Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 4 The balance sheets of Pole, Sole and Mole as at 30 September 2021 are as follows: Pole $000 300 Sole $000 Mole $000

image text in transcribed

Question 4 The balance sheets of Pole, Sole and Mole as at 30 September 2021 are as follows: Pole $000 300 Sole $000 Mole $000 160 100 Property, plant and equipment Investments, at cost 18,000 shares in Sole 18,000 shares in Mole Good will Net current assets 75 30 405 100 160 80 345 160 260 750 240 80 160 100 50 210 Non-current liabilities 650 250 Ordinary shares Retained earnings 400 650 30 180 210 100 160 MOZ Nel Additional information: to. (1) The issued share capital of the three companies has not been changed since incorporation and is as follows: Pole 500,000 ordinary shares, Sole 30,000 ordinary shares, and Mole 60,000 ordinary shares. (2) The retained earnings of Sole and Mole, when the investments were acquired in 2019, were $70,000 and $30,000 respectively. (3) Pole held inventories of $50,000 and $80,000 at 30 September 2020 and 30 September 2021 respectively purchased from Sole. Sole invoiced these goods at a margin of 40% on selling price. (4) Non-controlling interest was measured as its proportionate share of the acquiree's identifiable net assets. vost prota 40 Required: Prepare for Pole Ltd a consolidated balance sheet for the year ended 30 September 2021. (20 mark

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Glencoe Accounting

Authors: McGraw-Hill

1st Edition

0021400881, 9780021400881

More Books

Students also viewed these Accounting questions