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Consolidated statements

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Consolidated statements

  • This topic has 2 replies, 2 voices, and was last updated 6 years ago by John Moffat.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • July 3, 2019 at 1:40 pm #521722
    engwau
    Participant
    • Topics: 5
    • Replies: 4
    • ☆

    TEST YOUR UNDERSTANDING 3 [UP ADJUSTMENT]
    Henry Ltd acquired 90% of the equity share capital of Sharon Ltd on 1 January 2017 when the retained earnings of Sharon Ltd were $5,000.

    Statements of financial position at 31 December 2018 were as follows:
    HenryLtd SharonLtd
    $000. $000. $000 $000
    Non current assets
    PPE 100 30
    Invt in Sharon 34
    134. 30.

    Current assets.
    Inventory. 90 20
    Receivables 110 25
    Bank. 10 5
    210 50
    344. 80.

    Equity and Liabilities:
    Capital and Reserves
    Equity Share capital $1. 15 5
    Retained earnings 159 31
    174. 36.

    Non current liabilities. 120 28
    Current liabilities
    Payables 50 16
    344. 80.

    During the year ended 31 December 2018 Sharon Ltd sold goods to Henry Ltd for $18,000 at a mark up of 50%. Two thirds remained in inventory at the year end.

    The current accounts in Henry Ltd and Sharon Ltd stood at $22,000 on that day.

    The Henry Ltd group uses the fair value method to value the non controlling interest. The fair value of the non controlling interest at acquisition was $4,000.

    Prepare the consolidated statement of financial position for the Henry Ltd Group as at 31 December 2018.

    July 3, 2019 at 1:42 pm #521723
    engwau
    Participant
    • Topics: 5
    • Replies: 4
    • ☆

    The file is available at the link below.

    The question is better viewed on that link

    July 3, 2019 at 3:47 pm #521736
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    Please do not post links on this website – it is against copyright law and is illegal.

    Also, there is no point in simply typing out a full question and expecting me to provide you with a full answer.

    You must have an answer in the same book in which you found the question, and so ask about whatever it is in the answer that you are not clear about and then I will explain.

    Everything needed to be able to answer this question is explained in my free lectures. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

    (Also, do appreciate that you cannot be asked to prepare a full consolidated statement in the real exam. However, you can be asked for any extract from it and so you should be able to prepare the statement 🙂 )

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