KK Ltd regularly sells goods to its wholly-owned subsidiary company Ash Ltd, which it has owned since Ash Ltd.'s incorporation. The statement of financial position of the two companies on 28th February 2020 is given below. Required: Prepare a consolidated account for the group that ended 28th February 2020. STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020 KK Ltd (R) Assets Non-Current Assets 90,000 PPE 35,000 Investments in 55,000 shares in Ash Ltd at cost 55,000 Current Assets 55,000 Inventory 16,000 Trade receivable: Ash Ltd 2,000 Other 21,000 Bank 16,000 Total Assets 145,000 Equity and Liability Members' interest and reserves 116,000 Ash Ltd (R) 60,000 60,000 51,000 27,000 24,000 111,000 69,000

KK Ltd regularly sells goods to its wholly-owned subsidiary company Ash Ltd, which it has owned since Ash Ltd.'s incorporation. The statement of financial position of the two companies on 28th February 2020 is given below. Required: Prepare a consolidated account for the group that ended 28th February 2020. STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2020 KK Ltd (R) Assets Non-Current Assets 90,000 PPE 35,000 Investments in 55,000 shares in Ash Ltd at cost 55,000 Current Assets 55,000 Inventory 16,000 Trade receivable: Ash Ltd 2,000 Other 21,000 Bank 16,000 Total Assets 145,000 Equity and Liability Members' interest and reserves 116,000 Ash Ltd (R) 60,000 60,000 51,000 27,000 24,000 111,000 69,000

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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