i need answers as soon as possible as it is due 20/04/2020

IFRS 10,IFRS 3 ,IAS 28 Question 1 On 1 January 2019 Detergent company acquired 75% of Latrine company's equity shares by means of an exchange of 2 shares in Detergent for every 3 shares acquired in Latrine. On that date, further consideration was also issued to the shareholders of Latrine in the form of $100 8% loan notes for every 100 shares acquired in Latrine. None of the purchase consideration nor the outstanding interest on the loan notes at 31 March 2019 has yet been recorded by Detergent. At date of acquisition the share price of Detergent and Latrine's share is N$3,20 and N$1,80 respectively. The summarized statements of financial position of the two companies as at 31 March 2019 are: N$"000" NS"000" Assets Non-Current assets PPE (note 1) Investment in Amerson Ltd) (note 4) 31 500 75 200 4 500 79 700 31 500 35 300 19 400 14 700 1 200 115 000 31 900 18 800 12 500 600 63 400 Current assets Inventory (note 3) Trade receivables bank Total assets Equity and Liabilities Equity Equity shares of $1 each Retained earnings (01 April 2018) (@31 March 2019) 50 000 20 000 16 000 86000 20 000 19 000 8 000 47 000 Non-Current liabilities 8 % loan notes Current liabilities Total equity and liabilities 29 000 5 000 24 000 115 000 16 400 Nil 16 400 63 400 The following information is relevant: Note 1 At the date of acquisitionthe fair values of Latrine's assets were equal to their carrying amounts. However Latrine operates amine which requires to be decommissioned in five years time. No provisions have been made for these decommissioning costs by Latrine. The present value (discount factor 8%) of the decommissioning is estimated at N$4m and will be paid five years from the date of acquisition (the end of the mine's life). Note 2 Detergent's policy is to value NCI at fair value at the date of acquisition. Latrine's share price at that date can be deemed to be representative of the fair value of the shares held by the NCI. Note 3 The inventory of Latrine Company includes goods bought from Latrine for N$2.1m. Detergent applies a consistent mark up on sales of 40% when arriving at its selling prices. On 28 March 2019 Detergent dispatched goods to Latrine with a selling price of $700 000. These were not received by Latrine until after year end and so have not been included in the above inventory at 31 March 2019. At 31 March 2019 Detergent's records showed a receivable due from Latrine of N$3m, this differed to the equivalent payable in Latrine's records due to the goods in transit. Note 4 The investment in Amery Ltd represents 30% of its voting share capital and Detergent uses equity accounting to account for this investment. Amery Ltd's profit for the year ended 31 March 2019 was N$6m and Amery Ltd paid a total dividend of N$2m during 31 March 2019. Detergent has recorded its share of dividend rereceived from Amery in investment income (and cash). Note 5 All profits and losses accrued evenly throughout the year Note 6 There were no impairment losses within the group for the year ended 31 March 2019. Required: | 1.1 Prepare the consolidated statement of financial position as at 31 March 2019 25 During 2015 MI acquired 60 000 shares in RR. At the acquisition date the retained earnings in RR amounted to N$40 000. The share capital in RR amounted to 200 000ordinary shares @ a value of N$200 000, which has not changed subsequent to acquisition date. The consideration transferred consisted of the following: Cash to the amount of N$50 000 payable immediately Transfers of one of MI's accounting software to the previous Shareholder of RR. Carrying amount N$20 000 and Fair value N$28 000 at acquisition date Transfer of the license to operate the accounting software to the value pf N$12 000 to the previous Shareholders. Transaction costs and administration costs relating to the acquisition date are N$4000 payable in cash at acquisition date. All the identifiable assets acquired and liabilities assumed of RR were shown at their acquisition date fair value and there were no unrecognized contingent liabilities. Note 2 During 2018 RR started selling inventories to MI at a profit of 30% on cost. Included in MI's inventory at 31 Dec 2018 and 31 Dec 2019 was N$150 000 AND N$80 000 respectively in respect of such inventories at cost to MI. Total sales of inventories for the year between MI and RR amounted to N$250 000. Note 3 Assume a tax rate of 25.75% 2 Note 4 TMI Investments in shares in the separate financial statements of MI are carried at cost. Note 5 The following information pertains to both MI &RR Retained earnings/losses balance 01 Jan 2016 150 000 46 000 01 Jan 2017 100 000 51 000 01 Jan 2018 120 000 63 000 Retained earnings opening(01-01-17) 150 000 80 000 Profit for the period 100 000 | 40 000 Dividend paid (10 000) (40 0000 Retained earnings closing (31-12-19) 210 000 110 000 15 Required 2.1 Provide all proforma Journal entries to prepare the Consolidated annul financial statements of the MI group for year ended 31 Dec 2019 2.2 Calculate the amount at which the investment in associate should appear in the Consolidated statement of financial position at 31 Dec 2019. Journal entries should be prepared as far as the information permits 15 IFRS 10,IFRS 3 ,IAS 28 Question 1 On 1 January 2019 Detergent company acquired 75% of Latrine company's equity shares by means of an exchange of 2 shares in Detergent for every 3 shares acquired in Latrine. On that date, further consideration was also issued to the shareholders of Latrine in the form of $100 8% loan notes for every 100 shares acquired in Latrine. None of the purchase consideration nor the outstanding interest on the loan notes at 31 March 2019 has yet been recorded by Detergent. At date of acquisition the share price of Detergent and Latrine's share is N$3,20 and N$1,80 respectively. The summarized statements of financial position of the two companies as at 31 March 2019 are: N$"000" NS"000" Assets Non-Current assets PPE (note 1) Investment in Amerson Ltd) (note 4) 31 500 75 200 4 500 79 700 31 500 35 300 19 400 14 700 1 200 115 000 31 900 18 800 12 500 600 63 400 Current assets Inventory (note 3) Trade receivables bank Total assets Equity and Liabilities Equity Equity shares of $1 each Retained earnings (01 April 2018) (@31 March 2019) 50 000 20 000 16 000 86000 20 000 19 000 8 000 47 000 Non-Current liabilities 8 % loan notes Current liabilities Total equity and liabilities 29 000 5 000 24 000 115 000 16 400 Nil 16 400 63 400 The following information is relevant: Note 1 At the date of acquisitionthe fair values of Latrine's assets were equal to their carrying amounts. However Latrine operates amine which requires to be decommissioned in five years time. No provisions have been made for these decommissioning costs by Latrine. The present value (discount factor 8%) of the decommissioning is estimated at N$4m and will be paid five years from the date of acquisition (the end of the mine's life). Note 2 Detergent's policy is to value NCI at fair value at the date of acquisition. Latrine's share price at that date can be deemed to be representative of the fair value of the shares held by the NCI. Note 3 The inventory of Latrine Company includes goods bought from Latrine for N$2.1m. Detergent applies a consistent mark up on sales of 40% when arriving at its selling prices. On 28 March 2019 Detergent dispatched goods to Latrine with a selling price of $700 000. These were not received by Latrine until after year end and so have not been included in the above inventory at 31 March 2019. At 31 March 2019 Detergent's records showed a receivable due from Latrine of N$3m, this differed to the equivalent payable in Latrine's records due to the goods in transit. Note 4 The investment in Amery Ltd represents 30% of its voting share capital and Detergent uses equity accounting to account for this investment. Amery Ltd's profit for the year ended 31 March 2019 was N$6m and Amery Ltd paid a total dividend of N$2m during 31 March 2019. Detergent has recorded its share of dividend rereceived from Amery in investment income (and cash). Note 5 All profits and losses accrued evenly throughout the year Note 6 There were no impairment losses within the group for the year ended 31 March 2019. Required: | 1.1 Prepare the consolidated statement of financial position as at 31 March 2019 25 During 2015 MI acquired 60 000 shares in RR. At the acquisition date the retained earnings in RR amounted to N$40 000. The share capital in RR amounted to 200 000ordinary shares @ a value of N$200 000, which has not changed subsequent to acquisition date. The consideration transferred consisted of the following: Cash to the amount of N$50 000 payable immediately Transfers of one of MI's accounting software to the previous Shareholder of RR. Carrying amount N$20 000 and Fair value N$28 000 at acquisition date Transfer of the license to operate the accounting software to the value pf N$12 000 to the previous Shareholders. Transaction costs and administration costs relating to the acquisition date are N$4000 payable in cash at acquisition date. All the identifiable assets acquired and liabilities assumed of RR were shown at their acquisition date fair value and there were no unrecognized contingent liabilities. Note 2 During 2018 RR started selling inventories to MI at a profit of 30% on cost. Included in MI's inventory at 31 Dec 2018 and 31 Dec 2019 was N$150 000 AND N$80 000 respectively in respect of such inventories at cost to MI. Total sales of inventories for the year between MI and RR amounted to N$250 000. Note 3 Assume a tax rate of 25.75% 2 Note 4 TMI Investments in shares in the separate financial statements of MI are carried at cost. Note 5 The following information pertains to both MI &RR Retained earnings/losses balance 01 Jan 2016 150 000 46 000 01 Jan 2017 100 000 51 000 01 Jan 2018 120 000 63 000 Retained earnings opening(01-01-17) 150 000 80 000 Profit for the period 100 000 | 40 000 Dividend paid (10 000) (40 0000 Retained earnings closing (31-12-19) 210 000 110 000 15 Required 2.1 Provide all proforma Journal entries to prepare the Consolidated annul financial statements of the MI group for year ended 31 Dec 2019 2.2 Calculate the amount at which the investment in associate should appear in the Consolidated statement of financial position at 31 Dec 2019. Journal entries should be prepared as far as the information permits 15