[SOLUTION] Interest Free Loan to Foreign Ltd

ALL THREE QUESTIONS ARE COMPULSORY AND SHOULD BE ATTEMPTEQuestion 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 DecHome                Foreign                                  £                      $Revenue                        800,000            300,000Cost 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       

 

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