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SilverWave Ltd. provided the following balance sheets as at 31 December 2023. Draw up the consolidated balance sheet as at that date. SilverWave Ltd Balance

SilverWave Ltd. provided the following balance sheets as at 31 December 2023. Draw up the consolidated balance sheet as at that date.

SilverWave Ltd Balance Sheet as at 31 December 2023

Assets

Amount

Investment in subsidiary (80,000 shares bought 31.12.2022)

$195,000

Fixed assets

$270,000

Current assets

$65,000

Total

$530,000

Liabilities and Equity

Amount

Share capital

$360,000

Profit and loss account (31.12.2022)

$55,000

Add Profit for 2023

$115,000

Total

$530,000

GoldWave Ltd Balance Sheet as at 31 December 2023

Assets

Amount

Fixed assets

$110,000

Current assets

$70,000

Total

$180,000

Liabilities and Equity

Amount

Share capital

$90,000

Profit and loss account (31.12.2022)

$10,000

Add Profit for 2023

$80,000

Total

$180,000

Requirement: Draw up the consolidated balance sheet for SilverWave Ltd. and its subsidiary as at 31 December 2023. Calculate the share of minority interest.

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