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:

Non Current Asset

Accra

GHmillion

Bawku

GHmillion

Takoradi

GHmillion

Property, Plants and

Equipment

720.00 550.00 650.00

Investment in

Subsidiaries

Bawku Ltd 625.00

Takoradi Ltd 155.00 635.00

Financial Assets 160.00 10.50 70.50

1660.00 1195.50 720.50

Current Assets 447.50 340.50 75.00

Total Asset 2107.50 1536.00 795.50

Equity and

Liability

Stated Capital 875.00 605.00 400.00

Retained Earnings 620.00 465.00 175.00

Other component of

Equity

62.50 40.00 47.50

Total Equity 1557.50 1110.00 622.50

Non-current

Liabilities

492.50 382.50 75.00

Current Liabilities 57.50 43.50 98.00

Total Liabilities 550.00 426.00 173.00

Total Equity and

Liabilities

2107.50 1536.00 795.50

Additional information:

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.