Prepare the Consolidated Statements of Financial Position as at 3 1 December 2 020. The summarised Statements

 Prepare the Consolidated Statements of Financial Position as at $31$ December $2020.$

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The summarised Statements of Financial Position of Basement Ltd and its subsidiary Baller Ltd as at 31 December 2020 are as follows: Assets: Non-current assets: Property, plant and equipment at cost Investment in Baller Ltd Current Assets: Inventories Trade receivables: Basement Ltd Other Cash at Bank Total Assets Equity and Liabilities Equity Ordinary Share Capital at £1 each Revaluation Reserve Retained earnings Liabilities Current Liabilities: Trade Payables: Baller Ltd Other payables Total Equity and Liabilities Basement Ltd £' 000 300,000 180.000 480,000 18,000 96,000 12.000 126,000 606,000 270,000 72,000 156,000 498,000 48,000 60.000 108,000 606,000 Baller Ltd £' 000 240,000 240,000 48,000 60,000 42,000 = 150,000 390,000 150,000 30,000 168,000 348,000 42.000 42,000 390,000 The summarised Statements of Financial Position of Basement Ltd and its subsidiary Baller Ltd as at 31 December 2020 are as follows: Assets: Non-current assets: Property, plant and equipment at cost Investment in Baller Ltd Current Assets: Inventories Trade receivables: Basement Ltd Other Cash at Bank Total Assets Equity and Liabilities Equity Ordinary Share Capital at £1 each Revaluation Reserve Retained earnings Liabilities Current Liabilities: Trade Payables: Baller Ltd Other payables Total Equity and Liabilities Basement Ltd £' 000 300,000 180.000 480,000 18,000 96,000 12.000 126,000 606,000 270,000 72,000 156,000 498,000 48,000 60.000 108,000 606,000 Baller Ltd £' 000 240,000 240,000 48,000 60,000 42,000 = 150,000 390,000 150,000 30,000 168,000 348,000 42.000 42,000 390,000

Answer rating: 100% (QA)

To prepare the consolidated statements of financial position for Basement Ltd and its subsidiary Baller Ltd as of December 31 2020 we typically take the following steps Please note that this will be a ... View the full answer