Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The tong Doping 735000 115 Duc 000 TACO 7100 7000 M Then 2270 513 0157 500 000 000 0000 = 2 363 750 1 585

image text in transcribed
image text in transcribed
The tong Doping 735000 115 Duc 000 TACO 7100 7000 M Then 2270 513 0157 500 000 000 0000 = 2 363 750 1 585 750 Other information Mark Ltd had acquired its 80 per cent interest in Richards Lid on 1 July 2014, that is nine years earlier. At that date the capital and reserves of Richards Lid were Share capital $500 000 Retained earings $425 000 $925 000 At the date of acquisition all assets were considered to be fairly valued. The management of Mark Lid measures any non-controlling interest at the proportionate share of Richards Ltd's identifiable net assets During the year, Mark Lid made total sales to Richards Ltd of $162 500, while Richards Ltd sold $130 000 in inventory to Mark Lid. The opening inventory in Mark Ltd as at 1 July 2022 included inventory acquired from Richards Ltd of $105 000 that had cost Richards Ltd $87 500 to produce The closing inventory in Mark Ltd includes inventory acquired from Richards Lid at a cost of $84 000. This had cost Richards Ltd $70 000 to produce . . . . . The closing inventory of Richards Lid includes inventory acquired from Mark Ltd at a cost of $30 000. This had cost Mark Ltd $24 000 to produce The management of Mark Led believe that goodwill acquired was impaired by $7500 in the current financial year. Previous impairments of goodwill amounted to $56 250 On 1 July 2022 Mark Led sold an item of plant to Richards Ltd for $290 000 when its carrying value in Mark Lid's accounts was $202 500 (cost of $337 500, accumulated depreciation of $135 000). This plant is assessed as having a remaining useful life of six years. Richards Lid paid $66 250 in management fees to Mark Ltd. The tax rate is 30 per cent. REQUIRED Provide the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and consolidated statement of changes in equity of Mark Ltd and Richards Ltd as at 30 June 2023, The tong Doping 735000 115 Duc 000 TACO 7100 7000 M Then 2270 513 0157 500 000 000 0000 = 2 363 750 1 585 750 Other information Mark Ltd had acquired its 80 per cent interest in Richards Lid on 1 July 2014, that is nine years earlier. At that date the capital and reserves of Richards Lid were Share capital $500 000 Retained earings $425 000 $925 000 At the date of acquisition all assets were considered to be fairly valued. The management of Mark Lid measures any non-controlling interest at the proportionate share of Richards Ltd's identifiable net assets During the year, Mark Lid made total sales to Richards Ltd of $162 500, while Richards Ltd sold $130 000 in inventory to Mark Lid. The opening inventory in Mark Ltd as at 1 July 2022 included inventory acquired from Richards Ltd of $105 000 that had cost Richards Ltd $87 500 to produce The closing inventory in Mark Ltd includes inventory acquired from Richards Lid at a cost of $84 000. This had cost Richards Ltd $70 000 to produce . . . . . The closing inventory of Richards Lid includes inventory acquired from Mark Ltd at a cost of $30 000. This had cost Mark Ltd $24 000 to produce The management of Mark Led believe that goodwill acquired was impaired by $7500 in the current financial year. Previous impairments of goodwill amounted to $56 250 On 1 July 2022 Mark Led sold an item of plant to Richards Ltd for $290 000 when its carrying value in Mark Lid's accounts was $202 500 (cost of $337 500, accumulated depreciation of $135 000). This plant is assessed as having a remaining useful life of six years. Richards Lid paid $66 250 in management fees to Mark Ltd. The tax rate is 30 per cent. REQUIRED Provide the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and consolidated statement of changes in equity of Mark Ltd and Richards Ltd as at 30 June 2023

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

Business Of Sport Management

Authors: John Beech, Simon Chadwick

2nd Edition

027372133X, 9780273721338

More Books

Students also viewed these Accounting questions

Question

Write short notes on Interviews.

Answered: 1 week ago

Question

What is the purpose of a costbenefit analysis?

Answered: 1 week ago