Group Accounts - North, East & West The following information has been extracted from the draft financial statements of North ple and its subsidiaries for the year ended 31 March 2020 Draft woments of financial position at 31 March 2020 Northpl ASSETS Non- Land and Machinery and get 0.000 670.000 1.100.000 1545.000 Current se 400 1.800 17.30 2190 50.210 300.00 305.000 Current and West 75.830 EQUITY AND LIABILITIES 2.100.000 Ordinary Retencing 2300 500.000 2. 3666 Current Toate pe Curent curs Nothie 100 000 12720 15200 78.000 Totally and is Draft statements of comprehensive income for the year ended 31 March 2020 Northe 1.475 Revenue Contes Gerol 23 1532.440 34.370 78.000 48.000 2.370 Estract from draft statement of changes in retained eamings for the year anded 31 March 2000 Este Biance 2018 438030 19:30 Balance 31 March 2000 The following information is also available Draft statements of comprehensive income for the year ended 31 March 2020 North plc Eastple West ple C Revenue 2383.770 1.824.750 581,970 Cost of sales 1.532.440 979.860 389,180 Gross profit 851,330 844.790 192,790 Operating expenses 468.900 603.420 102.960 Profit before tax 382.430 241.370 89 830 Tax expense 76,000 48.000 18.000 Profit for the year 306.430 193.370 75.830 Extract from draft statement of changes in retained earnings for the year ended 31 March 2020 North plc Eastpic West plc { Balance at 1 April 2019 640,130 438.930 208,050 Profit for the year 306,430 193.370 71.830 Balance at 31 March 2020 946,560 632 300 279,880 The following information is also available: 1) On 1 April 2019 North plc acquired 975,000 ordinary shares in East plc for 1,200,000. At that date the retained earnings and revaluation reserve in East plc amounted to 438,930 and 125,000 respectively. There have been no changes in East ple's ordinary shares since that date. 2) North plc acquired 450,000 ordinary shares in West plc on 1 April 2017 when the retained earnings in West plc amounted to 64,380. There have been no changes in West ple's ordinary shares since then. 3) On 30 March 2020 East plc sent a cheque for 85,000 to North pic. The cheque was received by North pic and recorded in its accounting records on 4 April 2020. 4) During the year ended 31 March 2020, total sales made by West plc to North plc amounted to 480,000. West plc prices its goods at cost plus a mark-up of 30%. At the year end, North ple's closing inventory included goods purchased from West plc for 65,000. 5) At 31 March 2019, the cumulative amount previously written off due to impairment of goodwill arising on the acquisition of West plc amounted to 21.058. There has been no additional impairment of goodwill during the year ended 31 March 2020 Prepare the consolidated statement of financial position of the North Group as at 31 March 2020, in accordance with International Financial Reporting Standards. You should also include a summary to show the movements in the group's retained earnings for the year ended 31 March 2020. (22 marks) Group Accounts - North, East & West The following information has been extracted from the draft financial statements of North ple and its subsidiaries for the year ended 31 March 2020 Draft woments of financial position at 31 March 2020 Northpl ASSETS Non- Land and Machinery and get 0.000 670.000 1.100.000 1545.000 Current se 400 1.800 17.30 2190 50.210 300.00 305.000 Current and West 75.830 EQUITY AND LIABILITIES 2.100.000 Ordinary Retencing 2300 500.000 2. 3666 Current Toate pe Curent curs Nothie 100 000 12720 15200 78.000 Totally and is Draft statements of comprehensive income for the year ended 31 March 2020 Northe 1.475 Revenue Contes Gerol 23 1532.440 34.370 78.000 48.000 2.370 Estract from draft statement of changes in retained eamings for the year anded 31 March 2000 Este Biance 2018 438030 19:30 Balance 31 March 2000 The following information is also available Draft statements of comprehensive income for the year ended 31 March 2020 North plc Eastple West ple C Revenue 2383.770 1.824.750 581,970 Cost of sales 1.532.440 979.860 389,180 Gross profit 851,330 844.790 192,790 Operating expenses 468.900 603.420 102.960 Profit before tax 382.430 241.370 89 830 Tax expense 76,000 48.000 18.000 Profit for the year 306.430 193.370 75.830 Extract from draft statement of changes in retained earnings for the year ended 31 March 2020 North plc Eastpic West plc { Balance at 1 April 2019 640,130 438.930 208,050 Profit for the year 306,430 193.370 71.830 Balance at 31 March 2020 946,560 632 300 279,880 The following information is also available: 1) On 1 April 2019 North plc acquired 975,000 ordinary shares in East plc for 1,200,000. At that date the retained earnings and revaluation reserve in East plc amounted to 438,930 and 125,000 respectively. There have been no changes in East ple's ordinary shares since that date. 2) North plc acquired 450,000 ordinary shares in West plc on 1 April 2017 when the retained earnings in West plc amounted to 64,380. There have been no changes in West ple's ordinary shares since then. 3) On 30 March 2020 East plc sent a cheque for 85,000 to North pic. The cheque was received by North pic and recorded in its accounting records on 4 April 2020. 4) During the year ended 31 March 2020, total sales made by West plc to North plc amounted to 480,000. West plc prices its goods at cost plus a mark-up of 30%. At the year end, North ple's closing inventory included goods purchased from West plc for 65,000. 5) At 31 March 2019, the cumulative amount previously written off due to impairment of goodwill arising on the acquisition of West plc amounted to 21.058. There has been no additional impairment of goodwill during the year ended 31 March 2020 Prepare the consolidated statement of financial position of the North Group as at 31 March 2020, in accordance with International Financial Reporting Standards. You should also include a summary to show the movements in the group's retained earnings for the year ended 31 March 2020. (22 marks)