A Ltd acquired 30% interest in B Ltd for N$300 000 on incorporation of B Ltd (3 January 2019). In terms of a contractual agreement A Ltd, together with other operators, exercises joint control over the economic activities of B Ltd. The contractual agreement specifies that all revenues, expenses, assets and liabilities are allocated according to the respective interests held by the operators. The arrangement is classified as a joint operation as per the requirements of IFRS 11, Joint Arrangements. Here follow extracts of the financial statements of A Ltd Group and B Ltd for the year ended 31 December 2019:

Consolidated statement of financial position 31 December 2019

	A Ltd	B Ltd
Assets
Property plant and equipment	1200 000	650 000
Investment in b Ltd at cost	300 000	-
Inventory	200 000	800 000
	1700 000	1450 000
Equity and Liability
share Capital	500 000	1000 000
Retained earnings	800 000	450 000
Non-controlling interest	400 000
	1700 000	1450 000

Consolidated statement of profit or loss and other comprehensive income for year ended 31 December 2019

	A Ltd	B Ltd
Revenue	2500 000	1800 000
Cost of Sales	(1400 000)	(1100 000)
Gross profit	1100 000	700 000
Other income	534 000	325 000
Other expenses	(120 000)	(125 000)
Profit before tax	1514 000	900 000
Income tax expense	(480 000)	(270 000)
Profit for the year	1034 000	630 000
Other comprehensive income	-	-
Total comprehensive income	1034 000	630 000
Total comprehensive income attributable to:
Owners of the parent	770 000	630 000
Non-Controlling interest	264 000	-
	1034 000	630 000

Extract consolidate statement of Changes in equity for the year 31 December 2019

	A Ltd	B Ltd
	Retained earnings	Retained earnings
Balance as at 1 Jan 2019	150 000	-
Changes in equity
Total comprehensive income:
Profit for the year	770 000	630 000
Dividend paid	(120 000)	(180 000)
Balance as at 31 December 2019	800 000	450 000

Note 1: On 1 March 2019, A Ltd Group sold land to the joint operation, B Ltd, at its fair value of N$350 000. The land had a carrying amount of N$120 000 in the records of A Ltd Group. Note 2: On 1 October 2019, B Ltd sold plant to A Ltd Group at a profit of N$120 000. It is the entitys policy to depreciate plant using the straight-line method. At the date of sale, the remaining useful life of the plant is 5 years, which is consistent with the tax allowance of the South African Revenue Service. The profit on sale of the plant is included in other income in the records of B Ltd. Note 3: Assume a normal tax rate of 28%. Required: 2.1 Prepare Journal entries to account for joint operations in A Ltd Groups financial statements for the year ended 31 December 2019 (15 marks) 2.2 Prepare ONLY the asset section of the Consolidated Statement of Financial Position as at 31 December 2019 (15 marks) 2.3 Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income for year ended 31 December 2019 (15 marks)