Bracketed numbers are CRs and unbracketed are DRs.

City Ltd paid R600,000 for 100% of Village (Pty) Ltd on the 1^{st of} July 2022 when the company was acquired. The value of Village at that time was R449,710 made up of shares of R180,000 and retained earnings of R269,710.

The city made a loan to the Village of R40,000 on the 1^{st of} July 2022 at an interest of 15% p.a.

Village sold R28,000 to City during the year. All of the sales were sold to external parties, and none was left in the stock of the City

Required

Prepare consolidated accounts for City Ltd including

• Statement of financial position
• Statement of comprehensive income
• Statement of changes in equity

The financial statements of City Ltd and Village (Pty) Ltd for 30th June 2023 are set out: In this case unbracketed numbers are CRs and bracketed are DRs s) Statement of comprehnsive income