Grantham Ltd. acquired 70% of Marley on 3 August, 2000 for $100,000 when the net assets ofMarley were 660,000 Swiss franc. At the date of acquisition the exchange rate wasSwiss franc 5 = $1,Goodwill was impaired by 30% in 2007.Statements of Financial Position at 31 December, 2009MSwiss franeIntangibie Non-Current AssetsTangible Non-Current AssetsInvestment in MarleyCurrest assets70,000500,000100,00080,000250,000800,0001300,000Shares100,000Pre-acquisition profitsPost-scquisition profitsNon-controlling interest600,00060,000500,000110,0001,160,00060,0001,220,00080,0001,300,000210,000Long term loans30,000240,00010,000250,000Current LiabilitiosStatements of Cemprehensive Income for the year ended 31December, 2009GSwias frane700,000300,000400,000(174,000)RevenueCast of sales200,000120,00080,000Operating profitExpensesDividend from M(25,000)14,00069,000Profit before taxТахProfit after tax25,00043,000226,00051,000175,000Non-controling interestDividend22,00021,00089.000110,000125,00050,000510,000560,000Retained eamingsExshange rate table31 December, 20085.9 Swiss franc =$16,2 Swiss franc -S16 Swiss franc $131 December, 2009Average for 2009The directors of Granthum had valued the nan-contrelling interest's investment in Marley at$42,857 at date of acquisition.RequiredPrepare the Consolidated Financial Staterments for the Grantham Group as at 31 December,2009.

Financial statement:The financial statement is the statement or the record that is prepared by the…

31 December, 2009 Average for 2009 6.2 Swiss franc-51 6 Swiss franc-$1 The directors of Grantham had valued the non-controlling interest's investment in Marley at $42,857 at date of acquisition. Required Prepare the Consolidated Financial Statements for the Grantham Group as at 31 December, 2009.

31 December, 2009 Average for 2009 6.2 Swiss franc-51 6 Swiss franc-$1 The directors of Grantham had valued the non-controlling interest's investment in Marley at $42,857 at date of acquisition. Required Prepare the Consolidated Financial Statements for the Grantham Group as at 31 December, 2009.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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