(2 marks)
90
Martin Co owns 100% of Kyle Co. The following information has been extracted from the
individual company statements of financial position as at 31 December 20X8.
Martin Co
Kyle Co
$ $
Current assets
250,000
100,000
Current liabilities
110,000
45,000
Included in the receivables of Martin Co and the payables of Kyle Co is an amount of $6,000
owed to Martin Co by Kyle Co.
If there are no other intra-group balances, what amount would be shown for consolidated
current assets?
A $149,000
B $350,000
C $344,000
D $356,000
(2 marks)
91
Holder Inc acquired 150,000 $1 ordinary shares in Sub Inc on 1 July 20X6 at a cost of
$300,000. Sub Inc's reserves at 1 July 20X6 were $36,000 and its issued ordinary share
capital was $200,000. The fair value of the non-controlling interest at acquisition was
$100,000.
At 30 June 20X9 Sub Inc's reserves were $16,000.
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