Answer through IFRS and IAS standards, and following the traditional method of compiling a consolidated statement.

F Limited holds 70% shares in S Limited When the shares were acquired, S Limited's retained earnings stood at $8,000 and the Share Premium account balance was $3,000 Non-depreciating long term assets of S were revalued by $6,000 on the date of acquisition by H. . Balance sheets of the two companies as at June 30, 2011 are given below. F Limited S Limited Non current Assets Property Plant and Equipment Investment in Slimited (at cost) 36,000 70,000 30,000 100,000 36,000 Current Assets Debtors Amount due from S Limited 24,000 30,000 2,000 32,000 24,000 Current Liabilities Creditors Amount due to H Limited (22,000) (16,000) (2.000) (18,000) (22,000) Net Assets 110,000 42,000 80,000 Equity Ordinary Share Capital Share Premium Revaluation Reserve Retained Eamings 20,000 5,000 6,000 11,000 42,000 30,000 110,000 Required Prepare consolidated balance sheet of F limited and its subsidiary S, as at June 30, 2011. F Limited holds 70% shares in S Limited When the shares were acquired, S Limited's retained earnings stood at $8,000 and the Share Premium account balance was $3,000 Non-depreciating long term assets of S were revalued by $6,000 on the date of acquisition by H. . Balance sheets of the two companies as at June 30, 2011 are given below. F Limited S Limited Non current Assets Property Plant and Equipment Investment in Slimited (at cost) 36,000 70,000 30,000 100,000 36,000 Current Assets Debtors Amount due from S Limited 24,000 30,000 2,000 32,000 24,000 Current Liabilities Creditors Amount due to H Limited (22,000) (16,000) (2.000) (18,000) (22,000) Net Assets 110,000 42,000 80,000 Equity Ordinary Share Capital Share Premium Revaluation Reserve Retained Eamings 20,000 5,000 6,000 11,000 42,000 30,000 110,000 Required Prepare consolidated balance sheet of F limited and its subsidiary S, as at June 30, 2011