Pa Ltd buys 100 per cent of the shares of Son Ltd on 31 December 20X2. The

Question:

Pa Ltd buys 100 per cent of the shares of Son Ltd on 31 December 20X2. The balance sheets of the two companies on 31 December 20X3 are as shown. You are to draw up a consolidated balance sheet as at 31 December 20X3.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 2

ISBN: 9780273693109

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books

Question Posted: Sep 08, 2023 09:18 AM

See More Questions

Pa and Ma Ltd bought 60 per cent of the shares of Son and Daughter Ltd on 31 March 20X4. The balance sheets of the two companies on 31 March 20X5 are as follows. You are to draw up a consolidated...
Papa and Mamae Ltd buys 662/3 per cent of the shares in Son and Daughter Ltd. You are to draw up the consolidated balance sheet from the following balance sheets constructed immediately control had...
The N. I. Jock United Social Club was started in 20W0 to provide facilities for Jock United Football Supporters in Northern Ireland. At 1 January 20X2 there were 400 paid-up members for 20X1 (20 per...
Explain how to determine the maximum or minimum value of a quadratic function.
The Malabar Company specializes in imported novelty items from Asian countries such as Thailand, Indonesia, and China. The firm, headquartered in San Jose, California, has franchised over 70 stores...
Milton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,800....
15-12. How have advertising agencies changed to facilitate the use of IMC programs?
The lease of Theme Park, Inc., is about to expire. Management must decide whether to renew the lease for another 10 years or to relocate near the site of a proposed motel. The town planning board is...
Gary's Steel Parts produces parts for the automobile industry. The company has monthly fixed expenses of $660,000 and a contribution margin of 85% of revenues Read the requirements Requirement 1....
The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Wright Company. Additional information from Wright's accounting records is provided also....
Why do you think it would be a bad thing to distribute as dividends the reserves acquired at the time of acquisition?
The following balance sheets of Parents Forever Ltd, Sonny 1 Ltd and Sonny 2 Ltd were drawn up as soon as Parents Forever Ltd had acquired the shares in both subsidiaries. You are to draw up a...
What are some examples of intellectual property?LO1
21. How a degradation process is modeled? 22.Give the homogenity property in Linear Operator 23. Give the relation for degradation model for continuous function 24.which is called the superposition...
28. Define Gray-level interpolation 29. What is meant by Noise probability density function? 30. Why the restoration is called as unconstrained restoration? 31. Which is the most frequent method to...
34. Give the relation for guassian noise 35. Give the relation for rayleigh noise 36. Give the relation for Gamma noise 37. Give the relation for Exponential noise 38. Give the relation for Uniform...
41. What is pseudo inverse filter? 42. What is meant by least mean square filter? 43. Give the difference between Enhancement and Restoration PART-B 1. Discuss different mean filters
1.Discuss different mean filters 2. Draw the degradation model and explain. 3.Write short notes on Median Filters
Travanti Company has a history of paying cash dividends on its common stock. Although the firm has been profitable this year, the board of directors is planning construction of a second manufacturing...
What is an access control list?
You are presented with the following information relating to Plott plc for the year to 31 March 2018: Additional information: 1 The above information has been obtained after the compilation of the...
The following information has been extracted from the books of Quire plc as at 30 September 2018. The following additional information is to be taken into account: 1 Inventory at 30 September 2018...
The following trial balance has been extracted from the books of Patt plc as at 31 March 2017: Additional information: 1 Following the preparation of the above trial balance, the following additional...
Construction of consumer price index number for the given goods and services. Item Weight in % Base period price Current period price Food 35 150 145 Fuel 10 25 23 Cloth 20 75 65 Rent 15 30 30 Misc....
Gammaro Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales of the credit sales, Gammaro Corporation has experienced the following...
Swifty Company estimates that 2022 sales will be $43,200 in quarter 1,$51,840 in quarter 2 , and $62,640 in quarter 3 , Cost of goods sold is 50% of sales. Management desires to have ending...

Pa Ltd buys 100 per cent of the shares of Son Ltd on 31 December 20X2. The

Question:

Investment in subsidiary: 50,000 shares bought 31.12.20X2 Fixed assets Current assets Pa Balance Sheet as at 31 December 20X3 Share capital Profit and loss account: As at 31.12.20X2 Add Profit for 20X3 F 56,000 46,000 £ 70,000 84,000 38,000 192,000 90,000 102,000 192,000

Step by Step Answer:

To prepare a consolidated balance sheet for Pa Ltd and its subsidiary Son Ltd as of December 31 20X3 ...View the full answer

Frank Woods Business Accounting Volume 2

Students also viewed these Business questions