Consolidation Journal Entries for Jan Ltd. and Dean Ltd.

Consolidation journal entries for the consolidation of Jan Ltd. And Dean Ltd.
Sr.
No. Particulars Debit Credit
1 Share Capital $100,000
General reserve $60,000
Retained Earnings (1/7/18) $17,500
Goodwill $10,000
To Shares in Dean Ltd. $187,500
(Pre- acquisition entry for acquiring Dean Ltd. recorded) (refer WN-1)
2 Loan payable $5,000
Other revenue $500
To Loan receivable $5,000
To Expenses $500
(Loan given by Jan Ltd to Dean Ltd eliminated along with interest on said loan)
3 Other revenue $4,000
To expenses $4,000
(Rent for office space given by Jan Ltd to Dean ltd eliminated)
4 Dividend revenue $7,500
To Interim dividend paid $2,500
To Final dividend declared $5,000
(Dividends revenue / expenses paid / declared by subsidiary eliminated)
5 Final dividend payable $5,000
To Dividend receivable $5,000
(Dividend payable by Dean Ltd eliminated along with dividend receivable)

JAN LTD.
Consolidated Comprehensive Income Statement for the period ended 30 June 2019
Particulars Amount
Sales revenue $588,500
Other revenue $5,500
Total income $594,000
Less: Expenses $531,500
Profit before tax $62,500
Less: Tax expenses $25,000
Profit after tax $37,500
Total comprehensive income $37,500
JAN LTD.
Consolidated Balance Sheet as at 30 June, 2019
Particulars Amount
ASSETS
Non-Current Assets
Property, Plant & Equipment $223,500
Goodwill $10,000
Current Assets
Other investments $150,000
Total Assets $383,500
LIABILITIES
Non-Current Liabilities
Other non-current liabilities $93,500
Current Liabilities
Final dividend payable $15,000
Total liabilities $108,500
Net assets (Assets - liabilities) $275,000
EQUITY
Share capital $150,000
Asset revaluation surplus $90,000
Retained earnings $35,000
Total Equities $275,000