BNS Company has been expanding rapidly. Its last two acquisitions were Best Choice Limited and Designers Limited. Both acquisitions are firms engaged in production and distribution of famous lines of clothing and household items. Directors of BNS continue to look for ways to expand and improve the group. They are confident that the group will continue to create wealth for shareholders.

The following summarised balances relate to the BNS Group of Companies on 2021 March 31.

BNS Best Choice Designers

$000 $000 $000

Non-Current Assets 12 000 1 880 600

Investment in Best Choice 1 200

Investment in Designers 2 200

Current Assets 1 440 360 520

16 840 2 240 1 120

Ordinary Shares 13 200 1 600 600

Profit and Loss 1 920 360 120

15 120 1 960 720

Current Liabilities 1 720 280 400

16 840 2 240 1 120

Additional Information:

1 BNS Limited purchased 80% holdings in Best Choice on 2019 April 01 when Best Choices profit and loss account balance was $200 000.

2 BNS Limited purchased 60% holdings in Designers on 2018 April 01. At that date Designers profit and loss account balance was $400 000.

3 During the year to 2020 March 31, BNS purchased goods from Best Choice for $240 000. Best Choice had invoiced BNS for these goods at cost plus 50%. Half of these goods were in stock at year-end.

4 In 2020 March, the following intragroup debts were still outstanding:

i. BNS owes Best Choice $80 000.

ii. Designers owes BNS $60 000. ACCT3605 21/05 The Council of Community Colleges of Jamaica Page 4

Prepare the BNS Group of Companies consolidated Statement of Financial Position as at 2021 March 31.

NB Ensure that all workings are clearly shown. Marks will be awarded for relevant calculations.