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On 1 july  2015 Serpens  Ltd  acquired  the issued shares  of Vela  Ltd for $120000. At that date the financial  statements  of Vela ltd  included  the following items: Share Capital $52500 General Reserve  45000 Retained  earnings  9000 Dividend  payable 7500 At 1 July  2015  Vela Ltd  had recorded  goodwill of $2000 and all tis  identifiable  assets and liabilities  were recorded  ...

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Tags: Australia Sydney Accounting Accounting Corporate Accounting and Reporting University of Sydney Accounting-LMU21 



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