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What is amount of current assets less current liabilities

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Reference no: EM132969641

MN 80% of the share capital of KL The following information is extracted from the individual company statements of financial position as on 31 December 20X1.

                               MN                KL
                                         £                    £
Current assets          500,000          200,000
Current liabilities        220,000            90,000

Included in MN s purchase ledger is a balance in respect of KL of £20,000. The balance on MN's account in the sales ledger of KL is £22,000. The difference between those figures is accounted for by cash in transit.

Problem 1: If there are no other intra-group balances, what is the amount of current assets less current liabilities in the consolidated statement of financial position of MN and its subsidiary?

A £368,000
B £370,000
C £388,000
D £390,000

Reference no: EM132969641

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