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GROUP ACCOUNTS QUESTIONS Protected Vie Word mecence Maliye | Renie View Help Tell me what you want to do can contains Unless you need to

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GROUP ACCOUNTS QUESTIONS Protected Vie Word mecence Maliye | Renie View Help Tell me what you want to do can contains Unless you need to edit sales to stay in Protected Enable dating P Lid acquired 70% of S Lid three years ago, when S Lid's retained eamings were GHS430,000 The financial statements of each company for the year ended 31 March 2017 are as follows Statements of financial position as at 31 March 2017 PLtd S Lid GHS000 GHS 000 Non-current assets Property, plant and equipment 900 400 Investment in Suid 700 Current assets 300 600 1.900 1.000 Share capital (GHS1) 200 150 Other components of equity 50 Retained eamings 700 1,600 850 100 90 Non-current liabilities 200 50 Current liabilities 1.900 1.000 Statements of profit or loss for the year ended 31 March 2017 1.350 e @ GROUP ACCOUNTS QUESTIONS (Protected View) - Word S Ltd eferences Mailings Review View Help Tell me what you want to do can contain viruses. Unless you need to edit, it's safe to stay in Protected View Enable Editing P Ltd GHS 000 Revenue 1,000 Cost of sales (750) GHS'000 260 (80) 180 (35) 145 (15) Gross profit 250 Operating expenses (60) Profit from operations 190 Finance costs (25) Investment income 20 Profit before tax 180 Tax (100) Profit for the year 85 You are provided with the following additional information: 130 (30) 100 o Rere View GROUP ACCOUNTS QUESTIONS Protected view) - Word References Mailings Help Tell me what you want to do et can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Tax (100) (30) Prolit for the year 85 100 You are provided with the following additional information: 1. SLtd had plant in its statement of financial position at the date of acquisition with a carrying amount of GHS100,000 but a fair value of GHS120,000 The plant had a remaining life of 10 years at acquisition Depreciation is charged to cost of sales 2. The P Lid group values the non-controlling interests at fair value. The fair value of the non-controlling interests at the date of acquisition was GHS250,000 Goodwill has been impaired by a total of 30% of its value at the reporting date, of which one- third related to the current year 3. At the start of the year P Ltd transferred a machine to S Ltd for GHS15,000. The asset had a remaining useful economic life of 3 years at the date of transfer. It had a carrying amount of GHS12,000 in the books of P Ltd at the date of transfer 4. During the year S Lid sold some goods to P Lid for GHS60,000 at a mark-up of 20% 40% of the goods remained unsold at the year-end. At the year-end, S Ltd's books showed a receivables balance of GHS6,000 as being due from P Ltd. This disagreed with the payables balance of GHS1,000 in P Lid's books due to P Ltd having sent a cheque to S Lid shortly before the year end which S Ltd had not yet received 5. S Lid paid a dividend of GHS20,000 on 1 March 2017 Required Prepare the consolidated statement of financial position and consolidated statement of profit or loss for the year ended 31 March 2017 o e GROUP ACCOUNTS QUESTIONS Protected Vie Word mecence Maliye | Renie View Help Tell me what you want to do can contains Unless you need to edit sales to stay in Protected Enable dating P Lid acquired 70% of S Lid three years ago, when S Lid's retained eamings were GHS430,000 The financial statements of each company for the year ended 31 March 2017 are as follows Statements of financial position as at 31 March 2017 PLtd S Lid GHS000 GHS 000 Non-current assets Property, plant and equipment 900 400 Investment in Suid 700 Current assets 300 600 1.900 1.000 Share capital (GHS1) 200 150 Other components of equity 50 Retained eamings 700 1,600 850 100 90 Non-current liabilities 200 50 Current liabilities 1.900 1.000 Statements of profit or loss for the year ended 31 March 2017 1.350 e @ GROUP ACCOUNTS QUESTIONS (Protected View) - Word S Ltd eferences Mailings Review View Help Tell me what you want to do can contain viruses. Unless you need to edit, it's safe to stay in Protected View Enable Editing P Ltd GHS 000 Revenue 1,000 Cost of sales (750) GHS'000 260 (80) 180 (35) 145 (15) Gross profit 250 Operating expenses (60) Profit from operations 190 Finance costs (25) Investment income 20 Profit before tax 180 Tax (100) Profit for the year 85 You are provided with the following additional information: 130 (30) 100 o Rere View GROUP ACCOUNTS QUESTIONS Protected view) - Word References Mailings Help Tell me what you want to do et can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Tax (100) (30) Prolit for the year 85 100 You are provided with the following additional information: 1. SLtd had plant in its statement of financial position at the date of acquisition with a carrying amount of GHS100,000 but a fair value of GHS120,000 The plant had a remaining life of 10 years at acquisition Depreciation is charged to cost of sales 2. The P Lid group values the non-controlling interests at fair value. The fair value of the non-controlling interests at the date of acquisition was GHS250,000 Goodwill has been impaired by a total of 30% of its value at the reporting date, of which one- third related to the current year 3. At the start of the year P Ltd transferred a machine to S Ltd for GHS15,000. The asset had a remaining useful economic life of 3 years at the date of transfer. It had a carrying amount of GHS12,000 in the books of P Ltd at the date of transfer 4. During the year S Lid sold some goods to P Lid for GHS60,000 at a mark-up of 20% 40% of the goods remained unsold at the year-end. At the year-end, S Ltd's books showed a receivables balance of GHS6,000 as being due from P Ltd. This disagreed with the payables balance of GHS1,000 in P Lid's books due to P Ltd having sent a cheque to S Lid shortly before the year end which S Ltd had not yet received 5. S Lid paid a dividend of GHS20,000 on 1 March 2017 Required Prepare the consolidated statement of financial position and consolidated statement of profit or loss for the year ended 31 March 2017 o e

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