HA2032 Tutorial Questions On Corporate And Financial Accounting - Assignment 1

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Week 5 Question (10 marks)

Swan River Ltd purchased a parcel of assets and liabilities comprising a business directly from Lyneham Pty Ltd. The parcel, measured at net fair values, consisted of:

Balance of Accounts:

Plant 50,000
Land 80,000
Vehicles 40,000
Accounts receivable 10,000
Accounts payable (16,000)
Total 164,000

 

Required:
Prepare journal entries to record the acquisition by Swan River Ltd, assuming that:

  1. The cost of acquisition was $200,000 cash. (4 marks)
  2. The cost of acquisition was $144,000 cash. (6 marks)

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