{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-29T06:03:34-04:00", "answer_date": "2024-05-29 06:03:34", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1878698", "url": "\/study-help\/questions\/the-following-information-is-available-the-fair-value-of-a-1878698", "question_creation_date_js": "2024-05-29T06:03:34-04:00", "question_creation_date": "May 29, 2024 06:03 AM", "meta_title": "[Solved] The following information is available: T | SolutionInn", "meta_description": "Answer of - The following information is available: The fair value of a freehold land owned by Moonlight Ltd on acquisition was 4, | SolutionInn", "meta_keywords": "information,fair,value,freehold,land,owned,moonlight,ltd,acquisition,4,000,000,carrying,amount", "question_title_h1": " The following information is available: The fair value of a freehold land owned by Moonlight Ltd on acquisition was 4,000,000 more than its carrying", "question_title": " The following information is available: The fair value of a freehold", "question_title_for_js_snippet": "The following information is available The fair value of a freehold land owned by Moonlight Ltd on acquisition was 4,000,000 more than its carrying amount This has not been incorporated into the above financial statements The fair values of Moonlight's other net assets were estimated to be approximately the same as their carrying values During the year ended 31 March 2015, Sunshine plc sold goods to Moonlight Ltd which originally cost 5,000,000 Sunshine plc invoiced Moonlight Ltd for the goods at a mark up of 25 on cost 20 of the goods were still in Moonlight Ltd's stock at 31 March 2015 Sunshine plc's current receivables of 20,000 with Moonlight Ltd do not agree with the corresponding payables in Moonlight Ltd's books An investigation revealed that on 27 March 2015, Moonlight Ltd sent a cheque of 20,000 to Sunshine plc for the cost of the management service This cheque has not yet been received by Sunshine plc at 31 March 2015 There have been no issues of dividends and new shares in either company during the year ended 31 March 2015 Required For the Sunshine group, prepare the Consolidated Statement of Comprehensive Income for the year ended 31 March 2015 and the Consolidated Statement of Financial Position at 31 March 2015, in accordance with International Financial Reporting Standards (33 marks in total) END OF SECTION B END OF QUESTION PAPER", "question_description": "\"image\"image", "transcribed_text": "The following information is available: The fair value of a freehold land owned by Moonlight Ltd on acquisition was 4,000,000 more than its carrying amount. This has not been incorporated into the above financial statements. The fair values of Moonlight's other net assets were estimated to be approximately the same as their carrying values. During the year ended 31 March 2015, Sunshine plc sold goods to Moonlight Ltd which originally cost 5,000,000. Sunshine plc invoiced Moonlight Ltd for the goods at a mark-up of 25% on cost. 20% of the goods were still in Moonlight Ltd's stock at 31 March 2015. Sunshine plc's current receivables of 20,000 with Moonlight Ltd do not agree with the corresponding payables in Moonlight Ltd's books. An investigation revealed that on 27 March 2015, Moonlight Ltd sent a cheque of 20,000 to Sunshine plc for the cost of the management service. This cheque has not yet been received by Sunshine plc at 31 March 2015. There have been no issues of dividends and new shares in either company during the year ended 31 March 2015. Required: For the Sunshine group, prepare the Consolidated Statement of Comprehensive Income for the year ended 31 March 2015 and the Consolidated Statement of Financial Position at 31 March 2015, in accordance with International Financial Reporting Standards. (33% marks in total) END OF SECTION B END OF QUESTION PAPER", "related_book": { "title": "Intermediate Accounting", "isbn": "978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290", "edition": "15th edition", "authors": "Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/253.jpg", "uri": "\/textbooks\/intermediate-accounting-15th-edition-253", "see_more_uri": "" }, "free_related_book": { "isbn": "0821370804", "uri": "\/textbooks\/innovative-experiences-in-access-to-finance-market-friendly-roles-for-the-visible-hand-1st-edition-978-0821370803-250860", "name": "Innovative Experiences In Access To Finance Market Friendly Roles For The Visible Hand", "edition": "1st Edition" }, "question_posted": "2024-05-29 06:03:34", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/abc-pty-ltd-would-like-to-set-up-a-virtualisation-713270", "description": "ABC Pty Ltd would like to set up a Virtualisation Platform on their organisation. 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