Prepare the consolidated statement of financial position of Unicycle.
The statements of financial position of three companies are as follows:
|
|
Unicycle |
Bicycle |
Tricycle |
|
|
GHS,000 |
GHS’000 |
GHS’000 |
|
Investment in Bicycle |
400 |
|
|
|
Investment in Tricycle |
50 |
300 |
|
|
Assets |
220 |
340 |
460 |
|
|
670 |
640 |
460 |
|
|
|
|
|
|
Share capital (GHS1) |
300 |
200 |
200 |
|
|
130 |
250 |
120 |
|
Equity |
430 |
450 |
320 |
|
Liabilities |
240 |
190 |
140 |
|
|
670 |
640 |
460 |
Additional information
1. Three years ago Unicycle acquired 150,000 shares in Bicycle for consideration GHS400,000.
2. Two years ago Bicycle acquired 160,000 shares in Tricycle for consideration of GHS300,000.
3. One year ago Unicycle acquired 10,000 shares in Tricycle for consideration of GHS50,000.
4. At the date of acquisition the carrying values of the assets and liabilities were the same as the fair values, with the exception of Bicycle’s inventory that had a fair value in excess of its carrying value of GHS10,000. This inventory was sold shortly after acquisition.
5. Details of the fair values of the net assets and the fair value of the effective NCI are as follows:
|
Bicycle |
Net assets |
NCI |
|
|
GHS’000 |
GHS’000 |
|
One year ago |
400 |
75 |
|
Two years ago |
330 |
60 |
|
Three years ago |
300 |
50 |
|
|
|
|
|
Tricycle |
Net assets |
NCI |
|
|
GHS’000 |
GHS’000 |
|
One year ago |
275 |
160 |
|
Two years ago |
250 |
110 |
|
Three years ago |
240 |
90 |
6. Unicycle has a policy of always calculating
7. At the year-end Bicycle has a financial asset of GHS20,000 that is a receivable from Unicycle. This is recorded by Unicycle as a financial liability at GHS20,000.
Required:
Prepare the consolidated statement of financial position of Unicycle.
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