Prepare a consolidated statement of financial position from the following details as at 31 March 2016.

During the year, Parent sold goods which had cost £2,300 to Subsidiary for £2,900. None of these goods had been sold by the date of the statement of financial position.
At the date of the statement of financial position Parent owes Subsidiary £3,600.

Transcribed Image Text:

Non-current assets Investment in subsidiary: 84,000 shares bought 31.3.2015 Other non-current assets Inventory Accounts receivable Bank Accounts payable Share capital Retained profits: As at 31.3.2015 Profit for 2016 General reserve Parent Statement of Financial Position as at 31 March 2016 Share capital Retained profits: As at 31.3.2015 Profit for 2016 Non-current assets Inventory Accounts receivable Bank Current liabilities: Accounts payable £ 47,000 34,000 11,000 65,000 48,000 Subsidiary Statement of Financial Position as at 31 March 2016 £ 40,000 132,000 £ 140,000 220,000 360,000 92,000 452,000 (7,000) 445,000 320,000 113,000 12,000 445,000 £ 208,000 30,000 22,000 8,000 268,000 (12,000) 256,000 84,000 172,000 256,000