KK Ltd regularly sells goods to its wholly-owned subsidiary company Ash Ltd, which it has owned since Ash Ltd.'s incorporation. The statement of financial position of the two companies on 28th February 2020 is given below. Required: Prepare a consolidated account for the group that ended 28 February 2020. Assets Non-Current Assets PPE Investments in 55,000 shares in Ash Ltd at cost Current Assets Inventory Trade receivable: STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020 Bank Total Assets Equity and Liability Members' interest and reserves Ash Ltd Other KK Ltd (R) 90,000 55,000 35,000 60,000 $5,000 16,000 2,000 Ash Ltd (R) 21,000 16,000 60,000 51,000 27,000 24,000 145,000 111,000 116,000 69,000
KK Ltd regularly sells goods to its wholly-owned subsidiary company Ash Ltd, which it has owned since Ash Ltd.'s incorporation. The statement of financial position of the two companies on 28th February 2020 is given below. Required: Prepare a consolidated account for the group that ended 28 February 2020. Assets Non-Current Assets PPE Investments in 55,000 shares in Ash Ltd at cost Current Assets Inventory Trade receivable: STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020 Bank Total Assets Equity and Liability Members' interest and reserves Ash Ltd Other KK Ltd (R) 90,000 55,000 35,000 60,000 $5,000 16,000 2,000 Ash Ltd (R) 21,000 16,000 60,000 51,000 27,000 24,000 145,000 111,000 116,000 69,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Q3
Transcribed Image Text:KK Ltd regularly sells goods to its wholly-owned subsidiary company Ash Ltd, which it has
owned since Ash Ltd.'s incorporation. The statement of financial position of the two
companies on 28th February 2020 is given below.
Required: Prepare a consolidated account for the group that ended 28 February 2020.
Assets
Non-Current Assets
PPE
Investments in 55,000 shares in Ash Ltd at cost
Current Assets
Inventory
Trade receivable:
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020
Bank
Total Assets
Equity and Liability
Members' interest and reserves
Ash Ltd
Other
KK Ltd (R)
90,000
35,000
$5,000
55,000
16,000
2,000
21,000
16,000
Ash Ltd
(R)
60,000
60,000
51,000
27,000
24,000
145,000 111,000
116,000 69,000
Transcribed Image Text:55,000 R1 ordinary shares
85,000 R1 ordinary shares
Retained earnings
Non-Current Liabilities
Current Liabilities
Bank overdraft
Trade payables:
Total Liabilities
Total Equity and Liabilities
KK Ltd
Other
85,000
31,000
29,000
29,000
145,000
55,000
14,000
8,000
2,000
32,000
42,000
111,000
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 3 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