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Prepare the statement of financial position of parent ltd

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Reference no: EM133108482

Question - Assume that instead of the cash acquisition, Parent Ltd acquire 100% Daughter Ltd by the issue of 5,400 new ordinary shares. The fair value of a £1 ordinary share in Parent Ltd was £2. The fair value of the net assets in Daughter Ltd was their book value.

Required -

a) Prepare the statement of financial position of Parent Ltd reflecting the acquisition of Daughter Ltd as at 1 January 20XX.

b) Prepare the consolidated statement of financial position of Parent Ltd at 31st December 20XX.

Reference no: EM133108482

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