Parental Dream Company Ltd buys shares in Sibling 1 and Sibling 2 on 31 December 2017. You
Question:
Parental Dream Company Ltd buys shares in Sibling 1 and Sibling 2 on 31 December 2017. You are to draft the consolidated statement of financial position as at 31 December 2018 from the following:
Transcribed Image Text:
Parent Company Statement of Financial Position as at 31 December 2018 £ Sibling 1: 120,000 shares Sibling 2: 50,000 shares Non-current assets Current assets Share capital Retained profits: As at 31.12.2017 Add Profit for 2018 68,000 81,000 £ 185,000 95,000 317,000 92,000 689,000 500,000 149,000 40,000 689,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
To consolidate the statement of financial position for Parental Dream Company Ltd including its subsidiaries Sibling 1 and Sibling 2 we have to combine the assets liabilities and equity of all three e...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 2
ISBN: 9781292085050
13th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
-
The financial statements of JJ Ltd and KK Ltd for the year to 30 June 2018 are shown below: Statements of comprehensive income for the year to 30 June 2018. Statements of financial position as at 30...
-
I know how to perform consolidation for companies with a simple group structure, but Ive not learned how to perform consolidation for companies with a complex group structure. I prepared these draft...
-
Doug, Peter, and Jack have the following capital balances;$150,000, $300,000 and $320,000, respectively. The partners shareprofits and losses 35%, 40%, and 25% respectively. Jones is goingto pay a 2...
-
The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual...
-
A machine that produces hockey pucks costs $20,500 and produces 10 pucks per hour. Two similar companies purchase the machine and begin producing and selling pucks. The first company, Northern Sales,...
-
What is a split-ballot technique and what is it used for?
-
Eighty units of end item E are needed at the beginning of week 6. Three cases ( 30 units per case) of J have been ordered and one case is scheduled to arrive in week 3, one in week 4, and one in week...
-
Vulcan Company's contribution format Income statement for June is as follows: Vulcan Company Inco Stat For the Month Ende June 30 Sales Variable expens Contribution margin Fixed expenses Net...
-
A compound of molecular formula C 8 H 8 O gives the IR and NMR spectra shown here. Propose a structure, and show how it is consistent with the observed absorptions. wavelength (um) 5,5 6. 8 9 10 2.5...
-
Parent plc bought 40,000 shares in Subsidiary 1 Ltd and 27,000 shares in Subsidiary 2 Ltd on 31 December 2015. The following statements of financial position were drafted as at 31 December 2016. You...
-
Parents Ltd bought 52% of the shares in Offspring Ltd on 31 October 2017. From the following statements of financial position you are to draw up the consolidated statement of financial position as at...
-
Rio de Janeiro Company had the following adjusted trial balance. Instructions (a) Prepare closing entries at June 30, 2011. (b) Prepare a post-closing trialbalance. RIO DE JANEIRO COMPANY Adjusted...
-
What are some potential consequences of a large underground economy? Explain.
-
What is FDI, why has it grown so dramatically in recent decades, and what trends are evident in its distribution between states? Explain.
-
Third-world and developing countries mainly exported primary products in the 1970s. How have things changed since then? Explain.
-
How has digital disruption transformed the retail industry? Will this disruption continue following the pandemic?
-
Are stock valuation models like the Dividend Discount and Constant Growth models better methods to determine a stock's intrinsic value than using a simple P/E Multiple approach? Growth investorsseek...
-
Assume you are given the following abbreviated financial statement. ($ in millions) $150.0 Fixed and other assets .............. 200.0 Total assets ................... $350.0 Current liabilities...
-
Find a least expensive route, in monthly lease charges, between the pairs of computer centers in Exercise 11 using the lease charges given in Figure 2. a) Boston and Los Angeles b) New York and San...
-
At the end of 20X5, a parent company, P plc, with one subsidiary had a holding representing 10 per cent of the equity of R Ltd, a clothing company. It had cost 80,000 when purchased at the start of...
-
Why do you think this change in the definition of an associate was made?
-
Relevant balance sheets as at 31 March 20X4 are set out below: You have recently been appointed chief accountant of Jasmin (Holdings) plc and are about to prepare the group balance sheet at 31 March...
-
What are the key differences between aerobic and anaerobic respiration, particularly concerning the final electron acceptor and overall energy yield ? Explain
-
Assuming the students in your class are a representative sample of the US population, what is the likelihood you or a classmate is dealing with a high degree of communicative apprehension?
-
Divisional Income Statements and Return on Investment Analysis E.F. Lynch Company is a diversified investment company with three operating divisions organized as investment centers. Condensed data...
Study smarter with the SolutionInn App