Journal Entries, Taxable Income And Shareholder’s Equity

Task 1 Marks 10                              
Your company has just decided to issue a prospectus to raise additional capital.                             
                                 
The relevant information is:                               
                                 
Prospectus issued on 1 June 2015 to raise additional capital                             
                                 
The prospectus invited applications for 5,000,000 ordinary shares at an issue price of $2.10 each.                         
                                 
On application for these shares, the applicant was to pay $1.40 per share.                             
                                 
A second instalment of $0.70 was payable on 1 January 2016.                             
                                 
According to the prospectus, any excess application money was to be refunded in full.                           
                                 
By the prospectus close date of 31 July 2015, 5,200,000 applications for ordinary shares had been received. Only application money was sent in with all applications.               
                                 
On 1 August 2015, the company’s directors allotted 5,000,000 shares in proportion to the applications received. No additional shares were issued.                   
                                 
By 1 January 2016, all the second instalment payments had been made, with the exception of one holder of 6,000 ordinary shares.                     
                                 
Required:                                 
                                 
Prepare, in General Journal format, entries to record:                             
                                 
(i) the application for and issue of the shares, including any refund; (ii) the payment of the second instalment                       
                                 
(Note: narrations are not required).                               
                                 
Answer:                                 
                                 
General Journal                           
                                 
Date  Particulars  Debit  Credit                           
                         
                                 
31-07-2015 Bank A/c. 7280000                            
  Share Application A/c.   7280000                          
                                 
01-08-2015 Share Application A/c. 7280000                            
  Share Capital A/c.   7000000                          
  Bank A/c.   280000                          
                                 
  Share Allotment A/c. 3500000                            
  Share Capital A/c.   3500000                          
                                 
01-01-2016 Bank A/c. 3495800                            
  Calls-in-Arrear A/c. 4200                            
  Share Allotment A/c.   3500000                          
                                 
                                 
Task 2 Marks 10                               
                                 
Butch Ltd and Sundance Supplies have agreed to join forces and created a bigger company called Cassidy Supplies Ltd. It was agreed that Butch Ltd would acquire the assets and liabilities of Sundance for $2,500,000 and create a new company on 1 December 2015. The acquisition would be funded through the issue of new shares in Butch Ltd to the vendors. Prior to the acquisition and conversion, Sundance Supplies’ trial balance was              
             
             
             
             
             
             
             
                                 
                                 
  Debit  Credit                             
                             
  $  $                             
Cash at bank  35,800                              
                           
Accounts receivable  1,37,800                              
                           
Inventory  1,27,300                              
                           
Land & buildings  23,89,000                              
                           
Motor vehicles  3,76,900                              
                           
Plant & machinery  5,51,450                              
                           
Allowance for doubtful debts    4,050                            
                           
Accumulated depreciation – buildings    64,500                            
                           
Accumulated depreciation – plant & machinery    1,41,500                            
                           
Accounts payable    1,13,200                            
                           
Mortgage    9,98,000                            
                           
Capital    21,15,000                            
                           
General reserve    1,82,000                            
                           
  36,18,250 3,618,25                             
                           
                                 
At the date of acquisition and conversion of the business to a company, the fair value of the assets was determined as:                             
                                 
  $                               
                             
Cash at bank  35,800                              
                             
Accounts receivable  1,32,000                              
                             
Inventory  1,20,000                              
                             
Land & buildings  25,00,000                              
                             
Motor vehicles  3,50,000                              
                             
Plant & machinery  5,00,000                              
                             
                                 
The business’ liabilities were accepted at the balance listed in the trial balance.                             
                                 
Required:                                 
                                 
Prepare general journal entries to record the above in Cassidy Supplies Ltd’s books                             
                                 
(Note: narrations are not required).                               
                                 
Answer:                                 
                                 
Date  Particulars  Debit  Credit                           
                         
                                 
01-12-2015 Cash at bank  35,800                            
  Accounts receivable  1,37,800                            
  Inventory  1,20,000                            
  Land & buildings  25,00,000                            
  Motor vehicles  3,50,000                            
  Plant & machinery  5,00,000                            
  Gain on Acquisition   26,600                          
  Allowance for doubtful debts    5,800                          
  Accounts payable    1,13,200                          
  Mortgage    9,98,000                          
  Vendor- Tackle   25,00,000                          
                                 
  Vendor- Tackle 25,00,000                            
  Share Capital   25,00,000                          
                                 
  Gain on Acquisition 26,600                            
  Profit & Loss   26,600                          
                                 
                                 
Task 3 Marks 8                              
Required:                                
Prepare the general journal entries to reflect the following events during the year:                             
                                 
a)  The final dividend declared at the end of the previous year of $85,000 was paid on 15 August 2015                         
                                 
b)  On 1 January 2016, land and buildings were revalued from $1,900,000 to $2,025,000                           
                                 
c)  An interim dividend was declared on 15 March 2016 and paid on 10 April 2016 for $55,000                         
                                 
d)  On 30 June 2016, the company decided to set aside an additional $35,000 form retained earnings and transferred this to the general reserve                   
                                 
(Note – Narrations and dates are required.)                               
                                 
Answer:                                 
                                 
Date  Particulars  Debit  Credit                           
                         
                                 
15-08-2015 Final Dividends Payable 85000                            
  Bank   85000                          
  (Payment of Final Dividend paid on 15/8/2015)                              
                                 
01-01-2016 Land & Buildings 125000                            
  Asset Revaluation Reserve    125000                          
  (Land & Building revalued)                              
                                 
15-03-2016 Retained Earnings 55000                            
  Interim Dividend Payable   55000                          
  (Interim Dividend declared)                              
                                 
10-04-2016 Interim Dividend Payable 55000                            
  Bank    55000                          
  (Interim Dividend paid)                              
                                 
30-06-2016 Retained Earnings 35000                            
  General Reserve   35000                          
  (Transfer to general reserve)                              
                                 
                                 
Task 4 Marks 12                              
Task 4 Marks 12
Delphi Deliveries Ltd commenced operations on 1 July 2016. For the year ended
30 June 2017, the company recorded an accounting profit before tax of $299,000.
On 30 June 2017, the accounting balance sheet and the taxation balance sheets disclosed the following:		                  
                 
                 
                 
                 
                                 
                                 
  Accounting (Carrying Amount)  Taxation (Tax Base)                             
                           
  $  $                             
                           
Assets                                 
                           
Motor vehicles (at cost)  1,80,000 1,80,000                            
                           
Accumulated depreciation – motor vehicle  -49,500 -36,000                            
                           
Office furniture (at cost)  3,50,000 3,50,000                            
                           
Accumulated depreciation – office furniture  -52,500 -70,000                            
                           
Bank  61,500 61,500                            
                           
Inventories  55,200 55,200                            
                           
Accounts receivable (net)  48,500 51,500                            
                           
  5,93,200 5,92,200                            
                           
Liabilities                                 
                           
Bank loan  2,50,000 2,50,000                            
                           
Accounts payable  41,800 41,800                            
                           
Provision for annual leave  7,750 Nil                             
                           
  2,99,550 2,91,800                            
                           
Net Assets  2,93,650 3,00,400                            
                           
                                 
                                 
Included in the calculation of accounting profit were the following items, which have to be treated differently for taxation purposes:                             
                                 
  Accounting Entries  Taxation Entries                             
                           
  $  $                             
                           
Depreciation of motor vehicles  49,500 36,000                            
                           
Depreciation of office furniture  52,500 70,000                            
                           
Entertainment expenses (not tax deductible)  3,850 Nil                             
                           
Transfer to provision for annual leave  10,000 Nil                             
                           
Transfer to allowance for doubtful debts  3,500 Nil                             
                           
                                 
Additional information:                               
                                 
All depreciation is calculated using the straight line method.                             
                                 
Income tax rate is 30%.                               
                                 
Motor vehicles totalling $180,000 were purchased on 1 July 2016. For accounting purposes, these vehicles are being depreciated at 27.5% per year. For taxation purposes it is being depreciated at 20% per year.     
                                 
Office furniture was acquired on 1 July 2016 for $350,000. For accounting purposes, the equipment is being depreciated at 15% per year. However, for taxation purposes, it is depreciated at 20%.         
                                 
Annual leave amounting to $2,250 was paid during the year and charged against the provision. This amount is a taxation deduction.                     
                                 
During the year, a bad debt of $500 was written off and charged against the allowance for doubtful debts. This amount is a taxation deduction.                   
                                 
Required:                                 
                                 
(i)  Prepare a statement of taxable income for the year ended 30 June 2017.                             
                                 
(ii)  Prepare general journal entries to record income tax expense and deferred tax in accordance with AASB 112, including the offset between deferred tax assets and deferred tax liabilities. (Note: narrations are not required)   
                                 
Answer:                                 
                                 
(i) CalculationofTaxableincome                               
Accounting Profit   2,99,000                            
Add:                                
Accounting Depreciation – Motor Vehicle 49,500                              
Accounting Depreciation – Office Furniture 52,500                              
Entertainment Expenses 3,850                              
Transfer to Provision for Annual Leave 10,000                              
Transfer to Allowance for Doubtful Debts 3,500                              
    1,19,350                            
Less:   4,18,350                            
Tax Depreciation – Motor Vehicle 36,000                              
Tax Depreciation – Office Furniture 70,000                              
Annual Leave Paid 2,250                              
Bad Debt Written Off 500                              
    1,08,750                            
Taxable Income   3,09,600                            
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
Tax base calculation (not required to be completed)        (ii) General Journal                     
                                 
  Carrying Amount  Tax Base  DTA DTL   30-06-2016 Income Tax Expense 92880                
    Provision for Income Tax   92880              
Motor vehicles  1,30,500 1,44,000 4050                          
    Income Tax Expense 5250                
Office furniture  2,97,500 2,80,000   5250     Deferred Tax Liability   5250              
                       
Bank  61,500 61,500         Deferred Tax Assets 7275                
    Income Tax Expenses   7275              
Inventories  55,200 55,200                            
    Deferred Tax Liability 5250                
Accounts receivable  48,500 51,500 900       Deferred Tax Assets   5250              
                       
  5,93,200 5,92,200                            
Bank loan  2,50,000 2,50,000                            
                       
Accounts payable  41,800 41,800                            
                       
Provision for annual leave  7,750 0 2325                          
                       
  2,99,550 2,91,800                            
Net Assets  2,93,650 3,00,400                            
                       
                                 
                                 
                                 
                                 
                                 
Task 5 Marks 8                              
Laine Ltd recorded the following operational income and expenses for the year
ending 30 June 2015.		                      
                     
                                 
  $’000                               
                             
Revenue (Sales)  1,170                              
                             
Cost of sales  490                              
                             
Commission received  91                              
                             
Interest received  23                              
                             
Distribution expenses  229                              
                             
Marketing expenses  55                              
                             
Occupancy expenses  122                              
                             
Administration expenses  150                              
                             
Other expenses  73                              
                             
Finance cost expenses  55                              
                             
                                 
                                 
Additional information:
1. Assume a 30% tax rate on profit before tax.
2. Assets were revalued from $1,122,000 to $1,290,000 during the year.
3. Administration expenses included:
• Audit fees:
• Fees for taxation services paid to the auditors:
• Depreciation of plant & equipment:
Required:
$10,500 $4,500 $11,200
(i) (ii)
Prepare a Statement of comprehensive income with both expenses (classified by function) and revenues disclosed on the face of the statement.
Prepare the “Profit for the period” note to support the statement of comprehensive income.		                          
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
                                 
Answer:                                 
                                 
Part (i)                                 
                                 
Statement of Comprehensive Income for the year ended 30 June 2015                               
                             
  $’000                               
                             
Revenue 1,170                              
Cost of Sales -490                              
Gross Profit 680                              
Other Income 114                              
  794                              
Distribution Expenses -229                              
Marketing Expenses -55                              
Occupancy Expenses -122                              
Administrative Expenses -150                              
Other Expenses -73                              
Finance Costs -55                              
Profit before Income Tax 110                              
Income Tax Expenses -33                              
  77                              
Other Comprehensive Income:                                
Revaluation gain on Assets 168                              
Total Comprehensive Income 245                              
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
Part (ii)                                
Profit for the period                               
                                 
Profit has been determined after charging/crediting the following items:                             
Commission Received   91000                            
Interest Received   23000                            
Auditor’s Remuneration:                                
Audit Services 10500                              
Taxation Services 4500 15000                            
Deprerciation on Plant & Equipment   11200                            
                                 
                                 
                                 
                                 
Task 6 Marks 8                               
                                 
The following information has been provided:
1. Profit after tax for the year was $66,500

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2. Share capital at 1 July 2015 was 1,400,000 ordinary shares of $1.00 each, fully paid

3. The company issued 250,000 ordinary shares on 31 May 2016 at $0.90 each, fully paid

4. Retained earnings balance 1 July 2015                                                                          (credit) $324,500

5. General reserve balance 1 July 2015                                                                              $50,000

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6. Transferred during the year to general reserve from retained earnings                 $25,000

7. Asset revaluation reserve balance 1 July 2015                                                              $125,000

8. On 30 June 2016, the directors adopted a new valuation of land and buildings of $1,850,000. The previous valuation of land and buildings was $1,790,000.

9. A fully franked interim dividend of $0.03 per ordinary share was paid on 31 March 2016

10. The directors declared a proposed final dividend of $0.06 per ordinary share, fully franked, on 30 June 2016
Required:
(i) (ii)
Prepare the Statement of Changes in Equity for the year ended 30 June 2016.
Prepare the “Dividends” note to support the statement of changes in equity.
                                 
Answer:                                
Part (i) 6 Marks                                 
                                 
                                 
Statement of changes in equity For the year ended 30 June 2016                       
                     
  Reserves  Share Capital  Total equity                       
                     
  Retained earnings  General reserve  Asset revaluation reserve                           
                     
Balance 1 July 2015  324500 50000 125000 1400000 1899500                      
                     
Total comprehensive income  66500   60000   126500                      
                     
Total recognised income and expense for the period  66500   60000   126500                      
                     
Dividends  -141000       -141000                      
                     
Transfer to general reserve  -25000 25000                            
                     
Share buy-back                                 
                     
Issue of share capital        225000 225000                      
                     
Balance 30 June 2016  291500 75000 245000 1625000 2236500                      
                     
                                 
Part (ii) 2 Marks                                 
                                 
Dividends paid or declared: $’000                               
                                 
Interim Dividend Paid:                                
$0.03 per share fully franked @30% on 1400000 shares 42                              
                                 
Declared final dividend:                                
$0.06 per share fully franked @30% on (1400000+250000) shares 99                              
  141                              
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
                                 
Task 7 Marks 12                              
                                 
The following information has been extracted from the balance sheet of Mammoth
Ltd:
• Shares listed in the ASX with a market value of $125,400
• Debentures that can be sold on the market at a value of $50,000
• The company had acquired equipment costing $300,000. As at 30 June 2016, the accumulated depreciation was $45,000.
• The directors adopted a new value for land and building at 30 June 2016 of $1,950,000
• The company has a mortgage, secured by the land and buildings, of $1,600,000. The mortgage is repayable in 4 equal instalments on the 30 June each year
• The directors agreed to an impairment of Goodwill on acquisition $18,000. The balance of the goodwill, after the impairment was $72,000
• The company was involved in a legal dispute where the other party was demanding $150,000 in settlement of an outstanding claim. Legal advice was obtained by the company which indicated that there may be a 20% chance of losing this legal battle.
Required:
Prepare the notes to the Statement of financial position (balance sheet) showing all the required disclosures as per AASB 101 for all items listed above.		              
             
             
             
             
             
             
             
             
             
             
             
             
             
                                 
Answer:                                 
                                 
Extract of Notes to Statement of financial position                             
                                 
Note 11 – Property, plant & equipment     1605000                          
Plant & Equipment (at cost) 300000 255000                            
Less: Accumulated Depreciation 45000                              
Land & Building   1350000                            
                                 
Note 12 – Intangible Assets     72000                          
Goodwill 90000                              
Less: Accumulated Impairment on Goodwill 18000                              
                                 
Note 13 – Available for sale investment     175400                          
Listed shares (at market value)   125400                            
Debentures (at market value)   50000                            
                                 
Note 14 – Current Portion of Long Term Borrowing     400000                          
Mortgage (secured by land & building)   400000                            
                                 
Note 15 – Long Term Borrowing     1200000                          
Mortgage (secured by land & building)   1200000                            
                                 
Note 16 – Contingent Liabilities                                
The company was involved in a legal dispute where the other party was demanding $150,000 in settlement of an outstanding claim. Legal advice was obtained by the company which indicated that there may be a 20% chance of losing this legal battle.                                
                                 
                                 
Task 8 Marks 12 Part (a) (6 Marks)                               
                                 
A summary extract from the Cash Book of SAM Ltd for the year ended 30 June 2016 disclosed:                   
                                 
Cash Book                                 
                                 
Opening balance  9,470 Accounts payable 42,200                          
Accounts receivable  1,03,700 Office Furniture  4,200                          
Sales – cash 15,920 Inventory purchased  16,250                          
 Commission received  2,462 Salaries & wages  90,520                          
Office furniture  9,500 Taxation payable 17,624                          
Share capital  70,000  Provision for annual leave  2,490                          
Motor vehicles  7,000 Petty Cash  50                          
Interest income  2,230 Other operating expenses  31,040                          
Deposits at call  5,000 Dividend payable  13,200                          
    Closing balance  7,708                          
  2,25,282   2,25,282                          
                                 
Additional Information – The petty cash float was $100 on 30 June 2015. There was $50,000 in deposits at call on 30 June 2015.
Required:
Prepare a cash flow statement for the financial year ended 30 June 2016 (Note you are not required to show the reconciliation of cash and cash equivalents)		                        
                       
                       
                       
                       
                       
                       
                       
                                 
Part (b) (6 Marks)                              
                                 
An extract from the balance sheets of Unstable Pty Ltd showed the following for the years ended 30 June 2015 and 30 June 2016 were:                      
                     
                                 
  30-Jun-15 30-Jun-16                            
Bank  9,096 11,024                            
Accounts receivable 82,384 85,856                            
Allowance (provision) for doubtful debts  -840 -840                            
Inventory 31,696 28,540                            
Current Liabilities                                
Accounts payable 25,284 24,460                            
Taxation payable 11,800 13,192                            
Provision for annual leave 5,120 4,560                            
Dividend payable (provision)  10,240 12,480                            
                                 
Additional Information                               
                                 
Net profit after taxation is $100,400. This profit was determined after accounting for the following income and expense items:                       
                                 
  $                               
                             
Depreciation  16,480                              
                             
Gain on sale of non-current assets  2,240                              
                             
                                 
                                 
Required:                                 
                                 
Determine the net cash provided from operating activities for the year ended 30 June 2012 by preparing the reconciliation with profit after tax.                         
                       
                                 
Answer:                                
Part (a) (6 Marks)          Part (b) (6 Marks)                   
                                 
Statement of Cash Flows for SAM Ltd For the Financial Year Ended 30 June 2016        Reconciliation of profit after tax to cash flows from operating activities                 
                                 
(i) Cash flows from operating activities: Inflows/ (Outflows) Inflows/ (Outflows)       Profit after Tax:   1,00,400                
Receipts from Customers 1,19,620         Add/(Substract) non cash items:                    
Commission Received 2,462         Depreciation  16,480                  
Interest Income 2,230         Gain on sale of non-current assets -2240 14240                
Payment to Suppliers -58,450             1,14,640                
Payment to Employees -93,010         Add/(Substract) movements in balance sheet:                    
Taxation Paid -17,624         Increase in Accounts Receivable -3,472                  
Other Operating Expenses -31,040         Increase in Taxation Payable 1,392                  
Net Cash used by Operating Activities   -75,812       Decrease in Inventory 3,156                  
            Decrease in Accounts Payable -824                  
(ii) Cash flows from investing activities:           Decrease in Provision for Annual Leave -560                  
Payment for office furniture -4,200             -308                
Proceeds from disposal of office furniture 9,500         Net Cash provided by operating activities   1,14,332                
Proceeds from disposal of motor vehicle 7,000                              
Net Cash used by Investing Activities   12,300                            
                                 
(iii) Cash flows from financing activities:                                
Proceeds of share issue 70,000                              
Dividends paid -13,200                              
Net Cash used by Financing Activities   56,800                            
                                 
Net Decrease in Cash Held   -6712                            
Cash & Cash Equivalent at beginning of the year   9,470                            
Cash & Cash Equivalent at the end of the year   2,758                            
                                 
Cash at Bank   7,708                            
Deposit on Call   -5000                            
Petty Cash on Hand   50                            
Cash & Cash Equivalent at the end of the year   2,758                            
                                 
                                 
                                 
                                 
Task 9 Marks 20                              
                                 
Bonnie Ltd acquired all the issued capital of Clyde Ltd on 1 July 2010 for
$600,000. At that date the shareholders’ equity of Clyde Ltd was:		                    
                   
                                 
  $                              
Share capital  4,62,000                              
General reserve  35,400                              
Retained earnings  77,160 -25,440                            
                                 
Additional information for the year ended 30 June 2016:                            
                                 
(i) Inter company sales:                               
                                 
Bonnie Ltd to Clyde Ltd $6,400                              
                                 
Clyde Ltd to Bonnie Ltd  $3,800                              
                                 
(ii)  Unrealised profits in closing inventory as at 30 June 2016 is $1,000 for goods sold by Clyde Ltd to Bonnie Ltd and $2,500 for goods sold by Bonnie Ltd to Clyde Ltd.             
                                 
(iii)  Unrealised profit in opening inventory for goods sold by Bonnie Ltd to Clyde Ltd as at 1 July 2015 is $2,000 and for goods sold by Clyde to Bonnie is $3,000.               
                                 
(iv)  The final dividend of $18,000, declared as at 30 June 2015, was paid by Clyde Ltd in October 2015.                       
                                 
(v)  On 1 January 2016, Bonnie Ltd purchased non-current assets from Clyde Ltd for $15,000. Clyde Ltd made profit on this sale of $2,400. Both companies depreciate office equipment at 20% per annum.       
                                 
(vi)  Clyde Ltd borrowed funds from Bonnie Ltd by issuing 480, 10% Debentures (each with a face value of $100) on 1 July 2015 to Bonnie Ltd. Interest is paid at the end of each quarter (and has been paid for the period ending 30 June 2016). 
                                 
(vii)  The directors review the balance of goodwill each year. They agree that:                             
                                 
For the year ended 30 June 2015, goodwill was impaired by $5,000.                             
                                 
For the year ended 30 June 2016, goodwill is to be impaired by $4,000.                             
                                 
Required: Complete the consolidation worksheet – You are not required to complete the final consolidation column and this has not been provided on the work sheet.               
                                 
Answer                                 
                                 
Consolidation Worksheet 30 June 2016  Bonnie Ltd  Clyde Ltd  Eliminations                         
Dr  Cr                         
                                 
Sales 4,93,860 3,37,752 10,200                          
Less Cost of Sales
Inventory 1.7.2015 		 37,920 25,680   5,000                        
                       
Purchases  2,98,680 1,69,620   10,200                        
  3,36,600 1,95,300                            
Inventory 30.6.2016 37,020 24,780 3,500                          
Cost of Goods Sold 2,99,580 1,70,520                            
Gross Profit 1,94,280 1,67,232                            
Gain on sale of equipment  – 2,400 2,400                          
Dividends received  30,000   18,000                          
                             
Interest received from Clyde Ltd  4,800   4,800                          
  2,29,080 1,69,632                            
Less: Expenses – selling expenses 22,080 12,000                            
            Admin expenses 49,920 63,000 4,000 240                        
            Financial expenses 15,000 7,632   4,800                        
  87,000 82,632                            
Operating Profit before tax 1,42,080 87,000                            
Less tax expenses 42,624 26,100                            
Profit after tax 99,456 60,900                            
Retained earnings 1.7.2015     77,160 18,000                        
      5,000                        
  1,73,400 1,50,432                          
Available for appropriation 2,72,856 2,11,332                            
Approprations                                
               Interim dividend paid 28,800 12,000                            
               Final dividend declared 33,000 19,200                            
Total appropriations 61,800 31,200                            
retained earnings 30.6.2016 2,11,056 1,80,132                            
Share capital 9,00,000 4,62,000 4,62,000                          
General reserve 42,000 35,400 35,400                          
10% Debentures – 48,000 48,000                          
Accounts payable 33,000 19,800                            
Dividends payable 33,000 19,200                            
Taxation Payable 18,000 11,400                            
  12,37,056 7,75,932                            
Property,plant & equipment     240 2,400                        
Shares in Clyde Ltd.       6,00,000                        
10% Debentures in Clyde Ltd.       48,000                        
Inventory         3,500                        
Goodwill on Consolidation     25,440 9,000                        
                                 

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