Parent Ltd acquires $75 \%$ of the shares in Siblings Together Ltd. Statements of financial position are then drafted immediately. You are to draw up the consolidated statement of financial position.

Transcribed Image Text:

Parent Statement of Financial Position Investment in Siblings Together Ltd: 15,000 Ordinary 1 shares 25,000 Inventory Non-current assets Accounts receivable 80,000 18,000 24,000 Bank 3,000 150,000 Share capital-Ordinary shares of 25p each 150,000 Siblings Together Statement of Financial Position Non-current assets Inventory Accounts receivable Bank Share capital-Ordinary 1 shares 14,000 3,000 1,000 2,000 20,000 20,000