Solve the following accounting questions
Solve the following accounting questions.
Question 2 (Marks 20)
Challenge Me Pty Ltd acquired 100 per cent of the issued capital of TakeItEasy Ltd on 30 June 2018 for $900 000, when the statement of financial position of Take It Easy Ltd was as follows:
| statement of financial position TakeitEasy Ltd as at 30 June 2018 | ||||||
| $(‘000) | $(‘000) | |||||
| Assets | liabilities | |||||
| Accounts receivable | 70 | loan | 300 | |||
| Inventory | 100 | |||||
| land | 400 | shareholders’ equity | ||||
| property, plant and equip | 700 | share capital | 500 | |||
| Accumulated depreciation | -270 | Retained Earnings | 200 | |||
| 1000 | 1000 | |||||
Question 5 (Marks 40)
The following financial statements of FinalHeadache Ltd and its subsidiary Solutions Ltd
have been extracted from their financial records at 30 June 2019.
Answer preview for Solve the following accounting questions.
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