Aussie Ltd Acquired 100% of Sing Sing Ltd (Sing Sing)

question 15

Multiple Choice

Aussie Ltd acquired 100% of Sing Sing Ltd (Sing Sing) on 1 July 20X0. The balance sheet of Sing Sing on that date was as follows:

The balance sheet of Sing Sing as at is as follows:
Balance sheet as at 30 June 20X1

Relevant exchange rates are as follows:

If the functional currency of Sing Sing is Singapore dollars and the presentation currency is Australian dollars the total assets of S$900 000 would translate into Australian dollars as:

• A) $703 125.
• B) $709 688.
• C) $1 141 500.
• D) $1 152 000.

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