ASSIGNMENT TWO The balance sheet of Imperial Plc and its two subsidiaries Metric plc and Quantum plc as at 31 December 2019 were as follows: Balance sheets at 31 December 2020 Imperial Metric Quantum 00 K000 KO00 Non-current assets Tangible assets 525 210 60 Investments 100.000 shares Metric plc 40,000 shares Quantum 697 210 Current assets Inventory 83 140 32 60 63 28 60 36 15 24 16 9 10 7 2 (120) (46) Debtors Trade debtors Metric plc Quantum Cash at bank Creditors: amounts falling within one year Trade credits Imperial Metric Net current assets Total assets less current liabilities Capital and reserves Called-up share capital (K1 shares) Reserves brought forward Income statement for 2019 (68) (22) (16) (8) 53 45 (25) 750 255 35 400 150 50 45 200 150 750 60 255 (15) 35 The following additional information is available: 1. At 31 December 2019. goods transferred at cost K2.000 were in transit between Imperial plc and Metric plc. A cheque for K1,000 was in transit between Quantum plc and Metric. 2. The closing inventory of Imperial plc included goods supplied by Metric plc at an invoiced value of K3,600. Metric plc had priced these goods at cost plus 20 per cent, the standard group markup. 3. Imperial plc purchased all its investments in its subsidiaries on 1 January 2019. Required: Prepare a consolidated balance sheet for Imperial Group as at 31 December 2019. ASSIGNMENT TWO The balance sheet of Imperial Plc and its two subsidiaries Metric plc and Quantum plc as at 31 December 2019 were as follows: Balance sheets at 31 December 2020 Imperial Metric Quantum 00 K000 KO00 Non-current assets Tangible assets 525 210 60 Investments 100.000 shares Metric plc 40,000 shares Quantum 697 210 Current assets Inventory 83 140 32 60 63 28 60 36 15 24 16 9 10 7 2 (120) (46) Debtors Trade debtors Metric plc Quantum Cash at bank Creditors: amounts falling within one year Trade credits Imperial Metric Net current assets Total assets less current liabilities Capital and reserves Called-up share capital (K1 shares) Reserves brought forward Income statement for 2019 (68) (22) (16) (8) 53 45 (25) 750 255 35 400 150 50 45 200 150 750 60 255 (15) 35 The following additional information is available: 1. At 31 December 2019. goods transferred at cost K2.000 were in transit between Imperial plc and Metric plc. A cheque for K1,000 was in transit between Quantum plc and Metric. 2. The closing inventory of Imperial plc included goods supplied by Metric plc at an invoiced value of K3,600. Metric plc had priced these goods at cost plus 20 per cent, the standard group markup. 3. Imperial plc purchased all its investments in its subsidiaries on 1 January 2019. Required: Prepare a consolidated balance sheet for Imperial Group as at 31 December 2019