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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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Question One P Ltd regularly sells goods to its subsidiary S Ltd which it has owned since its incorporation. The statements of financial position of the two companies on 31st December, 2011 were as given below Assets P Ltd S Ltd Non-Current Assets Property, Plant and Equipment Investment in shares of S Ltd @ 1,600 Total Non-Current Assets Current Assets Inventories Accounts Receivables: From S Ltd others Cash at Bank Total Current Assets Total Assets Equity and Liabilities Equity Ordinary shares @ Shs 1,600 Retained earnings Total Equity Current Liabilities Bank overdraft Accounts Payables: To P Ltd : To others Total Current Liabilities 83,200,000 64,000,000 147,200,000 25,600,000 3,200,000 9,600,000 1,600,000 12,800,000 112,000,000 25,600,000 137,600,000 22,400,000 22,400,000 72,000,000 72,000,000 160,000,000 19,200,000 160,000,000 105,600,000 14,400,000 33,600,000 64,000,000 30,400,000 94,400,000 4,800,000 3,200,000 3,200,000 11,200,000 Total Equity and liabilities You are required to prepare the consolidated statement of financial position of P Ltd Group of Companies. 105,600,000
Transcribed Image Text:Question One P Ltd regularly sells goods to its subsidiary S Ltd which it has owned since its incorporation. The statements of financial position of the two companies on 31st December, 2011 were as given below Assets P Ltd S Ltd Non-Current Assets Property, Plant and Equipment Investment in shares of S Ltd @ 1,600 Total Non-Current Assets Current Assets Inventories Accounts Receivables: From S Ltd others Cash at Bank Total Current Assets Total Assets Equity and Liabilities Equity Ordinary shares @ Shs 1,600 Retained earnings Total Equity Current Liabilities Bank overdraft Accounts Payables: To P Ltd : To others Total Current Liabilities 83,200,000 64,000,000 147,200,000 25,600,000 3,200,000 9,600,000 1,600,000 12,800,000 112,000,000 25,600,000 137,600,000 22,400,000 22,400,000 72,000,000 72,000,000 160,000,000 19,200,000 160,000,000 105,600,000 14,400,000 33,600,000 64,000,000 30,400,000 94,400,000 4,800,000 3,200,000 3,200,000 11,200,000 Total Equity and liabilities You are required to prepare the consolidated statement of financial position of P Ltd Group of Companies. 105,600,000
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