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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

FINANCIAL ACCOUNTING
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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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
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
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