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a. To. The financial director
From FAC3762 Student
01 March 2021
RE: Disclosure of the bank balances in consolidated statement of financial position
A bank overdraft is not an intragroup transaction. A bank overdraft of one entity in a group can only be
set off against the favourable bank balance of another entity in the group if the two entities’ bank
accounts are at the same bank, and
the entity with the favourable bank balance guarantees the bank overdraft of the other entity, or
the bank itself sets off the two amounts in terms of an agreement between the two entities and
the bank
Therefore, the bank balance amount to be disclosed under current assets is R1 190 000 (1 240 000 –
90 000)
b. BRICK LTD GROUP
Consolidated statement of changes in equity
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