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Tut week 6 (test 2013)

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QUESTION 1 (33 Marks) Ignore VAT Popular Limited (“Popular”) is a company that manufactures and sells popular branded clothing items, such as Billabong and Quiksilver. All companies have a 31 December year end. Brands Limited (“Brands”) was a rival company in the same industry but, when Brands started experiencing financial difficulties during 2010, Popular decided to start negotiations with the shareholders of Brands to buy the majority of their shares. Popular acquired 75% of Brands’ issued shares on 1 January 2011. Brands’ equity on 1 January 2011 consisted of: Stated capital Accumulated loss R500 000 (R200 000) Additional information relating to Brands: 1. At acquisition, Brands’ assets and liabilities were fairly valued, except for the following 2 items: Sewing machines Long-term loan liability Carrying value 1 Jan 2011 R250 000 R60 000 Fair value 1 Jan 2011 R33 ...
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