On 31 Dec 20×9, H Ltd acquired

On 31 Dec 20×9, H Ltd acquired 100% of the equity interests of SLtd. At acquisition date, the statements of financial position of HLtd and S Ltd were as follows:

H Ltd

S Ltd

$

$

Property, plant and equipment, net

20,600

12,100

Investment in S Ltd

20,000

Inventory

3,000

4,000

Trade receivables

3,000

2,000

Cash

300

360

Total assets

46,900

18,460

Provisions

2,000

500

Trade and other payables

3,000

800

Total liabilities

5,000

1,300

Net assets

$41,900

$17,160

Share capital

25,000

10,000

Retained earnings

16,900

7,160

Equity

$41,900

$17,160

Assuming carrying amount of identifiable net assets of S Ltd wasclose to fair value on the date of acquisition.

Required:

Prepare the consolidated statement of financial position of HLtd and its subsidiary, S Ltd as at 31 Dec 20×9.

Answer:

Consolidated Statement of financialposition
Non-Current Assets         32,700
Inventory           7,000
Goodwill           2,840 (20000-(10000+7160))
Trade receivable           5,000
Cash               660
Total Assets         48,200
Provisions           2,500
Trade and Other Payables           3,800
Total liabilities           6,300
Net Assets         41,900
Share capital         25,000
Retained Earnings         16,900
        41,900

 
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