Accounting Assignment On Consolidated Financial Statements Homework Help
- September 18, 2017
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- Category: Accounting QA
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The following are the financial statements of the Pessy Ltd group for the year ending 31 December 2014.
PESSY LTD N$ | SESSY LTD N$ | |
ASSETS | ||
Property, plant and equipment | 226 000 | 1 125 000 |
Investment in Sessy Ltd at fair value | 760 000 | – |
Trade receivables | 148 000 | 175 000 |
Total assets | 1 134 000 | 1 300 000 |
EQUITY AND LIABILITIES | ||
Share capital (180 000/220 000 shares) | 180 000 | 220 000 |
Mark-to-market reserve | 40 000 | – |
Retained earnings: | ||
Balance on 1 January 2014 | 684 000 | 580 000 |
Profit for the year | 230 000 | 200 000 |
Gain on sale of land and buildings | – | 300 000 |
Total equity and liabilities | 1 134 000 | 1 300 000 |
Notes
1. Pessy Ltd paid N$720 000 for an 80% interest in Sessy Ltd on 1 January 2012 when the owner’s equity of the latter comprised the following:
Share capital $220 000
Retained earnings $350 000
On the acquisition date, Pessy Ltd valued the land and buildings of Sessy Ltd, with a carrying amount of N$ 500 000 at N$ 700 000. This revaluation was not recorded in the books of Sessy Ltd.
2. Pessy Ltd classified the equity investment in Sessy Ltd under IFRS 9 in its separate financial statements and recognized fair value adjustments in a mark-to-market reserve.
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3. The fair value adjustment of N$ 40 000 was made in the current year.
4. Pessy Ltd elected to measure the non-controlling interests in the acquire at their proportionate share of the acquiree’s identifiable net assets at the acquisition date.
5. During 2014, Sessy Ltd sold the land and buildings referred to above for N$ 800 000.
REQUIRED
Prepare the consolidated financial statements of the Pessy Ltd group for the year ending 31 December 2014. The consolidated statement of profit or loss and other comprehensive income should be included.Show all your workings. Pro-forma journals are not required
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