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acquired 75% of Ben and 30% of Weed when Ben's reserves were £16,000, and those of Weed were £4,000. Fair value of Ben's net assets at the time of acquisition amounted to £35,000. All company accounts are shown below. Balance Sheets at 31-Dec-20 Non-current assets Investment in Ben Investment in Weed Other Net Assets Х 26,000 Ben 9,000 Weed 6,000 30,000 12,000 10,000 37,000 21,000 78,000 46,000 27,000 Issued Share Capital 40,000 16,000 10,000 Retained Earnings 30,000 26,000 14,000 Profit/Loss 8,000 4,000 3,000 78,000 46,000 27,000 Required: For Ye-Dec-20 prepare 1) Group Balance Sheet 2) Group Income Statement 3) Reconcile group and company net assets

acquired 75% of Ben and 30% of Weed when Ben's reserves were £16,000, and those of Weed were £4,000. Fair value of Ben's net assets at the time of acquisition amounted to £35,000. All company accounts are shown below. Balance Sheets at 31-Dec-20 Non-current assets Investment in Ben Investment in Weed Other Net Assets Х 26,000 Ben 9,000 Weed 6,000 30,000 12,000 10,000 37,000 21,000 78,000 46,000 27,000 Issued Share Capital 40,000 16,000 10,000 Retained Earnings 30,000 26,000 14,000 Profit/Loss 8,000 4,000 3,000 78,000 46,000 27,000 Required: For Ye-Dec-20 prepare 1) Group Balance Sheet 2) Group Income Statement 3) Reconcile group and company net assets

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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acquired 75% of Ben and 30% of Weed when Ben's reserves were £16,000, and those of Weed were £4,000. Fair value of Ben's net assets at the time of acquisition amounted to £35,000. All company accounts are shown below. Balance Sheets at 31-Dec-20 Non-current assets Investment in Ben Investment in Weed Other Net Assets Х 26,000 Ben 9,000 Weed 6,000 30,000 12,000 10,000 37,000 21,000 78,000 46,000 27,000 Issued Share Capital 40,000 16,000 10,000 Retained Earnings 30,000 26,000 14,000 Profit/Loss 8,000 4,000 3,000 78,000 46,000 27,000 Required: For Ye-Dec-20 prepare 1) Group Balance Sheet 2) Group Income Statement 3) Reconcile group and company net assets
Transcribed Image Text:acquired 75% of Ben and 30% of Weed when Ben's reserves were £16,000, and those of Weed were £4,000. Fair value of Ben's net assets at the time of acquisition amounted to £35,000. All company accounts are shown below. Balance Sheets at 31-Dec-20 Non-current assets Investment in Ben Investment in Weed Other Net Assets Х 26,000 Ben 9,000 Weed 6,000 30,000 12,000 10,000 37,000 21,000 78,000 46,000 27,000 Issued Share Capital 40,000 16,000 10,000 Retained Earnings 30,000 26,000 14,000 Profit/Loss 8,000 4,000 3,000 78,000 46,000 27,000 Required: For Ye-Dec-20 prepare 1) Group Balance Sheet 2) Group Income Statement 3) Reconcile group and company net assets
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