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Baldock plc acquired 70% of the issued share capital of Maulden Ltd on 1 January 2019 for 2,800,000. At that date, Maulden Ltd had issued
Baldock plc acquired 70% of the issued share capital of Maulden Ltd on 1 January 2019 for 2,800,000. At that date, Maulden Ltd had issued share capital of 2,000,000 and retained profits were 280,000. Extracts from the statements of financial position for the 2 companies one year later at 31 December 2019 are as follows:
Baldock plc | Maulden Ltd | |
'000 | '000 | |
Assets: | ||
Investment in Maulden Ltd | 2,800 | |
Non-current assets | 4,700 | 1,630 |
Current assets | 2,400 | 2,090 |
Total assets | 9,900 | 3,720 |
Equity: | ||
Share capital | 3,000 | 2,000 |
Retained profits | 5,200 | 540 |
Total equity | 8,200 | 2,540 |
Liabilities: | ||
Non-current liabilities | 600 | 580 |
Current liabilities | 1,100 | 600 |
Total liabilities | 1,700 | 1,180 |
Total equity and liabilities | 9,900 | 3,720 |
Additional data
- Included within the current assets of Baldock plc and in the current liabilities of Maulden Ltd is an intra-group transaction for 300,000 that took place in early December 2019.
- Baldock plc has decided non-controlling interest will be valued at their proportionate share of net assets
Required:
Prepare the consolidated statement of financial position for Baldock plc and its subsidiary undertaking at 31 December 2019.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019
Assets: | '000 |
Non-current assets | |
Goodwill | |
Current assets | |
Total assets | |
Equity: | |
Share capital | |
Retained profits | |
Non-controlling interest | |
Total equity | |
Liabilities: | |
Non-current liabilities | |
Current liabilities | |
Total liabilities | |
Total equity and liabilities |
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