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Help me solve this question please

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Help me solve this question please

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 18, 2020 at 11:57 pm #568709
    Effes
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    You are provided with the following statements of financial position for SanLtd and
    Stay Ltd as at 31st May 2019.

    Non-Current Assets

    San Stay
    GH¢ GH¢
    Property, Plant &Equipment 650,000 140,000
    Investment Property 400,000 100,000
    Investment in share in Stayhome 400,000
    1,450,000 240,000
    Net Current Assets
    Inventory at cost 440,000 140,000
    Receivables 290,000 100,000
    Cash and cash equivalents 200,000 – Payables (550,000) (110,000) Bank overdraft 0 (40,000)
    380,000 200,000
    Net Assets 1,830,000 440,000
    Stated Capital: Equity shares issued at GH¢1.00 each 1,400,000 340,000
    Income surplus 430,000 100,000
    1,830,000 440,000

    The following information is also available:
    1. San purchased 70% of the issued equity share capital of Stay on 1st June 2015 when the income surplus of Stay was GH¢40,000. There has been no impairment of goodwill

    2. For the purpose of the acquisition, plant in Stay with book value of GH¢l00.000 was revalued to its fair value of GH¢l20,000. The revaluation was not recorded in the accounts of Stay. Depreciation is charged at 20% using the straight-line method.
    3. San sells goods to Stay at a margin of 20%. At 31st May 2019, the inventories of Stayhome included GH¢90.000 of goods purchased from San.
    4. Stay owes San GH¢70,000 for goods purchased and Sanitizer owes Stayhome
    GH¢30,000.
    5. It is the group’s policy to value the non-controlling interest at full fair value.
    6. The market price of the shares of non-controlling shareholders just before the acquisition was GH¢l.50.

    You are required to prepare the consolidated Statement of Financial Position of San as at 31st May 2019.

    April 19, 2020 at 7:50 pm #568783
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    Hi,

    I don’t answer full questions as it doesn’t help anyone, sorry. If you let me know where you are struggling then I will gladly help you out.

    Thanks

  • Author
    Posts
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