How to record Wesfarmers acquisition of the Coles Group

Micky2

Can anyone provide advice on how to record Wesfarmers' corporate acquisition of the Coles Group in 2007? The consideration for each Coles share was $4.00 per share, plus 0.14215 Wesfarmers ordinary share, plus 0/14215 Wesfarmers partially protected share.

Am using Reckon Accounts Personal Plus 2016

Stan Goodacre_7962994

Hi, Micky,
I'm not sure about your figures on the Wesfarmers acquisition - my records show $ 2.9583 cash plus 0.16854 Wes FPO and 0.14215 PP shares. I don't recall whether there were alternatives that explain the differences in our figures.

In any case, all I did was to record the transaction as a sale of Coles at $2.9583 per share and the purchase of the appropriate number of  Wesfarmers at the market price at the time ($42, I believe). I know that wouldn't satisfy an accountant but as I don't use one it doesn't much matter. It keeps the financial record well enough to suit me.

Regards,

Stan