Solution-Prepare consolidated statement of financial

Prepare consolidated statement of financial position

Reference no: EM133137869

Question - On 1 January 2008, P acquired 100% of the ordinary shares of S, which was incorporated on that date. On 31 December 2010, the Statements of Financial Position of each the two companies were as follows:

	P	S
Current assets	8,000	9,000
Non-current assets	25,000	12,000
Investment in S, at cost	10,000
TOTAL ASSETS	43,000	21,000
Current liabilities	3,000	3,000
Share capital - P1 shares	25,000	10,000
Retained earnings	15,000	8,000
TOTAL LIABILITIES AND EQUITY	43,000	21,000

Required - Prepare Consolidated Statement of Financial Position at 31 December 2010 for the P group.

Reference no: EM133137869

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Prepare consolidated statement of financial position

Reference no: EM133137869

Reference no: EM133137869

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