Consolidation Worksheet: Financial Accounting and Consolidation
VerifiedAdded on  2022/10/19
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Practical Assignment
AI Summary
This document presents a detailed solution to a consolidation worksheet assignment. The assignment focuses on the acquisition of Darren Ltd by Ethan Ltd. The solution includes an acquisition analysis at 30 June 2018, business combination valuation entries, and pre-acquisition entries as of 1 July 2017. It outlines the fair value of identifiable assets and liabilities, consideration transferred, and the resulting gain on bargain purchase. The solution also provides the necessary worksheet adjustment journal entries and a completed consolidation worksheet, incorporating data from both companies to derive the consolidated financial position. The tax rate of 30% is considered throughout the calculations. The assignment provides a comprehensive understanding of consolidation procedures in financial accounting.
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