Share capital $ 80,000.

00 This is
General Reserve $ 30,000.00 obtained
from the
Retained Earnings $ 40,000.00 question
Consideration Transferred $ 153,000.00

Date Particulars Debit Credit

1-Jul-16 Goodwill $ 3,000.00
BCVR $ 3,000.00

Share capital $ 80,000.00

General Reserve $ 30,000.00
Retained Earnings $ 40,000.00
BCVR $ 3,000.00
Shares in Robert Ltd $ 153,000.00
Net Fair value of identifiable assets
and liabilities of Robert Ltd $ 150,000.00
Consideration Transferred $ 153,000.00
Goodwill $ 3,000.00
The amount for adjustment for
revaluation or elimination of pre-
acquisition of assets to be made in
the journals.
 Share capital $ 80,000.00
General Reserve $ 30,000.00
Retained Earnings $ 40,000.00
Consideration Transferred $ 148,000.00

Date Particulars Debit Credit

1-Jul-16 Share capital $ 80,000.00
General Reserve $ 30,000.00
Retained Earnings $ 40,000.00
Gain on bargain purchase $ 2,000.00
Shares in Robert Ltd $ 148,000.00

1-Jul-17 Share capital $ 80,000.00

General Reserve $ 30,000.00
Retained Earnings $ 38,000.00
Shares in Robert Ltd $ 148,000.00
Net Fair value of identifiable assets
and liabilities of Robert Ltd $ 150,000.00
Consideration Transferred $ 148,000.00
Gain on bargain purchase $ 2,000.00