What is the Journal Entry in the book of Large Corporation?


Assume Large Corporation Invested $ 600,000 for Small Corporation and the estimated Fair Market Values of Assets, Liabilities and Equity Accounts are as follows:

Assets Amount $ Liabilities Amount $
Account Receivable


LT Marketable Securities

PP & E







Account Payables

Retained Earnings

Commons Stock








Required: (2+3 Marks)

Determine the Amount of Goodwill or Bargain Purchase.

What is the Journal Entry in the book of Large Corporation?

From the following Table pass Basic Elimination Entry under Equity Method in the book of Parent Company: (5 Marks)


Book Value

= Common


+ Additional

Paid in Capital

+ Retained


Beginning Book Value

+ Net Income

–     Dividend





150 550 (100)





Book Value

750 150 550 50


Consolidated financial statements present the financial position and results of operations for controlling entity and one or more controlled entities. ‘Consolidated Financial Statement has some advantages but at the same time it is not free from limitations.’ Elaborate this statement. (5 Marks)



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