High paid €64,000 to acquire an 80% interest (4,000 €1 shares) in the ordinary share capital of Low on 1 January 20X1, when the reserves of High and Low were €60,000 and €20,000 respectively. At 31 December 20X3, High's reserves were €100,000 and Low's reserves were €50,000. The consolidated group reserves as at 31 December 20X3 are: Select one: O a. €124,000 O b. €120,000 Oc €118,000 O d. €100,000
High paid €64,000 to acquire an 80% interest (4,000 €1 shares) in the ordinary share capital of Low on 1 January 20X1, when the reserves of High and Low were €60,000 and €20,000 respectively. At 31 December 20X3, High's reserves were €100,000 and Low's reserves were €50,000. The consolidated group reserves as at 31 December 20X3 are: Select one: O a. €124,000 O b. €120,000 Oc €118,000 O d. €100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Which one is correct
Transcribed Image Text:High paid E64,000 to acquire an 80% interest (4,000 €1 shares) in the ordinary share capital of Low on 1 January
20X1, when the reserves of High and Low were €60,000 and €20,000 respectively. At 31 December 20X3, High's
reserves were €100,000 and Low's reserves were €50,000,
The consolidated group reserves as at 31 December 20X3 are:
Select one
Oa. €124,000
Ob. €120,000
O €118,000
Od.€100,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education