Subject Code : ACC705
Country : Australia
Assignment Task -

 

The machinery was considered to have a further 5-year life. Of the inventory, 90% was sold by 30 June  2018. The remainder was sold by 30 June 2019. 

Both Darren Ltd and Ethan Ltd use the valuation method to measure the land. At 1 July 2017, the balance  of Ethan Ltd’s asset revaluation surplus was $13 500. 

In May 2018, Darren Ltd transferred $3000 from the retained earnings at 1 July 2017 to a general reserve.  The tax rate is 30%. 

The following information was provided by the two companies at 30 June 2018.

 

20210208053006AM-1794530976-1204797868.PNG;

 

Required: Prepare the consolidated financial statements of Ethan Ltd at 30/6/2018 

 

 

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