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Report on Company Accounting

   

Added on  2020-05-01

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Company accounting
Report on Company Accounting_1

TABLE OF CONTENTSQuestion...........................................................................................................................................3Worksheet entries at 1 July 2013.................................................................................................3Worksheet entries at 1 July 2016.................................................................................................3Worksheet entries at 1 July 2017.................................................................................................3Question 3.5.....................................................................................................................................5Journal Entry in books of EF Ltd................................................................................................5References........................................................................................................................................7References........................................................................................................................................8
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QUESTIONWorksheet entries at 1 July 2013Entries for Business combination valuationInventory A/cDr30 000Business combination valuation reserve A/cCr$9 000Deferred tax liability A/cCr$21 0000*Accumulated depreciation – equipment A/cDr$530 000Business combination valuation reserve A/cCr$280 000Equipment A/cCr$130 000Deferred tax liability A/cCr$120 000Trademark A/cDr$2 100 000Business combination valuation reserve A/cCr$1 470 000Deferred tax liability A/cCr$630 000Business combination valuation reserve A/cDr$560 000Deferred tax liability A/cDr$240 000Payment to be made to employeesCr$800 000Business combination valuation reserve A/cDr$385 000Deferred tax liability A/cDr$165 000Payment to be made to employeesCr$550 000Goodwill A/cDr$815 000Business combination valuation reserve A/cCr$815000Worksheet entries at 1 July 2016Retained earnings A/c (1/7/16)Dr$6 359 000Share capital A/cDr$10 000 000Shares in Blue Ply Ltd A/cCr$16 359 000Worksheet entries at 1 July 2017Cost of salesDr$30 000Income taxCr$9 000Transfer from business combination Valuation reserveCr$21 000Accumulated depreciation – equipment A/cDr$530 000
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