The statements of financial position H, S and T as at 31 December 20X8were as follows:Assets:H (Rs. 000)S(Rs. 000)T(Rs. 000)Investment in S3,300Investment in T2,200Other assets3,7002,4003,5007,0004,6003,500EquityShare capital4,0002,5002,000Retained profits2,0001,1001,000Liabilities1,0001,0005007,0004,6001,500H acquired its 80% investment in S on 1 January 20X7.S acquired its 60% investment in T on 31 December 20X7.H measures NCI on acquistion at its fair value.At the dates of the share purchases, the following information isavailable:Retained profits Retained profitsof S (Rs. 000)Dateof T (Rs. 000)1 January 20X740020031 December 20X7700320Fair value of NCI Fair value of NCIDateof S (Rs. 000)of T (Rs. 000)1 January 20X78001,60031 December 20X79602,000RequiredPrepare the consolidated statement of financial position for the H Groupas at 31 December 20X8.

Consolidated balance sheet is prepared by the holding company along with its subsidiary company. In…

Answered: ets: stment in S stment in T er assets…

Business

Accounting

ets: stment in S stment in T er assets H (Rs. 000) 3,300 3,700 7,000 S(Rs. 000) 2,200 2,400 4,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The statements of financial position H, S and T as at 31 December 20X8
were as follows:
Assets:
H (Rs. 000)
S(Rs. 000)
T(Rs. 000)
Investment in S
3,300
Investment in T
2,200
Other assets
3,700
2,400
3,500
7,000
4,600
3,500
Equity
Share capital
4,000
2,500
2,000
Retained profits
2,000
1,100
1,000
Liabilities
1,000
1,000
500
7,000
4,600
1,500
H acquired its 80% investment in S on 1 January 20X7.
S acquired its 60% investment in T on 31 December 20X7.
H measures NCI on acquistion at its fair value.
At the dates of the share purchases, the following information is
available:
Retained profits Retained profits
of S (Rs. 000)
Date
of T (Rs. 000)
1 January 20X7
400
200
31 December 20X7
700
320
Fair value of NCI Fair value of NCI
Date
of S (Rs. 000)
of T (Rs. 000)
1 January 20X7
800
1,600
31 December 20X7
960
2,000
Required
Prepare the consolidated statement of financial position for the H Group
as at 31 December 20X8.

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