Financial Report 2 - task_21 - 73198

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Objective: Apply selected accounting standards to practical problems from topic 8


Submit your assignment to the link provided in the Assessment Details on the BB site.

The link to submit an assignment will be open 4–5 weeks before the due date. After the due

date, a separate link will be available for late submission with approved extension. This

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Parker1235456'. Your assignments must be submitted as .docx or .xlsx documents. If you

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assignment submission date.

 The financial statements of Pacific Ltd and its subsidiary Sea Ltd contained following information at 30 June 2014. Information extracted from the

Statement of Comprehensive Income:

Information extracted from the Statement of Financial Position:







































Pacific Ltd acquired all the shares of Sea Ltd on 1 July 2012 for $880,000. The shareholders’

equity of Sea Ltd consisted of share capital $360,000, general reserve $120,000 and retained

earnings $230,000 at the acquisition date.

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