Immediately after Pai and Family Ltd had acquired control of Son One Ltd and Son Two Ltd the following statements of financial position were drawn up. You are to draw up a consolidated statement of financial position.

Transcribed Image Text:

Pai and Family Statement of Financial Position Investments in subsidiaries: Son One Ltd (10,000 Ordinary 1 shares) Son Two Ltd (12,000 Ordinary 1 shares) 16,000 18,000 Non-current assets Current assets Share capital - Ordinary 1 shares Retained profits 73,000 33,000 140,000 110,000 30,000 140,000 Son One Statement of Financial Position Non-current assets Current assets Share capital-Ordinary 1 shares Retained profits General reserve 11,000 4,000 15,000 10,000 2,000 3,000 15,000