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P acquired 80% of the capital of 5 on 1 January 2021. At the year end 31 December 2021 the two companies have the following statements of financial position: P Investment in S Other assets $ 4,000 8,000 12,000 S $ 4,000 4,000

P acquired 80% of the capital of 5 on 1 January 2021. At the year end 31 December 2021 the two companies have the following statements of financial position: P Investment in S Other assets $ 4,000 8,000 12,000 S $ 4,000 4,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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P acquired 80% of the capital of S on 1 January 2021. At the year end 31 December 2021 the two companies have the following statements of financial position: P Investment in S Other assets Share capital Share premium Retained earnings 1 January 2021 Profit for year 2021 Notes 1. 2. $ 4,000 8,000 12,000 6,000 4,000 2,000 6,000 12,000 S $ 4,000 4,000 1,000 500 1,500 1,000 4,000 2,500 Non-controlling interest is valued at fair value on acquisition, which was $2,300 on 1 January 2021. There has been no change in S's share capital during the year. Required: Prepare the consolidated statement of financial position of the P group as at 31 December 2021.
Transcribed Image Text:P acquired 80% of the capital of S on 1 January 2021. At the year end 31 December 2021 the two companies have the following statements of financial position: P Investment in S Other assets Share capital Share premium Retained earnings 1 January 2021 Profit for year 2021 Notes 1. 2. $ 4,000 8,000 12,000 6,000 4,000 2,000 6,000 12,000 S $ 4,000 4,000 1,000 500 1,500 1,000 4,000 2,500 Non-controlling interest is valued at fair value on acquisition, which was $2,300 on 1 January 2021. There has been no change in S's share capital during the year. Required: Prepare the consolidated statement of financial position of the P group as at 31 December 2021.
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