The following summarised information relates to the Pagg group of companies.

Additional information:
1 Pagg acquired its shareholding in Ragg Ltd on 1 April 2005. Ragg’s profit and loss account balance at that time was £600,000.
2 The shares in Tagg Ltd were acquired on 1 April 2009 when Tagg’s profit and loss account balance was £100,000.
3 All goodwill arising on consolidation is amortised in equal amounts over a period of 20 years commencing from the date of acquisition of each subsidiary company.

4 At 31 March 2010, Ragg had in stock goods purchased from Tagg at a cost to Ragg of £60,000.
These goods had been invoiced by Tagg at cost plus 20 per cent. Minority interests are not charged with any intercompany profit.
5 intercompany debts at 31 March 2010 were as follows: Pagg owed Ragg £200,000 and Ragg owed Tagg £35,000.

Required:

In so far as the information permits, prepare the Pagg group of companies’ consolidated balance sheet as at 31 March 2010 in accordance with the Companies Acts and standard accounting practice.

Transcribed Image Text:

Balance Sheet at 31 March 2010 Pagg plc Ragg Ltd Tagg Ltd 000 000 000 Tangible fixed assets at net book value Investments 2,000 900 600 800,000 ordinary shares in Ragg Ltd 3,000 300,000 ordinary shares in Tagg Ltd 1,000 4,000 Current assets Stocks 1,300 350 100 Debtors 3,000 200 300 Cash 200 20 50 4,500 570 450 Current liabilities Creditors (4,000) (270) (400) 6,500 1,200 650 Capital and reserves Called-up share capital (all ordinary shares of 1 each) 5,500 1,000 500 Profit and loss 1,000 200 150 6,500 1,200 650