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Question 11 (15 marks) a. As at the year end the parent's statement of financial...

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Question 11 (15 marks) a. As at the year end the parent's statement of financial position reports rent receivable as an asset at $600 and this includes $150 due from the subsidiary. Subsidiary reports rent payable as $150. Discuss how the rent receivable reported by the parent and rent payable reported by the subsidiary will be included in the consolidated statement of financial position. 5 marks b. Calculate the amount of liabilities if the net assets of a business totaled at $200,000 and its total assets totaled at $325,000. Show your working clearly. 5 marks c. A company reports its profit without accounting for depreciation of machinery. Discuss the effect of this omission on gross profit and net profit. 5 marks [Total 15 marks]

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