12 Aug Consolidated Financial Statements
You are to prepare the following financial statements for your client:
1.1 Consolidated Financial Statements [30 MARKS]
1. Consolidated Statement of Financial Position as at 31 December 2021;
2. Consolidated Profit and Loss and Other Comprehensive Income for the year ended 31 December 2021;
3. Consolidated Statement of Changes in Equity for the year ended 31 December 2021;
4. Footnotes supporting the balances included in the financial statements1.
1.2 Company Financial Statements (PJ Designs Limited): [50 Marks]
1. Statement of Financial Position as at 31 December 2021 (including comparative information);
2. Profit and Loss and Other Comprehensive Income for the year ended 31 December 2021 (including
comparative information);
3. Statement of Changes in Equity for the year ended 31 December 2021 (including comparative
information);
4. Statement of Cash Flows for the year ended 31 December 2021 (comparative information is not
required);
5. Footnotes supporting the balances included in the financial statements1.
1.3 Supporting Workpapers [30 Marks]
You are also required to provide a copy of your work papers. The work papers should include:
(i) a final trial balance for the consolidated group;
(ii) final trial balance for the parent entity (including comparatives);
(iii) a list of journal entries required to be processed (excel / word) and
(iv) any related workings / calculations.
These work papers should also include sufficient notes explaining workings / calculations and adjusting
journal entries. The work papers should clearly identify the entity the adjustments (journal entries) relate
to (eg: Consolidation Entry, Parent Entity, Subsidiary entity).
The workpapers should be included as an Appendix to your report.
Note: Taxation entries are only required to the extent the adjusting journal entries affect taxation balances
required to be recorded in the financial statements. A detailed tax calculation is not required.
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