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On 1st October 2020 Uchumi Ltd acquired 60\% of the equity share capital of Mateso Ltd at cost of Sh.12,800. On this date the retained earnings of Mateso Ltd were Sh.5,000. Below are the financial statements for the two companies for the year ended 31st March 2021 Income statement for the year ended 31st March 2021 Revenue Cost of sales Gross profit Distribution costs Administrative expense Finanace costs Profit before tax Income tax Profit for the year Statement of financial position NON-CURRENT ASSETS PPE Property Investments CURRENT ASSETS Inventory Receivables Bank TOTAL ASSETS EQUITY \& LIABILITIES Share capital Share premium Retained earnings NON CURRENT LIABILITIES 10\% Loan notes CURRENT LIABILITIES Trade payables Accruals TOTAL LIABILITIES 2. Sales of Mateso Ltd to Uchumi Ltd in the post acquisition period amounted to sh.4 million. Matusi Itd made mark up of 40%. Sh,1.4 million of these goods at cost were still included in inventory by closing date. Mateso Ltd trade receivables include sh,400,000 due from Uchumi Ltd which did not agree with the corresponding payables. This was due to cash paid from Uchumi Ltd not yet received by Mateso ltd. 3. Uchumi Ltd has A policy of accounting for any non controlling interest at fair value. Fair value of goodwill attributable to non controlling interest in Mateso ltd was sh.1.2 million. Required: Consolidated financial statements. Additional Information 1. As at the acquisition date fair values of Mateso Ltd assets were equal to their carrying amount except for an item of plant, which had a fair value of sh,1 million in excess of the carrying amount. The plant had a remaining useful life of 5 years as at the acquisition date. On 1st October 2020 Uchumi Ltd acquired 60\% of the equity share capital of Mateso Ltd at cost of Sh.12,800. On this date the retained earnings of Mateso Ltd were Sh.5,000. Below are the financial statements for the two companies for the year ended 31st March 2021 Income statement for the year ended 31st March 2021 Revenue Cost of sales Gross profit Distribution costs Administrative expense Finanace costs Profit before tax Income tax Profit for the year Statement of financial position NON-CURRENT ASSETS PPE Property Investments CURRENT ASSETS Inventory Receivables Bank TOTAL ASSETS EQUITY \& LIABILITIES Share capital Share premium Retained earnings NON CURRENT LIABILITIES 10\% Loan notes CURRENT LIABILITIES Trade payables Accruals TOTAL LIABILITIES 2. Sales of Mateso Ltd to Uchumi Ltd in the post acquisition period amounted to sh.4 million. Matusi Itd made mark up of 40%. Sh,1.4 million of these goods at cost were still included in inventory by closing date. Mateso Ltd trade receivables include sh,400,000 due from Uchumi Ltd which did not agree with the corresponding payables. This was due to cash paid from Uchumi Ltd not yet received by Mateso ltd. 3. Uchumi Ltd has A policy of accounting for any non controlling interest at fair value. Fair value of goodwill attributable to non controlling interest in Mateso ltd was sh.1.2 million. Required: Consolidated financial statements. Additional Information 1. As at the acquisition date fair values of Mateso Ltd assets were equal to their carrying amount except for an item of plant, which had a fair value of sh,1 million in excess of the carrying amount. The plant had a remaining useful life of 5 years as at the acquisition date