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On 1 July 2015, Ava Ltd acquired all the issued capital of Tracy Ltd for a cash payment of $55000 when the equity of Tracy Ltd was:
Share Capital. $26000
Revaluation surplus $4000
At 1 July 2015, all assets of Tracy Ltd were fairly valued. Directors determined that
(a) Prepare an acquisition analysis and determine the amount of goodwill or gain on bargain purchase at acquisition. (Show all workings)
(b) Prepare the acquisition elimination
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- Flat Wall Ltd has the following results for the year ended 31 December 2021 £ Trading profits 13,300 Property business income 4,600 Interest receivable 2,500 Qualifying charitable donations (1,000) The company also has the following brought forward losses: £ 20,400 Trading losses Flat Wall Ltd always utilises its tax losses in the most efficient way possible. Match the date by which Flat Wall Ltd must make a claim to offset its brought forward trading losses in the year ended 31 December 2021 and the amount of unrelieved trading losse which will be carried forward to the year ended 31 December 2022. Dates Date by which loss relief claim must be made Trading losses carried forward 31 December 2022 Date Amount carried forward 31 December 2023 Trading losses £0 £1,000The accountant for Indra Ltd (Indra) has determined the following information for the year ended 30 June 2020. Profit or loss P300,000 Share of total comprehensive income(after tax) of associates 20,000 Share of profit (after tax) of associates 15,000 Exchange difference gain (net of tax of P3,000) on translation of foreign operation up to the date sold (1 March 2020) 7,000 Exchange difference gain (net of tax of P9,000) on disposal of foreign operation recognized in profit for the year 21,000 Increase in asset revaluation surplus(net of tax) 45,000 What is the total amount of other comprehensive income for Indra for the year ended 30 June 2020?1. During the year ended 31/12/2013, A Ltd had estimated the corporation tax for the year to be £100,000. The amount was still outstanding as at 31/12/13. During the year ended 2014, on 30th June the actual amount payable was agreed with the tax authorities and eventually paid. Meanwhile during the year 2014 the company paid additional investment taxes of £80,000. As at the end of the year the company estimated that the payable for year 2014 will be £120,000. Required: Compare the income tax expense and the balance sheet liability for the year 2014 assuming that: The actual tax paid for the year 2013 was £90,000. The actual tax paid for the year 2013 was £110,000.