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Advanced Financial Reporting & Theory (Online Exam)

   

Added on  2022-12-29

11 Pages1749 Words30 Views
ADVANCED FINANCIAL REPORTING
&THEORY (ONLINE EXAM)

Table of Contents
SECTION A.....................................................................................................................................3
Question 1...................................................................................................................................3
SECTION B.....................................................................................................................................6
Question 2...................................................................................................................................6
SECTION C.....................................................................................................................................8
Question 5...................................................................................................................................8
REFERENCES..............................................................................................................................10

SECTION A
Question 1.
(a) Prepare the consolidated statement of financial position and the consolidated income statement for Tate plc for the year ended 31st
December 2020
Consolidated balance for year ended 31st December 2020-
Non current assets
Property, plant, equipment 421600
Investment in subsidiary 101000
Investment in associate 63300
585900
Current assets 0
Inventories (80200+2000) 82200
Trade receivables 52300
Current account McRae 4250
Loan interest receivable 600
Bank 12420
149770
Total assets 755670

Equity and reserves
Share capital 250000
General Reserve 24500
Retained earnings 69520
Minority Interest 54000
Share holders funds 396020
Non current liabilities 0
Loan 253000
Current liabilities 0
Trade payables 80400
Current account Tate 4250
Loan interest payable 2000
86650
Total equity and liabilities 755670
Working Note:
Stock of McRae has been increased by 2 million due to purchasing from Tate.
Consolidated income statement for year ended 31st December 2020-

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