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MPA105 Financial Accounting and Reporting

Question 1:

On 1 July 2016, Sisters Ltd acquired all of the issued shares of Brothers Ltd for $950 000.  At the acquisition date the equity of Brothers Ltd consisted of:

Share capital

$600 000


  120 000

Retained earnings

  150 000

At the date of acquisition this equity reflected the fair values of all the identifiable assets and liabilities of Brothers Ltd.

The following transaction occurred between the two entities during the financial year:  

. On 1 July 2016 Brothers Ltd sold a motor vehicle to Sisters Ltd for $900 000. The motor vehicle had cost Brothers Ltd $1 500 000. It had been used for 5 years and had a carrying amount of $800 000 on Brothers Ltd.’s accounting book on the date of sale. The motor vehicle is recorded under the cost model and the straight-line depreciation method is used by both companies. The remaining useful life of the motor vehicle was estimated to be 5 years.

At 30 June 2017 the directors of Sisters Ltd estimated that purchased goodwill had been impaired by $10 000

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