(Answered) Question some years ago parent ltd acquired 60 of the

Accounting

Question: Some years ago, Parent Ltd. acquired 60% of the shares of Child Ltd. On 31st December, 1962, the Balance Sheets of the two companies were as follows:

When the shares were acquired, the Revenue Reserve of Child Ltd. was £5,000 and the balance on Profit & Loss Account, £6,000. No dividends have been credited to the Investment Account in the books of Parent Ltd. Prepare a Group Balance Sheet at 31st December, 1962, and a Group Profit and Loss Account for the year.

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