Question 2 Set out below are the financial statements of Ant Co its subsidiary Bug Co. and an associated company Nit Co. for the accounting year-end 3l December 20X9 Statements of financial position as at 31 December 20x9 Ant Nit ASSETS Non-current assets Property, plant and equipment at cost Depreciation 40,000 35,000 52,500 82,500 75,000 15.750 59,250 150,000 Investment in Bug Investment in Nit Current assets 90,000 05,000 98,250 1 1,250 27,000 27,000 45,000 Trade receivables Current account- Bug Current account- Nit 17,250 234,000 444,000 5,250 102,750 185,250 4,500 58,500 1 17,750 Total current assets Total assets EQUITY AND LIABILITIES $I ordinary shares General reserve Retained earnings 87,500 22,500 1 12,500 45,000 15,000 90,000 150,000 37,500 9,000 37,500 84,000 Current liabilities Trade payables Taxation payable Current account- Ant Total equity and liabilities 99,000 8,750 5,250 1 1,250 85,250 25,500 2.250 1 17,750 444,000 Question 2 Set out below are the financial statements of Ant Co its subsidiary Bug Co. and an associated company Nit Co. for the accounting year-end 3l December 20X9 Statements of financial position as at 31 December 20x9 Ant Nit ASSETS Non-current assets Property, plant and equipment at cost Depreciation 40,000 35,000 52,500 82,500 75,000 15.750 59,250 150,000 Investment in Bug Investment in Nit Current assets 90,000 05,000 98,250 1 1,250 27,000 27,000 45,000 Trade receivables Current account- Bug Current account- Nit 17,250 234,000 444,000 5,250 102,750 185,250 4,500 58,500 1 17,750 Total current assets Total assets EQUITY AND LIABILITIES $I ordinary shares General reserve Retained earnings 87,500 22,500 1 12,500 45,000 15,000 90,000 150,000 37,500 9,000 37,500 84,000 Current liabilities Trade payables Taxation payable Current account- Ant Total equity and liabilities 99,000 8,750 5,250 1 1,250 85,250 25,500 2.250 1 17,750 444,000