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Solution 9.5: Humbug

By Robert J. Kirk
From International Financial Reporting Standards in Depth, Volume 2: Solutions

Solution 9.5: Humbug

a. Consolidated Balance Sheet as at 30 September 2001

$000

$000

Non-current assets

Property, plant and equipment

(11,250 + 4,800 + (1,800 6/12) + (80% 700 less 2/5ths 700) - 15)

17,271

unrealised profit)

Software

(80% 300 less 160, i.e.80% 200)

80

Goodwill ( W1)

1,000 - 400 + (500 - 100)

1,000

18,351

Investments

(6,000 + 400 - 4,250 Spyder - 1,500 Juke Box)

650

19,001

Current assets

Inventories

(1,120 + 640 + 50% 600)

2,060

Trade accounts receivables

(950 + 380 + 50% 320)

1,490

Cash and bank

(180 + 50% 280)

320

3,870

Total assets

22,871

Equity and liabilities

Ordinary shares of $1 each

5,000

Reserves

Accumulated profits ( W2)

13,311

18,311

Minority interests ( W3)

880

Non-current liabilities

10% Loan notes

(50% 500)

250

Current liabilities

Trade accounts payable

(1,300 + 850 + 50% 400)

2,350

Taxation

(560 + 350 + 50% 100)

960

Bank overdraft

120

3,430

Total equity and liabilities

22,871

Working
WI Cost of Control (80% Spyder)

$000

$000

Investment in Spyder (2,000 80% $2.50)

4,000

Ordinary shares

1,600

Investment in loan notes (500 50%)

250

Loan notes (50%)

250

Accumulated...

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