SOLUTION: The statements of financial position of 3 companies on 31 December 2020 were as follows; A B C Tangible Non current assets 1 000 000 800 000 1 2

Question 1175358: The statements of financial position of 3 companies on 31 December 2020 were as follows;
A B C
Tangible Non current assets 1 000 000 800 000 1 200 000
Investments in subsidiaries
1350 000 ordinary shares in A 2 500 000
80 000 ordinary shares in B 1 800 000
100 000 ordinary shares in C 500 000
Net assets current assets 300 000 200 000 250 000
4 300 000 2 800 000 1 450 000
Equity/Liabilities
Ordinary shares at 1 each 3 500 000 1500 000 1 000 000
Retained profits 200 000 500 000 250 000
Long term loans 640 000 800 000 200 000
4 300 000 2 800 000 1 450 000
A bought its shares in B Ltd on 1 January 2020. B Ltd bought its shares at C Ltd on the same date. On that date the reserves of B Ltd and C Ltd were $200 00 and $100 000 respectively.
Required
(a) Analysis of subsidiaries of B Ltd and C Ltd on 31 December 2020
(b) A consolidated statement of financial position as at 31 December 2020

Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
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