ACC705 Corporate Accounting and Reporting - Consolidated Financial Statement - Assignment Help

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Part (a)

Consolidated statement of Financial Position of Erik ltd on 1st July, 2017
Combine eliminate Consolidated 
Erik ltd Finn ltd
Equity
Share capital Erik ltd 130000 130000 130000
Share capital Finn ltd 90000 90000 90000 0
general reserve 56500 12000 68500 68500
Retained earnings 93500 36000 129500 129500
0 0
total equity 280000 138000 418000 328000
Liabilities
dividend payable 25000 12600 37600 37600
other liabilities 75000 25000 100000 100000
Contingent liability 0 3000 3000 3000
Total liabilities 100000 40600 140600 140600
Total Equity and liabilities 380000 178600 558600 468600
current assets
cash  11000 20600 31600 31600
Receivables 25200 20000 45200 45200
other assets  10000 8000 18000 18000
Shares in Finn ltd 153800 0 153800 153800 0
Inventories 55000 45000 100000 100000
plant and equipment 210000 107000 317000 317000
Accumulated depreciation -85000 -22000 -107000 -107000
Goodwill -63800 63800
Total Assets 380000 178600 558600 468600
Goodwill calculation  
Consideration transferred 153800
Share capital of Finn Ltd at acquisition 90000
Goodwill calculation 63800
contingent liability  3000

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