Assienment: francial postions for the two entities as at 30 November 2a0 are The following information is relevant (1) The mevtory of Rha indudes 58,000 ef exodt purdhoed for cach from 5 hs at oost pis 25S. 12f On Jane 20x7 Kha trimblented at iten of plore to Sha for 5:5.000. it it carryer amcone at that date was 510,000 , and its remaining usef lilfe was 5 ynar. \{3\} igsa vilues the non-cortroling intetest aving the fair wilve mothed, At the date of acousition. the far value of the 405 nos-controlire interme an 5Se.000. (4) An ingaiment lass of 51.000 is s be charged againe good at at theyear end. (5) At the dibe of acousition the bulance on Sha's vetaned eurning was 963,790 . \{6. At the date of acquicition, the far val we of Sha's prapenty. plant and equigment was equal to its carrying amosrt with she exception of 5 ha's thant afiith had a fair aolue of 52,000 above its carning anourt. At that dste the plant had a remainns lte of four years. tho ines straight-ine depraciatien for plant ansurring a nil residual walve. (7) The Loan rote in Sho's book represerts mories bonoued from kha on 30 wowenber 20xd. (8) Included in kha's receivelier is $4, oocrelaring w inwewtory seld to sha th. rigg the year, sha raicad uniti Docenber 207. Recaired: Prepare the Consoidated statement of firanoivi position an in 30 Noverber 20x7, wing the warksheet. (6) At the date of acquisition, the fair value of Sha's property, plant and equipment was equal to its carrying amount with the exception of Sha's plant which had a fair value of $2,000 above its carrying amount. At that date the plant had a remaining life of four years. Sha uses straight-line depreciation for plant assuming a nil residual value. (7) The Loan note in Sha's book represents monies borrowed from Kha on 30 November 207. (8) Included in Kha's receivables is $4,000 relating to inventory sold to Sha during the year. Sha raised a cheque for $2,500 and sent it to Kha on 29 November 207. Kha did not receive this cheque until 4 December 207. Required: Prepare the Consolidated statement of financial position as at 30 November 20X7, using the worksheet. Assignment: On 1 June 20%7 kha bought 60% of sha paying $76,000 cash. The summarized statement of financial positions for the two entities as at 30 November 2007 are The following information is relevant: (1) The imventory of Kha includes $8,000 of goods purchased for cash from 5h at cost plus 25%. (2) On lune 207Kha transferred an item of plant to Sha for $15,000, it is carrying amount at that date was $10,000, and its remaining useful life was 5 years. 1 (3) Kha values the non-controlling interest using the fair value method. At the date of acquisition, the fair value of the 40% non-controlling interest was $50,000. (4) An impairment loss of $1,000 is to be charged against good will at the year-end. (S) At the date of acquisition the balance on Sha's retained earnings was $63,750. (6) At the date of acquisition, the fair value of Sha's property, plant and equipment was equal to its carrying amount with the exception of Sha's plant which had a fair value of $2,000 above its carrying amount. At that date the plant had a remaining life of four years. Sha uses straight-line depreciation for plant assuming a nil residual value. (7) The Loan note in Sha's book represents monies borrowed from Kha on 30 November 207. (8) Included in Kha's receivables is $4,000 relating to inventory sold to Sha during the year. Sha raised a cheque for $2,500 and sent it to Kha on 29 November 207. Kha did not receive this cheque until 4 December 207. Required: Prepare the Consolidated statement of financial position as at 30 November 20X7, using the worksheet. Assignment: On 1 June 20%7 kha bought 60% of sha paying $76,000 cash. The summarized statement of financial positions for the two entities as at 30 November 2007 are The following information is relevant: (1) The imventory of Kha includes $8,000 of goods purchased for cash from 5h at cost plus 25%. (2) On lune 207Kha transferred an item of plant to Sha for $15,000, it is carrying amount at that date was $10,000, and its remaining useful life was 5 years. 1 (3) Kha values the non-controlling interest using the fair value method. At the date of acquisition, the fair value of the 40% non-controlling interest was $50,000. (4) An impairment loss of $1,000 is to be charged against good will at the year-end. (S) At the date of acquisition the balance on Sha's retained earnings was $63,750. Assienment: francial postions for the two entities as at 30 November 2a0 are The following information is relevant (1) The mevtory of Rha indudes 58,000 ef exodt purdhoed for cach from 5 hs at oost pis 25S. 12f On Jane 20x7 Kha trimblented at iten of plore to Sha for 5:5.000. it it carryer amcone at that date was 510,000 , and its remaining usef lilfe was 5 ynar. \{3\} igsa vilues the non-cortroling intetest aving the fair wilve mothed, At the date of acousition. the far value of the 405 nos-controlire interme an 5Se.000. (4) An ingaiment lass of 51.000 is s be charged againe good at at theyear end. (5) At the dibe of acousition the bulance on Sha's vetaned eurning was 963,790 . \{6. At the date of acquicition, the far val we of Sha's prapenty. plant and equigment was equal to its carrying amosrt with she exception of 5 ha's thant afiith had a fair aolue of 52,000 above its carning anourt. At that dste the plant had a remainns lte of four years. tho ines straight-ine depraciatien for plant ansurring a nil residual walve. (7) The Loan rote in Sho's book represerts mories bonoued from kha on 30 wowenber 20xd. (8) Included in kha's receivelier is $4, oocrelaring w inwewtory seld to sha th. rigg the year, sha raicad uniti Docenber 207. Recaired: Prepare the Consoidated statement of firanoivi position an in 30 Noverber 20x7, wing the warksheet. (6) At the date of acquisition, the fair value of Sha's property, plant and equipment was equal to its carrying amount with the exception of Sha's plant which had a fair value of $2,000 above its carrying amount. At that date the plant had a remaining life of four years. Sha uses straight-line depreciation for plant assuming a nil residual value. (7) The Loan note in Sha's book represents monies borrowed from Kha on 30 November 207. (8) Included in Kha's receivables is $4,000 relating to inventory sold to Sha during the year. Sha raised a cheque for $2,500 and sent it to Kha on 29 November 207. Kha did not receive this cheque until 4 December 207. Required: Prepare the Consolidated statement of financial position as at 30 November 20X7, using the worksheet. Assignment: On 1 June 20%7 kha bought 60% of sha paying $76,000 cash. The summarized statement of financial positions for the two entities as at 30 November 2007 are The following information is relevant: (1) The imventory of Kha includes $8,000 of goods purchased for cash from 5h at cost plus 25%. (2) On lune 207Kha transferred an item of plant to Sha for $15,000, it is carrying amount at that date was $10,000, and its remaining useful life was 5 years. 1 (3) Kha values the non-controlling interest using the fair value method. At the date of acquisition, the fair value of the 40% non-controlling interest was $50,000. (4) An impairment loss of $1,000 is to be charged against good will at the year-end. (S) At the date of acquisition the balance on Sha's retained earnings was $63,750. (6) At the date of acquisition, the fair value of Sha's property, plant and equipment was equal to its carrying amount with the exception of Sha's plant which had a fair value of $2,000 above its carrying amount. At that date the plant had a remaining life of four years. Sha uses straight-line depreciation for plant assuming a nil residual value. (7) The Loan note in Sha's book represents monies borrowed from Kha on 30 November 207. (8) Included in Kha's receivables is $4,000 relating to inventory sold to Sha during the year. Sha raised a cheque for $2,500 and sent it to Kha on 29 November 207. Kha did not receive this cheque until 4 December 207. Required: Prepare the Consolidated statement of financial position as at 30 November 20X7, using the worksheet. Assignment: On 1 June 20%7 kha bought 60% of sha paying $76,000 cash. The summarized statement of financial positions for the two entities as at 30 November 2007 are The following information is relevant: (1) The imventory of Kha includes $8,000 of goods purchased for cash from 5h at cost plus 25%. (2) On lune 207Kha transferred an item of plant to Sha for $15,000, it is carrying amount at that date was $10,000, and its remaining useful life was 5 years. 1 (3) Kha values the non-controlling interest using the fair value method. At the date of acquisition, the fair value of the 40% non-controlling interest was $50,000. (4) An impairment loss of $1,000 is to be charged against good will at the year-end. (S) At the date of acquisition the balance on Sha's retained earnings was $63,750