Corporate Accounting(CA) Assignment

Added on - 28 May 2020

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Running head: CORPORATE ACCOUNTINGCorporate AccountingName of the Student:Name of the University:Author’s Note:
1CORPORATE ACCOUNTINGQuestion 1:In the books of Sam Ltd.Journal EntriesDr.Cr.DateParticularsAmountAmountBusiness Combination ValuationEntries:01-07-2013Accumulated Depreciation A/c.Dr.26000To,Plant A/c.24000To,Deferred Tax Liability A/c.600To,Business CombinationValuation Reserve A/c.1400Depreciation Expenses A/c.Dr.200Retained Earnings (1/7/16) A/c.Dr.600To,Accumulated DepreciationA/c.800Deferred Tax Liability A/c.Dr.240To,Income Tax Expenses A/c.60To,Retained Earnings (1/7/16)180Amortization of Customer DatabaseA/c.Dr.1500Retained Earnings (1/7/16) A/c.Dr.3150To,Income Tax Expenses A/c.450To,Transfer from BCVR A/c.4200Transfer from BCVR A/c.Dr.6300Income TaxExpenses A/c.Dr.2700To,Contingent Legal LiabilityA/c.7000To,Gain on Settlement A/c.2000Accumulated Impairment Loss forGoodwill A/c.Dr.7000To,Business CombinationValuation Reserve A/c.2000To,GoodwillA/c.5000
2CORPORATE ACCOUNTINGPre-Acquisition Entries:01-07-2013Share Capital A/c.Dr.150000Reserves A/c.Dr.10000Retained Earnings (1/7/13) A/c.Dr.30000Business Combination ValuationReserve A/c.Dr.21000To,Shares in Sam Ltd. A/c.130000To,Gain on Bargain Purchase(Transfer to P/L)A/c.8100030-06-2017Share Capital A/c.Dr.150000Reserves A/c.Dr.7000Retained Earnings (1/7/16) A/c.Dr.27700To,Business CombinationValuation Reserve A/c.54700To,Sharesin Sam Ltd. A/c.130000Transfer from Reserves A/c.Dr.2000To,Reserves A/c.2000Business Combination ValuationReserve A/c.Dr.7000To,Transfer from BCVR A/c.7000Transfer from BCVR A/c.Dr.4200To,Business CombinationValuation Reserve A/c.4200Workings:Acquisition Analysis:ParticularsCarryingAmountFairValueNetFairValueShare Capital150000150000Reserves1000010000
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