Pope plc purchased 80% of the voting-share capital of Jon Ltd on 1st February 2020 paying...

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Pope plc purchased 80% of the voting-share capital of Jon Ltd on 1st February 2020 paying £190,000 for the shares of Jon Ltd. The Statements of Financial Position of Pope plc and Jon Ltd just after the acquisition showed the following: Pope Jon Plc Ltd £ Non-current assets: • Property, plant & equipment • Investment in Jon Ltd Current assets Non-current liabilities Current liabilities Equity: • Share Capital • Retained earnings and reserves £ 620,000 140,000 190,000 45,000 105,000 855,000 245,000 250,000 75,000 120,000 30,000 435,000 125,000 50,000 15,000 855,000 245,000 In preparing the consolidated statement of financial position the following was revealed: Jon Ltd non-current assets are recorded at their original cost. On the date of acquisition the fair value of these assets was estimated to be £150,000. Calculate the consolidated figure for Property, Plant and Equipment for Pope plc on 1st February 2020 after the acquisition. Pope plc purchased 80% of the voting-share capital of Jon Ltd on 1st February 2020 paying £190,000 for the shares of Jon Ltd. The Statements of Financial Position of Pope plc and Jon Ltd just after the acquisition showed the following: Pope Jon Plc Ltd £ Non-current assets: • Property, plant & equipment • Investment in Jon Ltd Current assets Non-current liabilities Current liabilities Equity: • Share Capital • Retained earnings and reserves £ 620,000 140,000 190,000 45,000 105,000 855,000 245,000 250,000 75,000 120,000 30,000 435,000 125,000 50,000 15,000 855,000 245,000 In preparing the consolidated statement of financial position the following was revealed: Jon Ltd non-current assets are recorded at their original cost. On the date of acquisition the fair value of these assets was estimated to be £150,000. Calculate the consolidated figure for Property, Plant and Equipment for Pope plc on 1st February 2020 after the acquisition.

Answer rating: 100% (QA)

Step 12 Step 1 Calculate the amount of noncurrent assets of Jon Ltd a... View the full answer