Associates and Joint Ventures Question 12 The following are the summarised accounts of India, New and Delhi for the year ended 30 June 20X8. Statements of financial position Non-current assets Tangible Investment in New Investment in Delhi Current assets Share capital (GHS1) Retained earnings Equity Liabilities Statements of profit or loss Revenue Operating costs Profit before tax Tax Profit for the year India GHS 90,000 92,000 30,000 88,000 300,000 175,000 114,000 289,000 11,000 300,000 500,000 (400,000) 100,000 (25,000) 75,000 New GHS 80,000 50,000 130,000 75,000 51,000 126,000 4,000 130,000 Delhi GHS 60,000 10,000 70,000 40,000 29,000 69,000 1,000 70,000 200,000 100,000 (140,000) (60,000) 60,000 40,000 (20,000) (14,000) 40,000 26,000 Additional information 1. India acquired 60,000 shares in New three years ago when the retained earnings were GHS15,000. At the date of acquisition the fair value of New's non-current assets, which at that time had a remaining useful life of ten years, exceeded their carrying value by GHS5,000. The group policy is to calculate the full goodwill Page 14 of 34 arising on the consolidation of a subsidiary with the NCI at fair value. At acquisition the fair value of the NCI of New was GHS24,000. The impairment review reveals that no impairment losses have arisen. 2. India acquired 12,000 shares in Delhi one year ago. An impairment review reveals that the investment in Delhi is impaired by GHS1,700. Required: Prepare the consolidated statement of profit or loss and the consolidated statement of financial position for India. ?

Associates and Joint Ventures Question 12 The following are the summarised accounts of India, New and Delhi for the year ended 30 June 208. Additional information 1. India acquired 60,000 shares in New three years ago when the retained earrings were GHS15,000. At the dafe of acquisition the fair value of New's non-curremt assets, which at that time had a remaining useful life of ten years, exceeded their carrying value by GHS5,000. The group policy is to calculate the full goodwit Page 14 of 34 arising on the consolidation of a subsidiary with the NCl at fair value. At acquisition the fair value of the NCl of New was GHS24,000. The impairment review reveals that no impairment losses have arisen. 2. India acquired 12,000 shares in Delhi one year ago. An impairment review reveals that the investment in Delhi is impaired by GHS1,700. Required: Prepare the consolidated statement of profin or loss and the consolidated statement of financial position for india