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PART B-70% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at 31 December 20x0 Land Machinery Less Accumulated Depreciation Brand Goodwill Other non-current assets Inventory Other current assets Cash Total Assets Share capital Retained earnings Non-current liabilities Current liabilities Provision for litigation loss Non-controlling interest Total Equity & Liabilities $'000 320 560 50 21 470 340 230 456 2,447 600 1,053 270 320 30 174 2,447 70% Acquisition Jan 20X0 (a) Feb 20X0 (b) Feb 20X0 (c) Dec 20X0 (d) Dec 20X0 (e) Consolidated Journal Entries Share Capital Retained Earning Land Brand Goodwill Cost of Investment (S) Provision for litigation Non-Controlling Interest (CSFP) Profit on Sale of Machinery Machinery Accumulated Depn (P) Acc Depreciation Sales Depreciation (P) Cost of sales Inventory Non-controlling Interest - profit (CSCI) Non-Controlling Interest (CSFP) DR (S) 100,000 250,000 20,000 50,000 21,000 60,000 20,000 20,000 60,000 57,000 CR (S) 294,000 30,000 117,000 80,000 20,000 50,000 10,000 57,000

PART B-70% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at 31 December 20x0 Land Machinery Less Accumulated Depreciation Brand Goodwill Other non-current assets Inventory Other current assets Cash Total Assets Share capital Retained earnings Non-current liabilities Current liabilities Provision for litigation loss Non-controlling interest Total Equity & Liabilities $'000 320 560 50 21 470 340 230 456 2,447 600 1,053 270 320 30 174 2,447 70% Acquisition Jan 20X0 (a) Feb 20X0 (b) Feb 20X0 (c) Dec 20X0 (d) Dec 20X0 (e) Consolidated Journal Entries Share Capital Retained Earning Land Brand Goodwill Cost of Investment (S) Provision for litigation Non-Controlling Interest (CSFP) Profit on Sale of Machinery Machinery Accumulated Depn (P) Acc Depreciation Sales Depreciation (P) Cost of sales Inventory Non-controlling Interest - profit (CSCI) Non-Controlling Interest (CSFP) DR (S) 100,000 250,000 20,000 50,000 21,000 60,000 20,000 20,000 60,000 57,000 CR (S) 294,000 30,000 117,000 80,000 20,000 50,000 10,000 57,000

FINANCIAL ACCOUNTING
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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Discuss the similarities and the differences between the consolidated financial statements in Part A and the consolidated financial statements in Part B

PART B - 70% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at 31 December 20x0 Land Machinery Less Accumulated Depreciation Brand Goodwill Other non-current assets Inventory Other current assets Cash Total Assets Share capital Retained earnings Non-current liabilities Current liabilities Provision for litigation loss Non-controlling interest Total Equity & Liabilities $'000 320 560 50 21 470 340 230 456 2,447 600 1,053 270 320 30 174 2,447 70% Acquisition Jan 20X0 (a) Feb 20X0 (b) Feb 20X0 (c) Dec 20X0 (d) Dec 20X0 Consolidated Journal Entries Share Capital Retained Earning Land Brand Goodwill Cost of Investment (S) Provision for litigation Non-Controlling Interest (CSFP) Profit on Sale of Machinery Machinery Sales Accumulated Depn (P) Depreciation (P) Acc Depreciation Cost of sales Inventory Non-controlling Interest - profit (CSCI) Non-Controlling Interest (CSFP) DR (S) 100,000 250,000 20,000 50,000 21,000 60,000 20,000 20,000 60,000 57,000 CR (S) 294,000 30,000 117,000 80,000 20,000 50,000 10,000 57,000
Transcribed Image Text:PART B - 70% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at 31 December 20x0 Land Machinery Less Accumulated Depreciation Brand Goodwill Other non-current assets Inventory Other current assets Cash Total Assets Share capital Retained earnings Non-current liabilities Current liabilities Provision for litigation loss Non-controlling interest Total Equity & Liabilities $'000 320 560 50 21 470 340 230 456 2,447 600 1,053 270 320 30 174 2,447 70% Acquisition Jan 20X0 (a) Feb 20X0 (b) Feb 20X0 (c) Dec 20X0 (d) Dec 20X0 Consolidated Journal Entries Share Capital Retained Earning Land Brand Goodwill Cost of Investment (S) Provision for litigation Non-Controlling Interest (CSFP) Profit on Sale of Machinery Machinery Sales Accumulated Depn (P) Depreciation (P) Acc Depreciation Cost of sales Inventory Non-controlling Interest - profit (CSCI) Non-Controlling Interest (CSFP) DR (S) 100,000 250,000 20,000 50,000 21,000 60,000 20,000 20,000 60,000 57,000 CR (S) 294,000 30,000 117,000 80,000 20,000 50,000 10,000 57,000
PART A - 100% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at 31 December 20x0 Land Machinery Less Accumulated Depreciation Brand Goodwill Other non-current assets Inventory Other current assets Cash Total Assets Share capital Retained earnings Non-current liabilities Current liabilities Provision for litigation loss Total Equity & Liabilities $'000 320 560 50 30 470 340 230 330 2,330 600 1,110 270 320 30 2,330 Full Acquisition Jan 20X0 Feb 20X0 Feb 20X0 Dec 20X0 Consolidate Journal Entries Share Capital Retained Earning Land Brand Goodwill Cost of Investment (S) Provision for litigation Profit on Sale of Machinery Machinery Sales Accumulated Depn (P) Depreciation (P) Acc Depreciation Cost of sales Inventory DR (S) 100,000 250,000 20,000 50,000 30,000 60,000 20,000 20,000 60,000 CR (S) 420,000 30,000 80,000 20,000 50,000 10,000
Transcribed Image Text:PART A - 100% Acquisition Paron Co & its subsidiary Consolidated statements of financial position As at 31 December 20x0 Land Machinery Less Accumulated Depreciation Brand Goodwill Other non-current assets Inventory Other current assets Cash Total Assets Share capital Retained earnings Non-current liabilities Current liabilities Provision for litigation loss Total Equity & Liabilities $'000 320 560 50 30 470 340 230 330 2,330 600 1,110 270 320 30 2,330 Full Acquisition Jan 20X0 Feb 20X0 Feb 20X0 Dec 20X0 Consolidate Journal Entries Share Capital Retained Earning Land Brand Goodwill Cost of Investment (S) Provision for litigation Profit on Sale of Machinery Machinery Sales Accumulated Depn (P) Depreciation (P) Acc Depreciation Cost of sales Inventory DR (S) 100,000 250,000 20,000 50,000 30,000 60,000 20,000 20,000 60,000 CR (S) 420,000 30,000 80,000 20,000 50,000 10,000
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