Pa Ltd buys $100 \%$ of the shares of Son Ltd on 31 December 2011. The statements of financial position of the two companies on 31 December 2012 are as shown. You are to draw up a consolidated statement of financial position as at 31 December 2012.

Transcribed Image Text:

Pa Statement of Financial Position as at 31 December 2012 Investment in subsidiary: 50,000 shares bought 31.12.2011 Non-current assets Current assets Share capital Retained profits: As at 31.12.2011 Add Profit for 2012 Non-current assets Current assets E 70,000 84,000 38,000 192,000 90,000 56,000 46,000 102,000 192,000 Son Statement of Financial Position as at 31 December 2012 61,000 13,000 74,000 50,000 8,000 16,000 24,000 74,000 Share capital Retained profits: As at 31.12.2011 Add Profit for 2012