Immediately after Pai and Family Ltd had acquired control of Son One Ltd and Son Two Ltd
Question:
Immediately after Pai and Family Ltd had acquired control of Son One Ltd and Son Two Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet.
Transcribed Image Text:
Pai and Family Balance Sheet Investments in subsidiaries: Son One Ltd (10,000 Ordinary £1 shares) Son Two Ltd (12,000 Ordinary £1 shares) Fixed assets Current assets Share capital - Ordinary £1 shares Profit and loss account £ 16,000 18,000 73,000 33,000 140,000 110,000 30,000 140,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
To consolidate the balance sheets of Pai and Family Ltd with its subsidiaries Son One Ltd and Son Two Ltd we need to combine their balance sheets into a single set of financial statements However duri...View the full answer
Answered By
Zishan Ahmad
I have quite experience in this field. When I was in my final year in college, in the last semester I applied for the post of chemistry faculty for 11th and 12th students. I cleared the demo and worked there for 6 months untill I had to leave the college because I was done with the degree.
Apart from this, this year (2019) in March I was recruited by Unacademy, an online teaching platform, as a tutor in Mechanical Engineering.
Teaching, for me is passion. I am blessed by this ability to connect with students very easily and am enjoying this inclusion in my life.
0.00
0 Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9780273693109
10th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
Immediately after Parent Acquisitions Ltd had acquired control of Sibling One Ltd and Sibling Two Ltd the following balance sheets were drawn up. You are to draw up a consolidated balance sheet....
-
The following balance sheets were drawn up immediately after Pop Ltd had acquired control of Son Ltd. You are to draw up a consolidated balance sheet. Pop Balance Sheet Investment in Son Ltd: 1,600...
-
Immediately after Pa, Ma and Co Ltd had achieved control of Sub 1 Ltd and Sub 2 Ltd the following balance sheets are drawn up. You are to draw up the consolidated balance sheet. Pa, Ma and Co Balance...
-
What is the cofactor of an entry of a matrix? How are cofactors used to find the determinant of the matrix?
-
Exactly one year ago, Gamma Machinery purchased a lathe for $300,000. At the time of purchase, Gamma expected the lathe to generate a net cash inflow of $120,000 per year for three years. Recently,...
-
Which of the following items are means of accomplishing the objective of financial reporting but are not included within general purpose financial statements? (a) Income statements, (b) Company news...
-
Table B. 14 presents data on the transient points of an electronic inverter. Use all possible regressions and the \(C_{p}\) criterion to find an appropriate regression model for these data....
-
Dan and Patricia form Crane Corporation. Dan transfers land (worth $200,000, basis of $60,000) for 50% of the stock in Crane. Patricia transfers machinery (worth $150,000, adjusted basis of $30,000)...
-
choose two companies that are successfully following a Market Orientation (as described in the textbook) in 2023 and report on their market orientation execution. How does these companies take on a...
-
1 to 3. First, post the unadjusted balances from the unadjusted trial balance that was given and the adjusting entries that were made in Problem 2-3 into the appropriate T-accounts (on the T-accounts...
-
The following balance sheets of Parents Forever Ltd, Sonny 1 Ltd and Sonny 2 Ltd were drawn up as soon as Parents Forever Ltd had acquired the shares in both subsidiaries. You are to draw up a...
-
After Pop and Mum Ltd acquired 75 per cent of the shares of Sons and Cousins Ltd the following balance sheets are drawn up. You are to draw up the consolidated balance sheet. Pop and Mum Balance...
-
What constitutes the blood brain barrier?
-
Nottage Company has four separate operating segments: Sales to outsiders Intersegment transfers East $140,000 35,250 West $ 89,500 30,250 North South $103,500 $85,500 14,700 19,700 What revenue...
-
Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U.S. dollar is its functional currency. Thus, a remeasurement is necessary to...
-
Data for Hermann Corporation are shown below: Selling price Variable expenses Contribution margin Percent Per Unit of Sales $ 60 39 100% 65 $ 21 35% Fixed expenses are $72,000 per month and the...
-
Cass Company has recorded the following information for the last six months of operations from its cost of quality system: Revenue Costs Warranty expense Machine calibration Customer returns...
-
Sales $46,298,115.00 Retained earnings $12,717,254.00 Other expenses $ 5,870,865.00 Notes Payable $ 2,439,553.00 Net PP&E $20,381,945.00 Long-term debt $ 6,300,000.00 Inventory $ 1,235,161.00...
-
The financial statements of a defined benefit pension plan provide only limited information as to its economic condition. The following information relates to the Lincoln County Firefighters Pension...
-
The Higher the time period of the financial security the higher the. ............... risk. O a. Maturity O b. Default and Maturity Oc. Default O d. Liquidity
-
Sunset Ltd has an operating profit for the year ended 31 December 2016, before dealing with the following items, of 150,000. Complete the statement of profit or loss. (a) The standard rate of income...
-
Joytan Ltd has a trading profit, before dealing with any of the undermentioned items, for the year ended 31 December 2017 of 500,000. Prepare the statement of profit or loss for the year. (a) The...
-
Rowlock Ltd was incorporated on 1 October 2015 to acquire Rowlocks mail order business, with effect from 1 June 2015. The purchase consideration was agreed at 35,000 to be satisfied by the issue on 1...
-
Develop a Java GUI application using JavaFx library that will connect to an Oracle database table that has the following specifications: The database table: Employee a. Make an Oracle database...
-
CASE 3 Maruti Suzuki Business Intelligence and Enterprise Databases SUMMARY CHAPTER 6 FOUNDATIONS OF BUSINESS INTELLIGENCE: DATABASES AND INFORMATION MANAGEMENT CASE 3 Maruti Suzuki Business...
-
Use Oracle SQL Developer DATABASE :.................................................................. UNNORMALIZED TABLE 1. MOVIE ID MOVIE TITLE MOVIE VALUE MOVIE QTY MOVIE CAT ID MOVIE CATEGORY 1...
Study smarter with the SolutionInn App