Question is complete on all aspects

19 Given the simplified balance sheet of Bazz Ltd and Lee Ltd, prepare a worksheet far the consolidation of the accounts of the parent company (Bazz Ltd) and its subsidiary (Lee Ltd). From your worksheet, prepare the consolidated balance sheet. The following items need to be taken into consideration: Bazz Ltd acquired all the shares of Lee Ltd for $320 000 on the morning of 30 June 20X1. All assets and liabilities are stated at their fair values. Lee Ltd owed Bazz Ltd $10 000 for goods purchased on 15 June 20X1 BAZZ LTD LEE LTD BALANCE SHEET AT 30 JUNE 20X1 BAZZDTD LEELTD $ Assets Current assets 180 000 50000 BAZZ LTD LEE LTD BALANCE SHEET AT 30 JUNE 20X1 BAZZLTD LEELTD Assets Current assets Bank 180 000 50 000 Accounts receivable 100 000 150 000 Total current assets 280 000 200 000 Non-current assets 300 000 Plant and equipment (net of depreciation) 300 000 Investment in Lee Ltd 320 000 Total non-current assets 620 000 300 000 900 000 500 000 Total assets Liabilities Current liabilities 400 000 180 000 Accounts payable 400 000 180 000 Non-current assets Plant and equipment (net of depreciation) 300 000 300 000 Investment in Lee Ltd 320 000 Total non-current assets 620 000 300 000 Total assets 900 000 500 000 Liabilities Current liabilities Accounts payable 400 000 180 000 Total liabilities 400 000 180 000 Net assets 500 000 320 000 Equity Paid-up capital Retained profits Total equity 400 000 300 000 100 000 500 000 20 000 320 000