Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheets of Teza Ltd and Jane Ltd as at 31 March 209 are as follows: 3 Session 10 & 11: Consolidated Statement of

image text in transcribed The balance sheets of Teza Ltd and Jane Ltd as at 31 March 209 are as follows: 3 Session 10 \& 11: Consolidated Statement of Financial Position Notes: (i) Teza Ltd bought 80,000 1 shares in Jane Ltd on 1 April 20X8 when Jane Ltd's reserves included general reserves of 20,000 and retained earnings of 5,000. (ii) During the year, Teza Ltd sells to Jane Ltd goods worth 10,000. These goods cost 8,000. On 31 March 209, one half of the goods were still remaining in the inventory of Jane Ltd. (iii) After an impairment review on 31 March 20X9, it was found that a 25% impairment charge to the goodwill arising on consolidation is required. (iv) The fair value of the property, plant and equipment of Jane Ltd was 50,000 above the book values on 1 April 20X8. (v) Any depreciation consequences of the fair value adjustment relating to the property plant and equipment of Jane Ltd may be ignored. Required: Prepare a Consolidated Statement of Financial Position as at 31 March 20X9

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

Auditing And Assurance Services With ACL CD

Authors: McGraw Hill

1st Edition

1259071200, 978-1259071201

More Books

Students also viewed these Accounting questions

Question

Perform an Internet search. Discuss a company that uses EPLI.

Answered: 1 week ago

Question

How do you feel about employment-at-will policies? Are they fair?

Answered: 1 week ago