QUESTION 1 (IFRS 3&IFRS 10) (20)

The following represents the abridged financial statements of X Ltd and its subsidiary Y Ltd;

Statements of financial position as at 31 December 2019

XY

Assets

PPE

Investments in Y Ltd -30 000 ordinary shares of $2 each at fair value (cost $152 500)

Trade receivables

Cash and cash equivalence

Equity and liabilities

Issued shares capital- ordinary shares at $2 each Retained earnings

Trade payables

200 000

152 500 50 500 27 000 430 000

100 000 270 000 60 000 430 000

200 000

-

80 000 45 000 345 000

80 000 190 000 75 000 345 000

X Ltd acquired its interest in Y Ltd on 1 January 2017 when Y Ltds earnings amounted to $110 000. At the date of acquisition consider the carrying amount of the assets and liabilities of Y Ltd to be equal to their fair values thereon.

Statement of comprehensive income for year ended 31 December 2019 XY

Gross profit

Dividend received

Profit before tax

Income tax expense

Profit for the period

Other comprehensive income Total comprehensive income

107 000 7 500 114 500 (34 500) 80 000

-

80 000

105 000

-

105 000

(35 000) 70 000

-

70 000

Statement of Changes in Equity for year ended 31 December 2019

Page 14 of 16

Ordinary share cap X

Ordinary share cap Y

Retained earnings X

Retained Earnings Y

Total X

Total Y

Balance (01-01-19) Profit for the period Dividend paid Balance (31-12-19)

100 000 100 000

80 000 80 000

210 000 80 000 (20 000) 270 000

130 000 70000 (10 000) 190 000

310 000 80 000 (20 000) 370 000

210 000 70 000 (10 000) 270 000

(10)

Required:

prepare the consolidated financial statements. (20)

QUESTIONI (IFRS 3&IFRS 16) The following represents the abridged financial statements of XL and its subsidiary Yat Statements of financial position as at 31 December 2009 Asus PPE Investic in Y Lad-30 000 orary shares of S charwal S19 500) Trade receives Cash and cash oquivalence 192 500 27 End and are capital ondary care a Retained camin Traders cach 100 000 270 000 1900 1 000 000 X Lad acquired its interest in Y Lad on 1 January 2017 when Y Lad's caring m 000. At the date of acquisition consider the carrying amount of the st to be equal to their fair values thereon. e d o 5110 ry Statement of comprehensive income for year ended 31 December 2019 1050 10 000 Gross profit Dividend received Profit before tax Income taxe Profit for the period Other comprehensive income Total comprehensive income 114.00 ( 500) 000 Statement of Changes in Equity for year ended 31 December 2010 Page 34 of 15 share cap 100 000 EROTONIO Balance 01-01-19) Profit for the mod Balance 01.12-19) 100 000 000 Required: The Steffi these financial b in Y er 019 Yayasan Alder Stream QUESTIONI (IFRS 3&IFRS 16) The following represents the abridged financial statements of XL and its subsidiary Yat Statements of financial position as at 31 December 2009 Asus PPE Investic in Y Lad-30 000 orary shares of S charwal S19 500) Trade receives Cash and cash oquivalence 192 500 27 End and are capital ondary care a Retained camin Traders cach 100 000 270 000 1900 1 000 000 X Lad acquired its interest in Y Lad on 1 January 2017 when Y Lad's caring m 000. At the date of acquisition consider the carrying amount of the st to be equal to their fair values thereon. e d o 5110 ry Statement of comprehensive income for year ended 31 December 2019 1050 10 000 Gross profit Dividend received Profit before tax Income taxe Profit for the period Other comprehensive income Total comprehensive income 114.00 ( 500) 000 Statement of Changes in Equity for year ended 31 December 2010 Page 34 of 15 share cap 100 000 EROTONIO Balance 01-01-19) Profit for the mod Balance 01.12-19) 100 000 000 Required: The Steffi these financial b in Y er 019 Yayasan Alder Stream