QUESTION 1 [35 MARKS] The following are the balances of Jojo Ltd and its subsidiary, Single Ltd, at 31 December 20.22. Credits Jojo Ltd Single Ltd Share capital ordinary shares (100 000 / 50 000) 100 000 50 000 Retained earnings 1 January 20.22 250 000 130 000 Gross profit 410 000 360 000 Dividends received 30 000 - Trade and other payables 80 000 60 000 Accumulated depreciation 31 December 20.22 50 000 30 000 Bank overdraft 30 000 - 950 000 630 000 Debits Property, plant and equipment @ cost price 152 000 100 000 Investment in Single Ltd 50 000 shares at fair value (cost price: R150 000) 150 000 - Inventories 180 000 160 000 Trade and other receivables 190 000 80 000 Bank - 68 000 Auditors remuneration 15 000 12 000 Staff cost 100 000 80 000 Depreciation 15 000 10 000 Taxation for the year 108 000 90 000 Dividends paid 40 000 30 000 950 000 630 000 Page 3 of 6 Additional information: 1. Jojo Ltd acquired its interest in Single Ltd on 1 January 20.22, and at that date the retained earnings of Single Ltd was R80 000. Consider the carrying amount of the assets and the liabilities of Single Ltd to be equal to the fair value thereof at the date of acquisition. QUESTION 1: REQUIRED MARKS 1. Draft the consolidated statement of financial position of the Jojo Ltd Group as at 31 December 20.22. 15 2. Calculations 20 TOTAL MARKS: 35