X plc acquired 80 per cent of the ordinary share capital of Y plc on 1 January
Question:
X plc acquired 80 per cent of the ordinary share capital of Y plc on 1 January 19X6 for £300,000.
The lists of balances of the two companies at 31 December 19X6 were as follows:
Required:
Prepare a consolidated balance sheet for X ple and its subsidiary Y plc as at 31 December 19X6.
Transcribed Image Text:
Called-up share capital: 400,000 ordinary shares of 1 each, fully paid 300,000 ordinary shares of 0.50 each, fully paid Reserves as at 1 January 19X6 Retained profits for 19X6 Trade creditors Taxation Proposed final dividend Depreciation provisions: Freehold property Plant and machinery Current account X plc Y plc 000 000 400 150 220 90 20 18 130 80 30 14 20 10 12 6 40 12 14 872 394 Tangible fixed assets: Freehold property, at cost 120 160 Plant and machinery, at cost 183 62 Investment in Y plc 300 Stocks 80 70 Debtors 160 90 Bank 10 12 Current account 19 872 394
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