H Ltd acquired 80% of S Ltd several years ago for Rs. 30 million. The balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
H Ltd acquired 80% of S Ltd several years ago for Rs. 30 million. The balance on S Ltd's retained earnings was Rs. 5,000,000 at the date of acquisition. H Ltd's policy is to measure non-controlling interest at the date of acquisition as a proportionate share of net assets. The draft statements of financial position of the two companies at 31 December 20X1 are: H (Rs. 000) Non-current assets: Property, plant and equipment Investment in S Current assets Total assets Equity Share capital Retained earnings Non-current liabilities Current liabilities Total equity and liabilities 45,000 30,000 28,000 103,000 5,000 76,000 81,000 2,000 20,000 103,000 Required: Prepare a consolidated statement of financial position as at 31 December 20X1. S (Rs. 000) 15,000 12,000 27,000 1,000 10,000 11,000 6,000 10,000 27,000 H Ltd acquired 80% of S Ltd several years ago for Rs. 30 million. The balance on S Ltd's retained earnings was Rs. 5,000,000 at the date of acquisition. H Ltd's policy is to measure non-controlling interest at the date of acquisition as a proportionate share of net assets. The draft statements of financial position of the two companies at 31 December 20X1 are: H (Rs. 000) Non-current assets: Property, plant and equipment Investment in S Current assets Total assets Equity Share capital Retained earnings Non-current liabilities Current liabilities Total equity and liabilities 45,000 30,000 28,000 103,000 5,000 76,000 81,000 2,000 20,000 103,000 Required: Prepare a consolidated statement of financial position as at 31 December 20X1. S (Rs. 000) 15,000 12,000 27,000 1,000 10,000 11,000 6,000 10,000 27,000
Expert Answer:
Answer rating: 100% (QA)
Cons olid ated Statement of Financial Position as at 31 D... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date:
Students also viewed these accounting questions
-
At 1 January 20X0 H Ltd acquired 80 per cent of the share capital of S for 160,000. At that date the share capital of S consisted of 100,000 equity shares of 1 each and its reserves totalled 40,000....
-
Milt Payner purchased an automobile several years ago for $40,000 and has held it as a personal asset ever since. This year he sold the automobile. Compute Milts recognized gain or loss on the sale...
-
Don owns equipment that he purchased several years ago for $400,000. Over the years he properly deducted $110,000 of depreciation. The depreciation will have to be recaptured as ordinary income on...
-
Consider the problem of minimizing (x, y) = x subject to g(x, y) = (x 1) 3 y 2 = 0. (a) Show, without using calculus, that the minimum occurs at P = (1, 0). (b) Show that the Lagrange condition P =...
-
Suppose the welded steel bracket shown in the figure is bolted underneath a structural-steel ceiling beam to support a fluctuating vertical load imposed on it by a pin and yoke. The bolts are 1/2 -in...
-
Using the List option in the Allow drop-down menu found in the Settings tab of the Data Validation dialog box, you can generate an error message if a value that is not included in a list is entered...
-
Farraway Company uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufacturing activities that incur manufacturing overhead costs: materials...
-
During 2011, Gallo Manufacturing Company incurred $90,000,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire...
-
14.An equi-concave lens of radius of curvature 15 cm and = 1.5 is placed in water (=1.33). If one surface is silvered, then image distance from lens when an object is placed at distance of 14 cm from...
-
A string of length 0.80 m is fixed at both ends. The diagram shows a standing wave formed on the string. P and Q are two particles on the string. 0.8 The variation with time t of the displacement of...
-
Complete the Instalment Activity Statement using the following information: An invoice totalling $5,505 did not have an ABN so the business withheld the mandatory amount from the payment to the...
-
Name the five levels of the Capability Maturity Model.
-
A plastic injection molding machine operates 348 days a year. It is the bottleneck workstation in a process that produces plastic housed wall clocks. Industrial engineers collected data on the...
-
What is quality control? Why is it necessary in any organization?
-
What are the three ways of mapping the classes in an inheritance hierarchy to tables?
-
What is the difference between maintenance work carried out to fix bugs and work carried out to add requested enhancements to a system?
-
Two chemists working for a chicken fast food company, have been producing a very popular sauce. Let's call then James and Tan. Ahmad, their boss, is tired of Tan's negative attitude and is thinking...
-
What is an insurable interest? Why is it important?
-
The City of Coyote mailed property tax bills for 2011 to its citizens during August 2010. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,...
-
Some say that IFRS are now GAAP in the European Union. How is this statement true, and how is it false?
-
In 2007 Sprint Nextel Corporation reported a large goodwill impairment loss. Referring to Sprint Nextels 2007 financial statements and applicable financial reporting standards, answer the following...
-
As an illustration of the difficulty in identifying monopolies, try to decide which of the following are monopolies: a train operating company; your local evening newspaper; the village hairdresser;...
-
Will competition between oligopolists always reduce total industry profits?
-
In which of the following industries is collusion likely to occur: bricks, beer, margarine, cement, crisps, washing powder, or carpets? Explain why.
Study smarter with the SolutionInn App