Papa Smurf Ltd owns 52% of Felix Cat Ltd, 39% of Garfield Ltd, and 51% of Top Cat Ltd. Below are the individual Balance Sheets for Papa Smurf Ltd, Felix Cat Ltd, Garfield Ltd, Top Cat Ltd and the consolidated Balance Sheet of Papa Smurf Group Ltd. There are a number of errors in the consolidated Balance Sheet.

To determine what those errors are and to correctly recalculate the consolidated Balance Sheet.

 

 

 

 

 

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✓ 126% + View Zoom Add Page Current Assets Cash Other current Assets Total Current Assets Non-Current Assets Plant & Equipment $1,000 (Net Dep) Land Investment in Garfield Ltd Tv Insert Table 600,000 Investment in Felix 206,960 Cat Ltd 20,000 75.000 Total Non- Current Assets Total Assets Investment in Top 244.290 Cat Ltd 194.610 ul Chart T Text Shape Media Comment 95,000 Papa Smurf Ltd Balance Sheet as at 31 March 2018 Current Liabilities. Accounts Payable Total Current Liabilities Long-term Liabilities Loans V Total Long-term Loans Total Liabilities Shareholders' Equity Common Stock 1,296,860) Other Contributed Capital Retained Earnings Total Shareholders' Equity 1,391,860 Total Liabilities and Shareholders' Equity 92.000 80,000 1,000,000 200,000 19,860 ? This document has missing fonts. 92,000 80,000 172,000 1.219,865 20 Collaborate 1.391,860 Show ally B Format Document Nothing selected. Select an object or text to format. ✓ 126% + View Zoom Add Page Current Assets Cash Other current Assets Total Current Assets Non-Current Assets Plant & Equipment $1,000 (Net Dep) Land Investment in Garfield Ltd Tv Insert Table 600,000 Investment in Felix 206,960 Cat Ltd 20,000 75.000 Total Non- Current Assets Total Assets Investment in Top 244.290 Cat Ltd 194.610 ul Chart T Text Shape Media Comment 95,000 Papa Smurf Ltd Balance Sheet as at 31 March 2018 Current Liabilities. Accounts Payable Total Current Liabilities Long-term Liabilities Loans V Total Long-term Loans Total Liabilities Shareholders' Equity Common Stock 1,296,860) Other Contributed Capital Retained Earnings Total Shareholders' Equity 1,391,860 Total Liabilities and Shareholders' Equity 92.000 80,000 1,000,000 200,000 19,860 ? This document has missing fonts. 92,000 80,000 172,000 1.219,865 20 Collaborate 1.391,860 Show ally B Format Document Nothing selected. Select an object or text to format.

Answer rating: 100% (QA)

In order to properly assess whether there are any errors in the consolidated Balance Sheet of Papa Smurf Group Ltd and to correct them we need to perf... View the full answer