[SOLUTION] Exchange Rates

ALL THREE QUESTIONS ARE COMPULSORY AND SHOULD BE ATTEMPTEDQuestion On 1 January 2020, Home plc acquired 70% of the equity shares of Foreign Ltd for £400,000. Foreign Ltd.’s share capital at that date comprised 100,000 equity shares of $1 each and its retained earnings and share premium were $216,000 and $50,000 respectively.  The draft financial statements of the two entities for the year ended 31 December 2020 are shown below:Statements of Profit or Loss for the year ended 31 De         Home                Foreign                                £                      $Revenue                        800,000            300,00Cost of sales                              (500,000)           (250,000)Gross profit                        300,000                50,000Operating expenses                    (120,000)              (60,000)Finance costs                   (40,000)            (20,000)Profit before tax                    140,000            (30,000)Tax                            (40,000)                (6,000)Profit for the year                    100,000            (36,000)Statements of Financial Position at 31 December 2020         £                      $AssetsProperty, plant and equipment            270,000            350,000Investment in Foreign Ltd                400,000                                    NILTotal non-current assets                670,000            350,000Current assetsInventory                        120,000            80,000Receivables                        100,000            40,000Total assets                        890,000                  470,000


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