Statements of Financial position of Highland Ltd and Lowland Ltd are provided below: Highland Ltd Property,...

 

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Statements of Financial position of Highland Ltd and Lowland Ltd are provided below: Highland Ltd Property, Plant and Equipment Investments Current Assets Equity: Share Capital of €1 each Share Premium Retained Earnings Non Current Liabilities: € 30,000 10,000 15,000 55,000 Current Liabilities Lowland LtdOU € 19,000 10,000 29,000 12,000 8,000 25,000 45,000 2,000 8,000 55,000 ===== Highland Ltd acquired 60% of Lowland Ltd on 1st July 2020 at which time the retained earnings of Lowlan- were €11,600 Highland Ltd paid €10,000 cash. Also, Highland issued two €1 shares for every five 5 acquired in Lowland Ltd. Further to this Highland Ltd agreed to pay further €4,000 in three years' time. Th market value of Highland's Ltd shares at 1st July 2020 was €1.60. Highland Ltd has only recorded the cas paid regarding the investment in Lowland Ltd. Current interest rates are 5%. 10,000 14.400 24,400 1,000 3.600 29,000 ===== The Highland Ltd group uses the fair value method to value the non-controlling interest. At the date of acquisition the fair value of the non-controlling interest was €11,500. Required: Prepare the Consolidated Statement of Financial Position of Highland group as at 30th June 2021. 125 mark Statements of Financial position of Highland Ltd and Lowland Ltd are provided below: Highland Ltd Property, Plant and Equipment Investments Current Assets Equity: Share Capital of €1 each Share Premium Retained Earnings Non Current Liabilities: € 30,000 10,000 15,000 55,000 Current Liabilities Lowland LtdOU € 19,000 10,000 29,000 12,000 8,000 25,000 45,000 2,000 8,000 55,000 ===== Highland Ltd acquired 60% of Lowland Ltd on 1st July 2020 at which time the retained earnings of Lowlan- were €11,600 Highland Ltd paid €10,000 cash. Also, Highland issued two €1 shares for every five 5 acquired in Lowland Ltd. Further to this Highland Ltd agreed to pay further €4,000 in three years' time. Th market value of Highland's Ltd shares at 1st July 2020 was €1.60. Highland Ltd has only recorded the cas paid regarding the investment in Lowland Ltd. Current interest rates are 5%. 10,000 14.400 24,400 1,000 3.600 29,000 ===== The Highland Ltd group uses the fair value method to value the non-controlling interest. At the date of acquisition the fair value of the non-controlling interest was €11,500. Required: Prepare the Consolidated Statement of Financial Position of Highland group as at 30th June 2021. 125 mark

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Consolidated Statemnet of Financial Position of Highland group as at 30th June 2021 Assets INon Curr... View the full answer