The summarized balances extracted from accounting records of Abena Ltd, Opoku Ltd and APPIAH Ltd at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The summarized balances extracted from accounting records of Abena Ltd, Opoku Ltd and APPIAH Ltd at 30 November 2018 are given below. Ltd Non-current Assets Freehold Property Equipment Furniture Investments at cost (66,453.75) 420,000 shares in Opoku Ltd 70,000 shares in APPIAH Ltd 35,000 shares in APPIAH Ltd Inventory & work in progress Receivables Cash and bank balances Trade Payables Capital and Reserves Stated capital Capital reserves Profit and loss Abena Ltd GH¢ 335,625 450,375 40,875 275,625 36,750 192,457.50 181,440 66,150 (71,610) 1,710,187.50 Opoku Ltd GH¢ 1,312,500 173,212.50 30,750 18,375 122,467.50 97,260 3,543.75 (64,983.75) 380,625 315,000 262,500 135,187.50 13,125 1,710,187.50 380,625 APPIAH GH¢ 39,000 46,312.50 6,600 64,275 22,312.50 6,078.75 118,125 131,250 39,375 (13,125) 118,125 Further Information 1. On 30 November 2018 Abena Ltd dispatched and invoiced good for GH¢9,375 to Opoku Ltd which were not recorded by the later until 3 December 2018. A mark-up of 25% is added by Abena Ltd to arrive at selling price. Opoku Ltd already had goods in stock which had been invoiced to them by Abena Ltd at GH¢7,800. 2. Payables of Opoku Ltd included an amount of GH¢3,750 due to Abena Ltd. 3. Included in Abena's receivables was a balance GH¢19,125 owed by Opoku Ltd. 4. Abena Ltd purchased its interest in Opoku and APPIAH Ltd on 1 December 2015 at which date there was an adverse balance on APPIAH Ltd's income surplus account of GH¢26,250, and a credit balance of the same amount on the surplus account of Opoku Ltd after all pre-acquisition dividends. 5. The share capital of Abena Ltd and APPIAH Ltd were issued at GHel each while that of Opoku Ltd were issued at 75Gp each. All shares are of no par value. 6. Since its acquisition Opoku Ltd has paid dividends GH¢52,500 of which half of which was on the balance sheet on 30th November 2015. Abena Ltd has credited all dividends received to Statement of comprehensive income. 7. APPIAH Ltd had an adverse balance of GH¢39,375 on income surplus account when Opoku Ltd purchased 35,000 shares in 2014. 8. Abena Ltd received a remittance balance GH¢ 6,000 on 2 December 2018 which had been sent by Opoku Ltd on 29 November 2018. 9. Neither Opoku Ltd nor APPIAH Ltd had any other reserves when their shares were purchased by Abena Ltd and Opoku Ltd. Required Prepare the consolidated statement of financial position of Abena Ltd and its subsidiaries at 30 November 2018 The summarized balances extracted from accounting records of Abena Ltd, Opoku Ltd and APPIAH Ltd at 30 November 2018 are given below. Ltd Non-current Assets Freehold Property Equipment Furniture Investments at cost (66,453.75) 420,000 shares in Opoku Ltd 70,000 shares in APPIAH Ltd 35,000 shares in APPIAH Ltd Inventory & work in progress Receivables Cash and bank balances Trade Payables Capital and Reserves Stated capital Capital reserves Profit and loss Abena Ltd GH¢ 335,625 450,375 40,875 275,625 36,750 192,457.50 181,440 66,150 (71,610) 1,710,187.50 Opoku Ltd GH¢ 1,312,500 173,212.50 30,750 18,375 122,467.50 97,260 3,543.75 (64,983.75) 380,625 315,000 262,500 135,187.50 13,125 1,710,187.50 380,625 APPIAH GH¢ 39,000 46,312.50 6,600 64,275 22,312.50 6,078.75 118,125 131,250 39,375 (13,125) 118,125 Further Information 1. On 30 November 2018 Abena Ltd dispatched and invoiced good for GH¢9,375 to Opoku Ltd which were not recorded by the later until 3 December 2018. A mark-up of 25% is added by Abena Ltd to arrive at selling price. Opoku Ltd already had goods in stock which had been invoiced to them by Abena Ltd at GH¢7,800. 2. Payables of Opoku Ltd included an amount of GH¢3,750 due to Abena Ltd. 3. Included in Abena's receivables was a balance GH¢19,125 owed by Opoku Ltd. 4. Abena Ltd purchased its interest in Opoku and APPIAH Ltd on 1 December 2015 at which date there was an adverse balance on APPIAH Ltd's income surplus account of GH¢26,250, and a credit balance of the same amount on the surplus account of Opoku Ltd after all pre-acquisition dividends. 5. The share capital of Abena Ltd and APPIAH Ltd were issued at GHel each while that of Opoku Ltd were issued at 75Gp each. All shares are of no par value. 6. Since its acquisition Opoku Ltd has paid dividends GH¢52,500 of which half of which was on the balance sheet on 30th November 2015. Abena Ltd has credited all dividends received to Statement of comprehensive income. 7. APPIAH Ltd had an adverse balance of GH¢39,375 on income surplus account when Opoku Ltd purchased 35,000 shares in 2014. 8. Abena Ltd received a remittance balance GH¢ 6,000 on 2 December 2018 which had been sent by Opoku Ltd on 29 November 2018. 9. Neither Opoku Ltd nor APPIAH Ltd had any other reserves when their shares were purchased by Abena Ltd and Opoku Ltd. Required Prepare the consolidated statement of financial position of Abena Ltd and its subsidiaries at 30 November 2018
Expert Answer:
Answer rating: 100% (QA)
Consolidated Statement of financial position Abena td its subsidary as at 30th Nov A Notes of 20... View the full answer
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
Current Assets 2000 2001 Cash 200 1 000 Accounts receivable 1 600 1 000 Inventory 2 200 2 600 TOTAL CURRENT ASSETS 4 000 4 600 Gross Fixed Assets 12 000 12 400 Less Accum Depreciation 6 000
-
The following data were summarized from the accounting records for DeSalvo Construction Company for the year ended June 30, 2010: Prepare divisional income statements for DeSalvo ConstructionCompany....
-
The following information is extracted from the accounting records of the Tara Corporation: May 1 Received a $6,000, 12%, 90-day note from V. Leigh, a customer. May 6 Received a $9,000, 10%, 120-day...
-
Logical fallacies are frequently used in arguments and have an intuitive appeal that makes them effective for politicians to use. Using your understanding of fallacies, you will listen to and take...
-
Consider the following sample data for two variables. x 4 7 2 6 6 y 4 9 5 5 7 a. Calculate the sample covariance. b. Calculate the sample correlation coefficient. c. Describe the relationship between...
-
The 24-Hour Mart operates a chain of supermarkets. Its best-selling soft drink is Fruitslice. Demand (D) in April for Fruitslice at its Regina supermarket is estimated to be 7,200 cases (24 cans in...
-
You are the global sales manager for Samsung responsible for sales of their tablet computers. The company has just announced a new model that will be available in five countries starting next month...
-
Three point charges are arranged on a line. Charge q3 = + 5.00 nC and is at the origin. Charge q2 = - 3.00 nC and is at x = +4.00cm. Charge q1 is at x = +2.00cm. What is q1 (magnitude and sign) if...
-
Selected accounts from the SFP of Passen Limited at 3 1 December 2 0 X 8 and 2 0 X 7 are presented below. Passen reported earnings of $ 1 7 2 , 0 0 0 in 2 0 X 8 . There was a stock dividend recorded,...
-
Play the following games in the Games Fair: Three Prize Roller Word Scramble Marble Draw Ten Spinner For each Games Fair game, answer the following questions: Create the probability distribution in a...
-
Which Act was passed to check corruption? A Prevention of Corruption Act, 1988 B C D Food and Adulteration Act, 1955 Central Commodities Act, 1955 None of the above
-
Distinguish between a chattel mortgage and a pledge.
-
Distinguish between (a) a branch, (b) a subsidiary, and (c) a joint venture.
-
What is meant by forum non conveniens?
-
What purposes are normally served by bilateral investment protection treaties?
-
______________ occur(s) when the speaker should pause but instead fills the silence (umm, ahh).
-
Q4) Match the concepts with their explanations. Explanations 1. It is an inventory strategy which emphasizes decreasing the setup times to the minimum by simplifying or eliminating them. 2. This...
-
Global.asax is used for: a. declare application variables O b. all other answers are wrong O c. declare global variables O d. handle application events
-
Data for Schmidt Company is presented in the following table of rates of return on investment and residual incomes: Determine the missing items, identifying each item by the appropriateletter. Income...
-
Perma Weave Textiles Corporation began January with a budget for 30,000 hours of production in the Weaving Department. The department has a full capacity of 40,000 hours under normal business...
-
Carr Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of March 31 has a credit balance of $1,250, and there is no...
-
Calculate the volatility and the current price of oil futures implied by the call 1600 August and the call 1700 August of Figure 19.8 by using the Black-Scholes formula with \(T=.25\). OIL CRUDE OIL...
-
A company issues a \(10 \%\) coupon bond that matures in 5 years. However, this company is in trouble, and it is estimated that each year there is a probability of .1 that it will default that year....
-
Consider a continuous-time environment, with \(e\) as a variable outside of the market. (a) Suppose the final payoff is \(V\left(x_{e}, T ight)=x_{e}(T)\). Find \(V\left(x_{e}, t ight)\). (b) Find a...
Study smarter with the SolutionInn App