On 1 January 2020 Harleen Inc purchased 1,275 ordinary shares in Shresta Inc , paying £5,300 by cheque. At the time of purchase, Shresta Inc’s profit and loss account balance were £1,000 and share premium was £500. The following are the statement of financial positions of Harleen Inc and Shresta Inc: Statement of Financial Position as at 31 December 2020 Harleen Inc Shresta Inc Non-Current Assets £ £ £ £ Buildings 10 000 4000 Motor Vehicles 7000 900 Investment in Shresta Inc 5300 22300 4900 Current Assets Inventory 1200 800 Trade Receivables 1500 260 Bank 300 390 Cash 50 10 3050 1460 Current Liabilities Trade Payables 5600 800 (2550) 660 19750 5560 Non-Current Liabilities Loans 6000 1300 13750 4260 Capital and reserves £1 Ordinary Shares 6500 1500 Share premium 600 500 Revaluation Reserve 4500 - Profit for the year 2150 2260 13750 4260 (a) Calculate: (i) Goodwill on purchase consideratsion (ii) Post-acquisition profits (iii) Minority Interest at 31 December
On 1 January 2020 Harleen Inc purchased 1,275 ordinary shares in Shresta Inc , paying £5,300 by cheque. At the time of purchase, Shresta Inc’s
The following are the statement of financial positions of Harleen Inc and Shresta Inc:
|
|
Harleen Inc |
Shresta Inc |
||
|
Non-Current Assets |
£ |
£ |
£ |
£ |
|
Buildings |
|
10 000 |
|
4000 |
|
Motor Vehicles |
|
7000 |
|
900 |
|
Investment in Shresta Inc |
|
5300 |
|
|
|
|
|
22300 |
|
4900 |
|
Current Assets |
|
|
|
|
|
Inventory |
1200 |
|
800 |
|
|
Trade Receivables |
1500 |
|
260 |
|
|
Bank |
300 |
|
390 |
|
|
Cash |
50 |
|
10 |
|
|
|
3050 |
|
1460 |
|
|
Current Liabilities |
|
|
|
|
|
Trade Payables |
5600 |
|
800 |
|
|
|
|
(2550) |
|
660 |
|
|
|
19750 |
|
5560 |
|
Non-Current Liabilities |
|
|
|
|
|
Loans |
|
6000 |
|
1300 |
|
|
|
13750 |
|
4260 |
|
Capital and reserves |
|
|
|
|
|
£1 Ordinary Shares |
|
6500 |
|
1500 |
|
Share premium |
|
600 |
|
500 |
|
Revaluation Reserve |
|
4500 |
|
- |
|
Profit for the year |
|
2150 |
|
2260 |
|
|
|
13750 |
|
4260 |
(a) Calculate:
(i)
(ii) Post-acquisition profits
(iii) Minority Interest at 31 December
(iv) Consolidated Reserves at 31 December
(b) Prepare the consolidated Statement of financial positions at 31 December 2020 for Harleen Inc.
please send the calculatuion within 30 mins its urgent it is easy to calculate just prepare a balance sheet and show the workings of goodwill and other menstioned profits.. its urgent plss do not neglect
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