One year ago Greenland acquired 80% of Nuuk, whose functional currency is the Dinar (DN) for DN7,500. The financial statements of both companies are as follows:

Statements of financial positionGreenlandNuuk

GHS'000DN'000

Non-current assets

Investment in Nuuk5,000-

Tangible15,0002,500

Current assets10,0003,000

30,0005,500

Share capital (GHS1/DN1)8,0001,000

Share premium6,000800

Revaluation reserve2,000200

Retained earnings4,0002,500

Equity20,0004,500

Liabilities10,0001,000

30,0005,500

Statements of profit or loss and

Other comprehensive income

GHS'000DN'000

Revenue45,00070,000

Cost of sales(20,000)(54,250)

Gross profit25,00015,750

Operating costs(15,000)(7,000)

Profit before tax10,0008,750

Tax(8,000)(7,450)

Profit for the year2,0001,300

Other comprehensive income

Revaluation gain150Nil

Total comprehensive income2,1501,300

Additional information

1. At the date of acquisition the retained earnings of Nuuk were DN1,200,000 and the balance on the revaluation reserve was DN200,000. Nuuk has not issued any shares since the date of acquisition. At the date of acquisition the fair value of the net assets of Nuuk were DN4,200,000. The increase in the fair value is attributable to plant with a remaining life of two years.
2. Goodwill is to be calculated in full. The fair value of the NCI at the date of acquisition was DN1,000,000. In preparation for the impairment review the recoverable amount of Nuuk was DN9,000,000.
3. Throughout the year Greenland sold goods for GHS1,000,000 to Nuuk. At the year-end there is no balance remaining on the current accounts.
4. Exchange rates to GHS1:

DN

Start of the year1.50

Average rate1.75

End of the year2.00

Required:

Prepare the group statement of financial position and the group statement of profit or loss and other comprehensive income for Greenland.