
Clear
Formatting Table Styles v
Clipboard
Font
Alignment
Number
Styles
Cells
Editing
D23
fe
=+D17+D21
A
В
F
G
H
K
M
N
P
21
Total Non-current Assets
2,160,000
789,250
23 Total Assets
5,055,900
2,415,750
24
25 Liabilities and Equity
26 Liabilities
27 Current Liabilities
28
Trade Payables
911,000
305,620
29
Loan Payable -current portion
250,000
30
Total Current Liabilities
1,161,000
305,620
31
Non-Current Liability
32
Loan Payable -non-current portion
750,000
33
Total Non-current Liabilities
750,000
35
Total Liabilities
1,911,000
305,620
36
37 Equity
38
Common Stock
2,000,000
1,500,000
39
Additional Paid-in Capital
800,000
450,000
40
Retained Earnings
344,900
160,130
41
Total Equity
3,144,900
2,110,130
43 Total Liabilities and Equity
5,055,900
2,415,750
44
2. Data
3. Calculation of Excess
4. Journal - Parent
5. Journal - Eliminating Entry 6. Wo ...
...
Ready
+ 100%
11:08 PM
5/13/2022

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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