P Co regularly sells goods to its one subsidiary company, S Co, which it has owned since S Co's incorporation. The statement of financial position of the two companies on 31 December 2022 are given below. STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 Assets Non-Current Assets Property, plant and equipment Investment in 40,000 S1 shares in S Co at cost 40 000 75 000 Current Assets: Inventories Receivables Sco Other Cash at Bank Total Assets Equity and Liabilities Equity 40 000 $1 Ordinary shares 70 000 $1 Ordinary Shares Retained Earnings PCO SCO SS Current Liabilities Bank overdraft Payables: PCo Payables: Other Total Equity and Liabilities 35 000 45000 16 000 12 000 2 000 6000 9000 1000 100 000 66 000 40 000 70 000 16 000 19 000 86 000 59 000 3.000 2 000 14 000 2 000 100 000 66 000 Required Prepare the consolidated statement of financial position of P Co at 31 December 2023.

P Co regularly sells goods to its one subsidiary company, S Co, which it has owned since S Co's incorporation. The statement of financial position of the two companies on 31 December 2022 are given below. STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 Assets Non-Current Assets Property, plant and equipment Investment in 40,000 S1 shares in S Co at cost 40 000 75 000 Current Assets: Inventories Receivables Sco Other Cash at Bank Total Assets Equity and Liabilities Equity 40 000 $1 Ordinary shares 70 000 $1 Ordinary Shares Retained Earnings PCO SCO SS Current Liabilities Bank overdraft Payables: PCo Payables: Other Total Equity and Liabilities 35 000 45000 16 000 12 000 2 000 6000 9000 1000 100 000 66 000 40 000 70 000 16 000 19 000 86 000 59 000 3.000 2 000 14 000 2 000 100 000 66 000 Required Prepare the consolidated statement of financial position of P Co at 31 December 2023.

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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