ACC705 - Tuna Ltd: Analysis, Journal Entries & Financials
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This report provides a comprehensive analysis of Tuna Ltd's acquisition of Brim Ltd on July 1, 2015. It includes a detailed calculation of goodwill arising from the acquisition, considering the fair value adjustments of Brim Ltd's identifiable assets and liabilities, such as plant, patents, and inventory. The report also presents consolidation journal entries to account for the business combination, pre-acquisition equity, sales and profit in closing inventory, profit in opening inventory, and the sale of plant. Furthermore, the document showcases the consolidated set of financial statements for Tuna Ltd and Brim Ltd as of June 30, 2017, including the statement of profit or loss and other comprehensive income, as well as the statement of financial position, reflecting the adjustments and eliminations necessary for consolidation. The analysis covers intercompany transactions, such as sales of raw materials and plant, and their impact on the consolidated financial results.
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