Shown below are the summarised balance sheets of the Imperial Co. and the Iota Co. at 31

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Shown below are the summarised balance sheets of the Imperial Co. and the Iota Co.

at 31 December 19X 1 :

Imperial Co. Iota Co.

£OOOs £OOOs Fixed assets 140 110 Net current assets 220 30 360 140 Ordinary shares 300 100 Retained profits 60 40 360 140 -- --

On 1 January 19X2 Imperial Co. acquired the whole of the Iota Co. for £200,000 cash which was paid to the ordinary shareholders of the Iota Co. Show the balance sheet of the Imperial Co. immediately after the acquisition.

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Accounting An Introduction

ISBN: 193112

1st Edition

Authors: Arthur Hindmarch, Etc.

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Question Posted: Jul 27, 2024 12:00 PM

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Shown below are the summarised balance sheets of the Imperial Co. and the Iota Co. at 31

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Accounting An Introduction

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