39 369 ADDITIONAL INFORMATION: Soup Limited bought an 80% holding in Meat Limited two year, ago when Meat Limited net assets at fair value were $450,000. At that time Meat Limited retained profits were $250,000. Soup Limited purchased a 100% holding in Water Limited on Januar were $1,270,000. 1, 2020, when Water Limited net assets at fair value were $1,370,000. At that time Water Limited retained profit: $100,000. a Limited so negoods he year end. Soup Limited sold goods costing $80,000 to Meat Limited fol Soup Limited had 1,000,000 ordinary shares in issue during 2020. REQUIRED: Prepare the Consolidated Income Statement and the Consolidate Statement of Changes in Equity for the year ended December 31, 2020, and the Consolidated Balance Sheet as at that date. 364 QUESTION 3 following information subsidiary companies, Meat year to December 31, 2020. Profit and Loss Accounts The Sales Cost Profit before tax Tax Profit after tax Dividends Retained profits Retained profits b/f Retained profits c/f Balance Sheets Bank Debtors Creditors Accruals Dividend payable relates to Soup Limited, and its Limited and Water Limited, for the Ordinary shares Retained profits SOUP LTD. $'000 10,000 4,000 6,000 1,700 4,300 300 4,000 1,240 5,240 Property, plant and equipment 2,800 Investment Meat Ltd. Water Ltd. SOUP LTD. $'000 1,000 2,500 100 200 (50) (10) (300) 6,240 1,000 5,240 6,240 MEAT LTD. $'000 6,000 5,000 1,000 400 600 ko-8 600 490 1,090 MEAT LTD. $'000 1,000 50 250 (10) 1,290 200 1,090 1,290 WATER LTD. $'000 4,000 2,500 1,500 700 8001-50 800 1,270 2,070 ===== WATER LTD. $'000 2,000 100 100 (20) (10) 2,170 ===== 100 2,070 2,170 (-) Tea 5'000 23,800 16.200) 7,600 200 1,800) 1600) 400) 000 19 000 5 hyp sin RCL 503 S C ( 6,0 6,00 (3.20 2,80C (400 2,400 5,480 7,880