QUESTION 30 MARKS Vapour Lid Te Lid 574 000 155 000 408 200 97000 290 000 DEBITS Property Plant and equipment: Land and buildings Motor Buildings Investment in Vapour Ltd: (70 000 ordinary shares a fair value (cost price NS290 000) Unsecured loan at fair value Trade and other receivables inventories Bank Bills receivable - Vapour 40 000 86 200 45 000 19 400 72 000 10 600 8000 1 198 200 607 200 800 000 213 000 CREDITS Issued share capital-ordinary shares of NS2 each Retained camines Long Term borrowing Ice Lad) Revaluation surplus (Land and Buildings) Bank overdrant Trade payables Accumulated depreciation Motor vehicles Bills Payable-Ice Lid 200 000 137 600 35 000 100 KM) 14200 41 000 130 000 60 600 64000 10 000 607 200 1 188 200 Additional Information: 1. Ace Ltd acquired its interest in Vapour Lid at 1 July 2016 when Vapour Lid's Retained earnings were NS72 000 2. At the date of acquisition Ice Ltd valued the Land and buildings of Vapour Lad which had a carrying amount of N8308 200 at N8368 200. It is company policy to revalue Land and buildings every 2 years at 30 June. Since 1 July 2016 Vapour Ltd h d has not purchased or sold any Land and buildings. At date of acquisition, consider the carrying amount of the assets and liabilities of Vapour Lid to be equal to their fair value thereof. 3. Ice Lid discounted NS2000 of the bills receivables from Vapour Lad at the bank before the expiry date of July 2019. 4. Since Ice Lid acquired its interest in Vapour Lid.lce Ltd purchased all its Inventory from Vapour Ltd. Vapour Lid supplied inventory at cost plus 25% profit. Inventories on hand 000 oflce Ltd and Vapour L.id at 1 July 2018 amounted respectively to N536 000 and NS48 5. At 29 June 2019 Vapour Ltd repaid NSS 000 of the existing loan from Ice Ltd and Ice Ltd received this repayment on 3 July 2019. Required: 1.1 Prepare the Consolidated Statement of Financial Position as at 30 June 2019 30 QUESTION 1 30 MARKS Ice Ltd Vapour Ltd 574 000 155 000 408 200 97 000 290 000 40 000 86 200 45 000 19 400 72 000 10 600 DEBITS Property Plant and equipment: Land and buildings Motor Buildings Investment in Vapour Ltd: (70 000 ordinary shares at fair value (cost price NS290 000) Unsecured loan at fair value Trade and other receivables inventories Bank Bills receivable- Vapour CREDITS Issued share capital-ordinary shares of NS2 each Retained earnings Long Term borrowings(Ice Ltd) Revaluation surplus (Land and Buildings) Bank overdraft Trade payables Accumulated depreciation: Motor vehicles Bills Payable-Ice Ltd 8 000 1 198 200 607 200 800 000 213 000 200 000 137 600 35 000 100 000 14 200 41 000 130 000 60 600 64 000 10 000 607 200 1 188 200 Additional Information: 1. Ace Ltd acquired its interest in Vapour Ltd at 1 July 2016 when Vapour Ltd's Retained earnings were NS 72 000 2. At the date of acquisition Ice Ltd valued the Land and buildings of Vapour Ltd which had a carrying amount of N$308 200 at N$368 200. It is company policy to revalue Land and buildings every 2 years at 30 June. Since 1 July 2016 Vapour Ltd has not purchased or sold any Land and buildings. At date of acquisition, consider the carrying amount of the assets and liabilities of Vapour Ltd to be equal to their fair value thereof. 3. Ice Ltd discounted NS2 000 of the bills receivables from Vapour Lid at the bank before the expiry date, 6 of July 2019. 4. Since Ice Ltd acquired its interest in Vapour Ltd,lce Lid purchased all its Inventory from Vapour Ltd. Vapour Ltd supplied inventory at cost plus 25% profit. Inventories on hand Additional Information: 1. Ace Ltd acquired its interest in Vapour Ltd at 1 July 2016 when Vapour Ltd's Retained earnings were N$72 000 2. At the date of acquisition Ice Ltd valued the Land and buildings of Vapour Ltd which had a carrying amount of N$ 308 200 at NS368 200. It is company policy to revalue Land and buildings every 2 years at 30 June. Since 1 July 2016 Vapour Ltd has not purchased or sold any Land and buildings. At date of acquisition, consider the carrying amount of the assets and liabilities of Vapour Ltd to be equal to their fair value thereof. 3. Ice Ltd discounted N$2 000 of the bills receivables from Vapour Ltd at the bank before the expiry date, 6th of July 2019. 4. Since Ice Ltd acquired its interest in Vapour Ltd, Ice Ltd purchased all its Inventory from Vapour Ltd. Vapour Ltd supplied inventory at cost plus 25% profit. Inventories on hand of Ice Ltd and Vapour Ltd at 1 July 2018 amounted respectively to N$36 000 and NS48 000. 5. At 29 June 2019 Vapour Ltd repaid N$5 000 of the existing loan from Ice Ltd and Ice Ltd received this repayment on 3 July 2019. Required: 1.1 Prepare the Consolidated Statement of Financial Position as at 30 June 2019 30 QUESTION 30 MARKS Vapour Lid Te Lid 574 000 155 000 408 200 97000 290 000 DEBITS Property Plant and equipment: Land and buildings Motor Buildings Investment in Vapour Ltd: (70 000 ordinary shares a fair value (cost price NS290 000) Unsecured loan at fair value Trade and other receivables inventories Bank Bills receivable - Vapour 40 000 86 200 45 000 19 400 72 000 10 600 8000 1 198 200 607 200 800 000 213 000 CREDITS Issued share capital-ordinary shares of NS2 each Retained camines Long Term borrowing Ice Lad) Revaluation surplus (Land and Buildings) Bank overdrant Trade payables Accumulated depreciation Motor vehicles Bills Payable-Ice Lid 200 000 137 600 35 000 100 KM) 14200 41 000 130 000 60 600 64000 10 000 607 200 1 188 200 Additional Information: 1. Ace Ltd acquired its interest in Vapour Lid at 1 July 2016 when Vapour Lid's Retained earnings were NS72 000 2. At the date of acquisition Ice Ltd valued the Land and buildings of Vapour Lad which had a carrying amount of N8308 200 at N8368 200. It is company policy to revalue Land and buildings every 2 years at 30 June. Since 1 July 2016 Vapour Ltd h d has not purchased or sold any Land and buildings. At date of acquisition, consider the carrying amount of the assets and liabilities of Vapour Lid to be equal to their fair value thereof. 3. Ice Lid discounted NS2000 of the bills receivables from Vapour Lad at the bank before the expiry date of July 2019. 4. Since Ice Lid acquired its interest in Vapour Lid.lce Ltd purchased all its Inventory from Vapour Ltd. Vapour Lid supplied inventory at cost plus 25% profit. Inventories on hand 000 oflce Ltd and Vapour L.id at 1 July 2018 amounted respectively to N536 000 and NS48 5. At 29 June 2019 Vapour Ltd repaid NSS 000 of the existing loan from Ice Ltd and Ice Ltd received this repayment on 3 July 2019. Required: 1.1 Prepare the Consolidated Statement of Financial Position as at 30 June 2019 30 QUESTION 1 30 MARKS Ice Ltd Vapour Ltd 574 000 155 000 408 200 97 000 290 000 40 000 86 200 45 000 19 400 72 000 10 600 DEBITS Property Plant and equipment: Land and buildings Motor Buildings Investment in Vapour Ltd: (70 000 ordinary shares at fair value (cost price NS290 000) Unsecured loan at fair value Trade and other receivables inventories Bank Bills receivable- Vapour CREDITS Issued share capital-ordinary shares of NS2 each Retained earnings Long Term borrowings(Ice Ltd) Revaluation surplus (Land and Buildings) Bank overdraft Trade payables Accumulated depreciation: Motor vehicles Bills Payable-Ice Ltd 8 000 1 198 200 607 200 800 000 213 000 200 000 137 600 35 000 100 000 14 200 41 000 130 000 60 600 64 000 10 000 607 200 1 188 200 Additional Information: 1. Ace Ltd acquired its interest in Vapour Ltd at 1 July 2016 when Vapour Ltd's Retained earnings were NS 72 000 2. At the date of acquisition Ice Ltd valued the Land and buildings of Vapour Ltd which had a carrying amount of N$308 200 at N$368 200. It is company policy to revalue Land and buildings every 2 years at 30 June. Since 1 July 2016 Vapour Ltd has not purchased or sold any Land and buildings. At date of acquisition, consider the carrying amount of the assets and liabilities of Vapour Ltd to be equal to their fair value thereof. 3. Ice Ltd discounted NS2 000 of the bills receivables from Vapour Lid at the bank before the expiry date, 6 of July 2019. 4. Since Ice Ltd acquired its interest in Vapour Ltd,lce Lid purchased all its Inventory from Vapour Ltd. Vapour Ltd supplied inventory at cost plus 25% profit. Inventories on hand Additional Information: 1. Ace Ltd acquired its interest in Vapour Ltd at 1 July 2016 when Vapour Ltd's Retained earnings were N$72 000 2. At the date of acquisition Ice Ltd valued the Land and buildings of Vapour Ltd which had a carrying amount of N$ 308 200 at NS368 200. It is company policy to revalue Land and buildings every 2 years at 30 June. Since 1 July 2016 Vapour Ltd has not purchased or sold any Land and buildings. At date of acquisition, consider the carrying amount of the assets and liabilities of Vapour Ltd to be equal to their fair value thereof. 3. Ice Ltd discounted N$2 000 of the bills receivables from Vapour Ltd at the bank before the expiry date, 6th of July 2019. 4. Since Ice Ltd acquired its interest in Vapour Ltd, Ice Ltd purchased all its Inventory from Vapour Ltd. Vapour Ltd supplied inventory at cost plus 25% profit. Inventories on hand of Ice Ltd and Vapour Ltd at 1 July 2018 amounted respectively to N$36 000 and NS48 000. 5. At 29 June 2019 Vapour Ltd repaid N$5 000 of the existing loan from Ice Ltd and Ice Ltd received this repayment on 3 July 2019. Required: 1.1 Prepare the Consolidated Statement of Financial Position as at 30 June 2019 30