- 6 Marks
FR – L2 – Q78 – Consolidated Financial Statements
Prepare the consolidated statement of financial position for Melodious Ltd group as at 31 December 20X4.
Question
The following are the summarised statements of financial position of a group of companies as at 31 December 20X4.
| Melodious Ltd GH₵ | Verse Ltd GH₵ | |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Property, plant and equipment | 105,000 | 65,000 |
| Investment | 85,000 | |
| Current assets | 220,000 | 55,000 |
| Total Assets | 410,000 | 120,000 |
| Equity and liabilities | ||
| Equity | ||
| Share capital | 100,000 | 50,000 |
| Retained earnings | 155,000 | 49,000 |
| 255,000 | 99,000 | |
| Current liabilities | 155,000 | 21,000 |
| Total Equity and Liabilities | 410,000 | 120,000 |
Melodious Ltd purchased 80% of Verse Ltd’s shares on 1 January 20X4 when there was a credit balance on that company’s retained earnings of GH₵20,000.
Required
Prepare the Melodious Ltd group consolidated statement of financial position as at 31 December 20X4.
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