Reference no: EM131692680
Corporate Financial Accounting Assignment
The draft balance sheets of Zeus group of companies as at 31 December 2017 are shown below:
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Zeus Ltd $
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Apollo Ltd $
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Venue Ltd $
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Non-current assets
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Plant assets
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109,000
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20,000
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14,000
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Investment
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65,500
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147,500
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20,000
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14,000
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Current assets
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Inventories
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43,500
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35,400
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12,500
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Accounts receivable
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26,000
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22,300
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7,000
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Due from group companies
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14,000
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4,000
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Bank
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13,500
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19,375
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97,000
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77,075
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23,500
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271,500
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91,075
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37,500
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Ordinary shares
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100,000
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50,000
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30,000
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Preference shares
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10,000
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General reserve
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65,000
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Retained profits
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41,000
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7,000
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(8,000)
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206,000
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67,000
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22,000
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Current liabilities
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Bank overdraft
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3,500
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Accounts payable
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37,500
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11,000
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7,000
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Owed to group companies
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11,700
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5,000
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Preference dividend payable
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375
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Tax payable
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28,000
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7,000
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65,500
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30,075
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15,500
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271,500
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97,075
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37,500
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Notes:
1. The issued ordinary shares of the Zeus group are as follows:
Zeus Ltd 100,000 ordinary shares
Apollo Ltd 50,000 ordinary shares
10,000 preference shares with dividend of $0.075 per share
Venus Ltd 30,000 ordinary shares
2. Zeus's investments are made up of the following:
In Apollo Ltd
30,000 ordinary shares on 1 January 2012 for $32,000
8,000 preference shares on 1 April 2013 for $7,500
In Venus Ltd
30,000 ordinary shares on 1 July 2014 for $20,000
3. On 1 January 2012 Apollo Ltd had a debit balance of $2,000 in retained profits and on 1 July 2014 Venus Ltd had a credit balance of $2,000 in retained profits.
4. Zeus Ltd had remitted $1,000 to Venus Ltd on 30 December 2017. This was not received or recorded in the accounting records of Venus Ltd until 3 January 2018.
5.
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Zeus Ltd $
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Apollo Ltd $
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Venue Ltd $
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Due from group companies
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Apollo
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8,000
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4,000
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Venues
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6,000
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Due to group companies
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Zeus
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7,700
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5,000
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Venus
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4,000
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6. Apollo Ltd sold goods to Zeus Ltd at cost plus 20%. At the balance sheet date Zeus Ltd still had $9,600 worth of such goods in inventory.
Instructions: You are required to prepare the consolidated balance sheet of Zeus Group as at 31 December 2017.
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