Description
FAC2602 Assignment 2 Semester 1 Memo | Due April 2026. All questions fully answered. QUESTION 1 (32 marks) (64 minutes)
Bean Ltd and Bag Ltd formed a group of companies through an acquisition of 80% interest in the ordinary shares of Bag Ltd on 30 April 2023. Bean Ltd purchased this controlling interest for a cash amount of R1 000 200. The financial year end of both companies is 31 May 2025.
1.
The total equity at date of acquisition for Bag Ltd consisted of:
Share capital (200 000 shares)………..……………………………………………..R600 000
Retained earnings……………………………………………………………………..R475 000
Revaluation surplus……………………………….…………………………………..R 89 000
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