Chapter 3The statements of financial position of H Ltd and S Ltd at 31 December 20*2 are asfollows:S LtdH Ltd$00$00$000$00Non-current assets3,0002,300Shares in S Ltd3,000Current assetsInventory1,0001,200Trade receivables500600Current account with H Ltd180Cash2001201,7002,100Current liabilitiesTrade payables(630)(100)_(300)(250)Current account with S LtdDividend payable(300)1,5503,8502,5001,3503,850670Total net assetsOrdinary share capitalRetained earningsTotal equity6,6705,0001,6706,670The following information is also available:(a) H Ltd acquired 80% of the shares of S Ltd on 1 Jan. 20*2 when the retainedearnings of S Ltd were $1,000,000.(b) On 30 Dec. 20*2, H Ltd sent a cheque to S Ltd for $50,000. This was not receivedby S Ltd until 2 Jan. 20*3.(c) On 31 Dec. 20*2, there were goods in transit sent by S Ltd to H Ltd valued at$30,000.(d) H Ltd has not incorporated any entries relating to the dividend receivable from SLtd for 20*2.(e) 10% of the goodwill is to be written off as an impairment loss.Required:Prepare a consolidated statement of financial position for H Ltd at 31 Dec. 20*2.

In financial accounting, the act of integrating a parent company's financial statements with those…

The statements of financial position of H Ltd and S Ltd at 31 December 20*2 are as follows: Non-current assets Shares in S Ltd Current assets Inventory Trade receivables $000 H Ltd 1,000 500 $000 3,000 3,000 S Ltd $000 1,200 600 $000 2,300

The statements of financial position of H Ltd and S Ltd at 31 December 20*2 are as follows: Non-current assets Shares in S Ltd Current assets Inventory Trade receivables $000 H Ltd 1,000 500 $000 3,000 3,000 S Ltd $000 1,200 600 $000 2,300

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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