The balance sheet of Imperial Plc and its two subsidiaries Metric plc and Quantum plc as...
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The balance sheet of Imperial Plc and its two subsidiaries Metric plc and Quantum plc as at 31 December 2019 were as follows: Balance sheets at 31 December 2020 Non-current assets Tangible assets Investments 100.000 shares Metric plc 40,000 shares Quantum Current assets Inventory Debtors Trade debtors Metric plc Quantum Cash at bank Creditors: amounts falling within one year Trade credits Imperial Metric Net current assets Total assets less current liabilities Capital and reserves Called-up share capital (K1 shares) Reserves brought forward Income statement for 2019 Imperial Metric KOOO KOOO 525 140 32 697 63 60 24 16 10 (120) . 53 750 ===== 400 200 150 750 210 210 83 36 . 9 7 (68) (22) 45 255 ==== 150 45 60 255 === Quantum KOOO 60 60 28 15 . 2 (46) (16) (8) (25) 35 === 50 (15) 35 The following additional information is available: 1. At 31 December 2019, goods transferred at cost K2.000 were in transit between Imperial plc and Metric plc. A cheque for K1,000 was in transit between Quantum plc and Metric. 2. The closing inventory of Imperial plc included goods supplied by Metric plc at an invoiced value of K3,600. Metric plc had priced these goods at cost plus 20 per cent, the standard group markup. 3. Imperial plc purchased all its investments in its subsidiaries on 1 January 2019. Required: Prepare a consolidated balance sheet for Imperial Group as at 31 December 2019. The balance sheet of Imperial Plc and its two subsidiaries Metric plc and Quantum plc as at 31 December 2019 were as follows: Balance sheets at 31 December 2020 Non-current assets Tangible assets Investments 100.000 shares Metric plc 40,000 shares Quantum Current assets Inventory Debtors Trade debtors Metric plc Quantum Cash at bank Creditors: amounts falling within one year Trade credits Imperial Metric Net current assets Total assets less current liabilities Capital and reserves Called-up share capital (K1 shares) Reserves brought forward Income statement for 2019 Imperial Metric KOOO KOOO 525 140 32 697 63 60 24 16 10 (120) . 53 750 ===== 400 200 150 750 210 210 83 36 . 9 7 (68) (22) 45 255 ==== 150 45 60 255 === Quantum KOOO 60 60 28 15 . 2 (46) (16) (8) (25) 35 === 50 (15) 35 The following additional information is available: 1. At 31 December 2019, goods transferred at cost K2.000 were in transit between Imperial plc and Metric plc. A cheque for K1,000 was in transit between Quantum plc and Metric. 2. The closing inventory of Imperial plc included goods supplied by Metric plc at an invoiced value of K3,600. Metric plc had priced these goods at cost plus 20 per cent, the standard group markup. 3. Imperial plc purchased all its investments in its subsidiaries on 1 January 2019. Required: Prepare a consolidated balance sheet for Imperial Group as at 31 December 2019.
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Question PART I BALANCE SHEET Name of the Company Imperial Plc Balance Sheet as at 31st December 2019 Particulars K000 I EQUITY AND LIABILITIES 1 Shareholders funds a Share capital 400 b Reserves and ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1118742976
16th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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