Task 1 The following information is related to Shenton Limited and ION Private Limited. Statement of...

   

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Task 1 The following information is related to Shenton Limited and ION Private Limited. Statement of Financial Position as at 31 December 2021 Shenton $ Assets Non-Current Assets Property, plant, and equipment Investment in ION Pte Ltd Total Non-Current Assets Current Assets Closing inventories Account receivables Cash at bank Total Current Assets Total Assets Equity and Liabilities Equity Ordinary share capital Retained earnings Shareholders' fund Current Liabilities Account payable Bank overdraft Total Current Liabilities Total Equity and Liabilities 3.390.000 2,850,000 6,240,000 2.400.000 1,080,000 960.000 30,000 ION $ 2.400,000 630,000 300.000 930,000 8.310,000 540,000 660,000 600,000 2,070,000 1,800,000 8,310,000 4.200.000 1.200.000 600.000 6,180,000 3.150,000 7,380,000 3.750.000 300.000 150,000 450.000 4.200.000 Addition information: 1. Over the last five years. Shenton Limited has embarked on an expansion initiative to broaden its business operation. The following information is related to the investment in ION Pte Ltd. ION 1/1/2017 600,000 360.000 $1,650,000 Date of acquisition Total ordinary shares available at the acquisition date Number of ordinary shares purchased by Shenton Ltd Retained earnings at the acquisition date 2. ION Pte Ltd did not issue any new ordinary shares after the acquisition date. 3. The company has adopted a partial method to value non-controlling interest. 4. On 1 January 2015, Shenton Limited had determined that the fair value of ION Pte Ltd.'s freehold land was $300,000 above the carrying amount. The fair value was not recorded in the book of ION Pte Ltd at the date of acquisition. All other assets and liabilities of ION Pte Ltd were measured and recorded at fair value at the acquisition date. 5. Shenton Limited established a goodwill impairment of $225.000 in ION Pte Ltd on 31 December 2021. 6. Shenton Limited sold inventories to ION Pte Ltd for $75,000 during the year, and inventory costs were valued at $45.000. ION Pte Ltd did not sell 60 per cent of these inventories on 31 December 2021, and inventories remain in the warehouse. 7. On 31 December 2021, ION Pte Ltd owed $40,000 to Shenton Limited for the purchased inventory. This debt is included in ION Pte Ltd.'s accounts payable and Shenton Limited's accounts receivable. Required: Prepare a Consolidated Statement of Financial Position for Shenton Limited as at 31 December 2021. Task 1 The following information is related to Shenton Limited and ION Private Limited. Statement of Financial Position as at 31 December 2021 Shenton $ Assets Non-Current Assets Property, plant, and equipment Investment in ION Pte Ltd Total Non-Current Assets Current Assets Closing inventories Account receivables Cash at bank Total Current Assets Total Assets Equity and Liabilities Equity Ordinary share capital Retained earnings Shareholders' fund Current Liabilities Account payable Bank overdraft Total Current Liabilities Total Equity and Liabilities 3.390.000 2,850,000 6,240,000 2.400.000 1,080,000 960.000 30,000 ION $ 2.400,000 630,000 300.000 930,000 8.310,000 540,000 660,000 600,000 2,070,000 1,800,000 8,310,000 4.200.000 1.200.000 600.000 6,180,000 3.150,000 7,380,000 3.750.000 300.000 150,000 450.000 4.200.000 Addition information: 1. Over the last five years. Shenton Limited has embarked on an expansion initiative to broaden its business operation. The following information is related to the investment in ION Pte Ltd. ION 1/1/2017 600,000 360.000 $1,650,000 Date of acquisition Total ordinary shares available at the acquisition date Number of ordinary shares purchased by Shenton Ltd Retained earnings at the acquisition date 2. ION Pte Ltd did not issue any new ordinary shares after the acquisition date. 3. The company has adopted a partial method to value non-controlling interest. 4. On 1 January 2015, Shenton Limited had determined that the fair value of ION Pte Ltd.'s freehold land was $300,000 above the carrying amount. The fair value was not recorded in the book of ION Pte Ltd at the date of acquisition. All other assets and liabilities of ION Pte Ltd were measured and recorded at fair value at the acquisition date. 5. Shenton Limited established a goodwill impairment of $225.000 in ION Pte Ltd on 31 December 2021. 6. Shenton Limited sold inventories to ION Pte Ltd for $75,000 during the year, and inventory costs were valued at $45.000. ION Pte Ltd did not sell 60 per cent of these inventories on 31 December 2021, and inventories remain in the warehouse. 7. On 31 December 2021, ION Pte Ltd owed $40,000 to Shenton Limited for the purchased inventory. This debt is included in ION Pte Ltd.'s accounts payable and Shenton Limited's accounts receivable. Required: Prepare a Consolidated Statement of Financial Position for Shenton Limited as at 31 December 2021.