BACHELOR OF COMMERCE YEAR 2 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE 10.2.3 ACCOUNTING 2: ASSIGNMENT 2 [100] QUESTION ONE [30] The following represents the financial statements of XLtd and YLtd STATEMENT OF FINACIAL POSITION AS AT 30 JUNE 2018 \begin{tabular}{|l|c|c|} \hline & X LTD & Y LTD \\ \hline ASSETS & & \\ \hline Noncurrent assets & & \\ \hline Property Plant and Equipment & 210000 & 120000 \\ \hline Investment - 160000 shares & 105000 & 0 \\ \hline Fixed deposit & 0 & 85000 \\ \hline Current assets & & \\ \hline Trade and other receivables & 25000 & \\ \hline Bank & 75000 & \\ \hline TOTAL ASSETS & 415000 & 250000 \\ \hline EQUITY AND LIABILITIES & & \\ \hline EQUITY & 180000 & 100000 \\ \hline Share capital - ordinary shares & & \\ \hline R0.50 & & \\ \hline Retained earnings & & \\ \hline & 120000 & \\ \hline LIABILITIES & & \\ \hline Noncurrent liabilities & & \\ \hline Long term loan & & \\ \hline Current liabilities & & \\ \hline Trade and other payables & & \\ \hline Bank overdraft & & \\ \hline \end{tabular} BACHELOR OF COMMERCE YEAR 2 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE Additional Information: X Ltd acquired its interest in Y Ltd on 01 July 2017 when Y Ltd's retained earnings were zero. At the date of acquisition assume the carrying amounts of all assets and liabilities of Y Ltd to be equal to the fair value thereof. STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018 Prepare the consolidated financial statements for the year 30 June 2018