The following balance sheets of Pop Ltd and Son Ltd were drawn up as at 31 December

Question:

The following balance sheets of Pop Ltd and Son Ltd were drawn up as at 31 December 20X7. Draw up the consolidated balance sheet as at that date.

*The profit figure for 20X7 includes the dividend of £25,000 received from Son Ltd for the year 20X6.

*The balance of £16,000 is after deducting the proposed dividend for 20X6 £25,000.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 2

ISBN: 9780273693109

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books

Question Posted: Sep 08, 2023 09:18 AM

See More Questions

The following balance sheets were drawn up as at 31 March 20X5. The person drafting the balance sheet of Parent Ltd was not too sure of an item and has shown it as a suspense amount. *The balance of...
Corporation tax for the tax years 20X7, 20X8, and 20X9 was 40 per cent and income tax for each year was 20 per cent. (A) Skim Ltds draft profit and loss account for the year ended 31 December 20X8...
Draw up a consolidated balance sheet as at 31 December 20X7 from the following: At the balance sheet date, Sonny owes Pop and Mom 1,600. During the year Pop and Mom sold goods which had cost 3,000 to...
Because of excessive pollution on the Momiss River, the state of Momiss is going to build pollution control stations. Three sites (1, 2, and 3) are under consideration. Momiss is interested in...
"Depreciation is nothing but an allocation of the purchase price over different accounting periods." Do you agree with this statement? If so, identify the elements of cost allocations (cost pool,...
Barry Bowtie incorporated his business under the name BowTie Fishing Expeditions Corp. on March 1, 2014. It was authorized to issue 30,000 $2 cumulative preferred shares and an unlimited number of...
Formally show that \[ D_{i}=\frac{r_{i}}{p} \frac{h_{i i}}{1-h_{i i}} \]
On January 1, 2018, Cameron Inc. bought 20% of the outstanding common stock of Lake Construction Company for $300 million cash. At the date of acquisition of the stock, Lake's net assets had a fair...
Beginning Investment in the business: The owner of the company has invested $18,000 cash into the business. This increases the assets of the business from its zero balance. Owner's equity also...
Let F be the language of all strings over {0,1} that do not contain a pair of 1s that are separated by an odd number of symbols. Give the state diagram of a DFA with five states that recognizes F....
Draw up a consolidated balance sheet as at 31 October 20X3 from the following information. The proposed dividend of Son and Daughter has not yet been brought into the financial statements of Pa and...
Which of these two methods do you think is the more appropriate?
Rank in order, from largest to smallest, the pressures at a, b, and c in FIGURE Q14.2. Explain. f b
A man in a car is listening to the radio. The radio station is broadcasting at a frequency of 85 MHz from two radio transmitters immediately behind and immediately in front of the car. At 11.30 am he...
How many acres would be required to build a 5 MW (electrical energy output) biomass power plant via wood chips combustion (operated 365 days a year and 24 hrs/day) if the heating value of the biomass...
If 1 9 . 6 lbs of sand is used to fill a standard cylinder ( 6 diameter x 1 2 height ) , and the max amount of water to be added to the sample without overflowing is 3 . 6 7 lb . , calculate the...
Kaila still likes getting her revenge on Tesla owners, but she doesn't like having to get her bumper fixed each time. So Kaila decides to fix her 3 , 5 0 0 kg Cadillac Escalade with a large spring,...
A preparation of 1 8 F - fluorodeoxyglucose ( 1 8 FDG ) containing 1 . 0 \ times 1 0 1 0 Bq of 1 8 F was synthesized at 4 : 3 0 am ( 1 Bq = 1 disintegration per second ) . It was injected into a...
Why must a nancial analysis of a city focus upon the entitys economic condition as opposed to merely its nancial position?
Saccharin is an artificial sweetener that is used in diet beverages. In order for it to be metabolized by the body, it must pass into cells. Below are shown the two forms of saccharin. Saccharin has...
Malcolm Phillips is a sole trader who prepares his accounts annually to 30 April. His summarised balance sheets for the last two years are shown below. Malcolm is surprised to see that he now has an...
Draw up a cash flow statement for Gerry Peace for the year ended 31 December 20X3 using (a) The FRS 1 layout and (b) The IAS 7 layout. You are told that fixtures bought in 20X3 cost 400, whilst a van...
The balance sheets of F Black, a sole trader, for two successive years are shown below. You are required to draw up a cash flow statement for the year ended 31 December 20X4 (a) Using the FRS 1...
In 2 0 2 2 , Emma wrote a play called " My Kitchen Antics" which was based on the life of her late mother who was a celebrity chef. In August 2 0 2 2 she was offered a contract by a Sydney Theatre...
3. On December 31, 2019, the van was sold for $3,000 cash. Compute the amount of the gain or loss on the sale and prepare the journal entry to record the sale using: (a) straight-line method 2020 3....
1 . Enter the journal entries to record all of the business activity for the month of May. 2 . Compile a trial balance from the journal entries and make sure to balance the trial balance. 3 . Prepare...

The following balance sheets of Pop Ltd and Son Ltd were drawn up as at 31 December

Question:

Investment in subsidiary: 80,000 shares bought 31.12.20X6 Fixed assets Current assets Pop Ltd Balance Sheet as at 31 December 20X7 Share capital Profit and loss: As at 31.12.20X6 Add Profit for 20X7* 4 74,000 46,000 3 160,000 200,000 60,000 420,000 300,000 120,000 420,000

Step by Step Answer:

When combining take into account Investment in Son Ltd Since intercompany balances cannot be include...View the full answer

Frank Woods Business Accounting Volume 2

Students also viewed these Business questions