5. Accra Ltd, a public limited liability company in Ghana, operates in the manufacturing sector. Accra Ltd has investments in two other Ghanaian companies. The draft statement of financial position as at 31 March 2018 are as follows:

Assets: Accra

Bawku GHmillion 550.00

635.00 10.50 1195.50 340.50 1536.00

605.00 465.00 40.00

Takoradi GHmillion 650.00

70.50 720.50 75.00 795.50

400.00 175.00 47.50

Non Current Asset

Property, Plants and Equipment Investment in Subsidiaries

Bawku Ltd Takoradi Ltd Financial Assets

Current Assets

Total Asset

Equity and Liability

Stated Capital Retained Earnings Other component of Equity

GHmillion

720.00

625.00 155.00 160.00

1660.00 447.50 2107.50

875.00 620.00 62.50

Total Equity 1557.50 Non-current 492.50 Liabilities

Current Liabilities

Total Liabilities

Total Equity and Liabilities

Additional information:

1110.00 382.50

43.50 426.00 1536.00

622.50 75.00

98.00 173.00 795.50

57.50 550.00 2107.50

i) On 1 April 2016, Accra Ltd acquired 14% of the equity interest of Takoradi Ltd for a cash consideration of GH130 million and Bawku Ltd acquired 70% of the equity interest of Takoradi Ltd for a cash consideration of GH635 million. At 1 April 2016, the identifiable net assets of Takoradi Ltd had a fair value of GH495 million, retained earnings were GH95 million and other components of equity were GH26 million. At 1 April 2017, the identifiable net assets of Takoradi Ltd had a fair value of GH575 million, retained earnings were GH120 million and other components of equity were GH35 million. The excess in fair value is due to non-depreciable land. The fair value of the 14% holding of Accra Ltd in Takoradi Ltd, which was classified as fair value through profit or loss, was GH140 million at 31 March 2017 and GH155 million at 31 March 2018. However, the fair value of Bawku Ltds interest in Takoradi Ltd had not changed since acquisition.

ii) On 1 April 2017, Accra Ltd acquired 60% of the equity interests of Bawku Ltd, a public limited liability company in Ghana. The cost of investment comprised cash of GH625 million. On 1 April 2017, the fair value of the identifiable net assets acquired was GH975 million and retained earnings of Bawku Ltd were GH325 million and other component of equity were GH27.5 million. The excess in fair value is due to non-depreciable land. It is the groups policy to measure the non-controlling interest at acquisition at its proportionate share of the fair value of the subsidiarys net assets.

iii) Goodwill of Bawku Ltd and Takoradi Ltd were tested for impairment at 31 March 2018 and found that there was no impairment relating to Takoradi Ltd. However, the goodwill of Bawku Ltd was fully impaired by the reporting date.

iv) On 1 April 2016, Accra Ltd acquired office accommodation at a cost of GH45 million with a 30-year estimated useful life. During the year, the property market in the area slumped and the fair value of accommodation fell to GH37.5 million at 31 March 2017 and this was reflected in the financial statements. However, the market unexpectedly recovered quickly due to the announcement of major government investment in the areas transport infrastructure. On 31 March 2018, the valuer advised Accra Ltd that the offices should now be valued at GH52.5 million. Accra Ltd has charged depreciation for the year but has not taken account of the upward valuation of the offices. Accra Ltd uses the revaluation model and records any valuation change when advised to do so.

Required:

Prepare the group consolidated statement of financial position of Accra Ltd as at 31 March, 2018