Bfbl 602 — Seminar 4 Answers
BFBL602 — Seminar 4 AnswersQuestion 6 – Mars plcStatement of financial position as at 31 December 20X2Assets£ £Non-current assets [330,000 + 157,500] 487,500Goodwill (W2) 37,100Current assetsInventories [(225,000 + 67,500) – 3,000 (W3)] 289,500Trade receivables [180,000 + 90,000] 270,000Bank [36,000 + 18,000] 54,000 613,500Total assets 1,138,100Equity and liabilitiesCapital and reservesIssued capital 196,000General reserve [245,000 + 10,800 (W7)] 255,800Retained earnings [222,000 (W5) + 44,000 (W4)] 266,000717,800Non-controlling interest (W6) 51,300Current liabilitiesTrade payables [283,500 + 40,500] 324,000Taxation [31,500 + 13,500] 45,000 369,0001,138,100Consolidated statement of income for the year ending 31 December 20X2£Sales [1,440,000 + 270,000 – 18,000] 1,692,000Cost of sales [1,045,000 + 135,000 – 18,000 + 3,000 (W3)] 1,165,000Gross profit 527,000Expenses [123,500 + 90,000] 213,500Profit before tax 313,500Taxation [31,500 + 13,500] 45,000Profit after tax 268,500Attributable to:Equity shareholders in Mars 262,200Non-controlling interest [20% × £31,500] 6,300268,500W1: Cancel inter-company balances• Current accounts of £22,500W2: Goodwill£ £Investment in Jupiter 187,500£1 Ordinary shares [80% × 90,000] 72,000Accumulated profits [80% × 80,000] 64,000General reserve [80% × 18,000] 14,400
Essay About W2 And Non-Current Assets
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