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Please show proper workings Pat Ltd and Sat Ltd have produced the following statements of financial position as at 30 June 2018: Rs'000 Statements of

Please show proper workings

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Pat Ltd and Sat Ltd have produced the following statements of financial position as at 30 June 2018: Rs'000 Statements of financial position as at 30 June 2018: Rs'000 ASSETS Non-current Assets PPE 500,000 Investments 800,000 1,300,000 400,000 400,000 Current Assets Inventory Trade receivables Cash and cash equivalent 400,000 300,000 200,000 400,000 550,000 900,000 950,000 Total Assets 2,200,000 1,350,000 EQUITY AND LIABILITIES 900,000 500,000 Ordinary shares of Rs1 each Retained earnings Capital reserves Share premium 400,000 250,000 150,000 250,000 130.000 120,000 1,700,000 1,000,000 Non-current liabilities Long term borrowings 200,000 200,000 Current liabilities Trade payables Bank overdraft 200,000 100,000 275,000 75.000 350,000 300,000 Total equity and liabilities 2,200,000 1,350,000 The following additional information is relevant to the preparation of the financial statements of the Power group: (0) Pat Ltd acquired 80% of the ordinary share of Sat Ltd many years ago, when the retained earnings of Sat Ltd were Rs 100 million, Share premium and capital reserves were each Rs50 million. Consideration transferred was Rs800 million. (ii) At date of acquisition, the plant and equipment of Sat Ltd was revalued upwards by Rs75 million, although this revaluation was not recorded in the accounts of Sat Ltd. Depreciation would have been Rs 10 million greater had it been based on the revalued figure. Included in inventories of Pat Ltd are goods purchased from Sat Ltd during the year for Rs30 million with markup 20% for Sat Ltd. At 30 June 2018, Sat Ltd had invoiced Pat Ltd Rs 10 million for goods dispatched which Pat Ltd had not received and was still due. (iv) (v) Included in the receivables of Sat Ltd are Rs80 million owed by Pat Ltd and Rs50 million owed by Sat Ltd to Pat Itd. The difference represents cash payment in transit at the year end from Pat Ltd to Sat Ltd (vi) It is the company policy to value non-controlling interest at full fair value. At the acquisition date, non-controlling shares of Sat were valued at a market price of Rs 1.80 per share. (vii) Rs40 million of the recognized goodwill arising on consolidation is to be written off due to impairment loss. REQUIRED : Prepare the consolidated statement of financial position of Pat Ltd as at 30 June 2018

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