Assignment Task Case study

On 1 July 2020, Big Ltd acquired all the shares of Ben Ltd on an ex-div. basis. Big Ltd paid $700,000 cash and issued 20,000 shares which had a fair value of $30.00 on the acquisition date. On this date, Ben Ltd included the following balances:

Share capital $200,000
General reserve $5,000
Retained earnings $45,000
Dividend Payable – ex div basis $10,000
Goodwill $3,000

At the acquisition date, all the identifiable assets and liabilities of Ben Ltd were recorded at amounts equal to fair value except for:

Any valuation reserves created are transferred on consolidation to retained earnings when assets are sold or fully consumed. Dividends were paid and declared by Ben Ltd during the current financial year.

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