Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ignite (pty) ltd ignite (pty) ltd has a 15% inte

Ignite (Pty) Ltd Ignite (Pty) Ltd has a 15% interest in Happy but...

80.2K

Verified Solution

Question

Accounting

Ignite (Pty) Ltd
Ignite (Pty) Ltd has a 15% interest in Happy but does not form part of the group of
consolidations. The 15% interest is recorded as an investment in Happys financial
statements below the non-current assets category.
Ignite (Pty) Ltd is controlled by Mr L Smith, the husband of Mrs S Smith, the Chief
Executive Director (CEO) of Happy
REQUIRED
With reference to Ignite (Pty) Ltd.s information, discuss whether Happy
Limited is a related party to Ignite (Pty) Ltd in terms of IAS 24 for the financial
year ending 31 October 2023.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A bulb is first connected across a 10 V DC supply and then a 20...

Basic Math
1.2K views

A family buys a studio apartment for $180,000. They pay a down payment of $54,000.a....

Accounting
1.2K views

John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium,...

Accounting
1.2K views

The company anticipoted that the restorers would work a total of 14.700 hours this year...

Accounting
1.2K views

Bacon Company makes four products in a single facility. These products have the following unit...

Accounting
1.2K views

Lowe's Companies, Inc. Consolidated Balance Sheets (In millions, except par value) January 29, 2021 January...

Finance
1.2K views

Seved The Investor is long 100 shares PGS at $51 and writes one PGS May...

Finance
1.2K views

We now have $15,000 in assets and are given a choice between investment 1 and...

Accounting
1.2K views

Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of...

Finance
1.2K views

(Round to the nearest cent.) i Data Table (Click on the following icon in order...

Finance
1.2K views

Lexington Corporation has a capital structure of 40% debt and 60% common equity. This capital...

Finance
1.2K views

GH Tiaders wrote off 71750 which represented 2066 of the amourt owed by a debtoc....