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Consolidation Worksheet Adjustment Entries

Home Consolidation Worksheet Adjustment Entries


The journal entry on acquisition of 100% shares of Jeff Ltd by Mutt Ltd would be as follows on 1st July 2016.

Calculation of fair value

Fair value of identifiable assets

        and liabilities of Ursa Ltd                           =         $80000 + $68800

                                                                                                +$12000[1] (BCVR – Patent)

                                                                                                + $8000 (BCVR – Plant )+  6400 ( BCVR – Inventory)

                                                                                    =         $175200

        Consideration transferred                       =         $174800

        Goodwill/Capital Reserve                         =         $

Journal Entry

  1. Plant A/c Dr 8000


To business Combination Reserve   Cr                                       8000


  1. Cost of sales A/c Dr                                                6400


To business Combination Reserve   Cr                                       6400


  1. Patent A/c Dr                                                       12000


            To business Combination Reserve   Cr                                       12000


  1. By Business combination Reserve Cr 400


        To Capital Reserve                                                400


Pre Acquisition Entry at 30 June  2016

  1. Share Capital A/C Dr 80000

Retained Earnings A/c Dr                            68800

Business Combination Reserve                   26000


To Shares in Mutt Ltd     Cr                                             174800                  


Post Entry at 31 July 2017

  1. Depreciation A/c Dr 4000

        To Accumulated depreciation Dr                                    4000  

( 10% of the 40000 Value of Plant )


  1. Goodwill A/c Dr 72000

        To Patent A/c                                                                     72000

( As the patent has infinite life , it has been transferred to goodwill )


  1. Impairment loss A/c Dr                                      1200

             To Goodwill A/c Cr                                                       1200

  ( Being impairment of 1200 )


  1. Retained Earnings A/c 20000       

To General Reserve A/c                                                    20000

( Being Amount transferred to GR from retained Earning )      


[1] As the patent has infinite life same should be not considered as Asset in a calculation, however, should be considered as goodwill.

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