Kelly Lid acqured % interest n Boomer L on t January 2019 or $230 00 Ahat dat Boomer LMsty costed of shae captal of S200000 and retaned gs of e 0 The far value of the NCI in Subidary Lat Total proft reported by Boomer Lo the year ended 30 June 2000 and 2001 were 5200 000 and S230 000 retively Kelly Ldis using the partal good will method Required: a) Calculate the goodwill using the partal good will method b) Prepare the consolidation worksheet entres or Kelly Ld 2019 was 529.000 130 June 2021 Namations are not requred
Kelly Lid acqured % interest n Boomer L on t January 2019 or $230 00 Ahat dat Boomer LMsty costed of shae captal of S200000 and retaned gs of e 0 The far value of the NCI in Subidary Lat Total proft reported by Boomer Lo the year ended 30 June 2000 and 2001 were 5200 000 and S230 000 retively Kelly Ldis using the partal good will method Required: a) Calculate the goodwill using the partal good will method b) Prepare the consolidation worksheet entres or Kelly Ld 2019 was 529.000 130 June 2021 Namations are not requred
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me
Transcribed Image Text:Kelly Lid acquired 90% interest n Boomer Ld on 1 January 2019 for $230 000 A hat date, Boomer LMs equty conssted of share captal of $200,000 and rutaned eangs of 0 00
The fair value of the NCI in Subsidary Ltd at 1 January 2019 was $29.000
Total profit reported by Boomer Ld for the year ended 30 June 2020 and 2021 were 200 000 and $230.000 repectively
Kelly Lid is using the partial good will method
Required:
a) Calculate the goodwill using the partial good will method
b) Prepare the consolidation worksheet entnes for Kelly Lid group as at 30 June 2021 Narrations are not requred
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 4 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education