QUESTION 2 25 Marks The following are the abridged Statements of Mango Ltd and Nartjie Ltd for year ended 30 June 2018 Statements of Financial Position for year ended 30 June 2018 Nartjie Ltd N$ 9 500 Property Plant and Equipment Investment in Nartjie Current assets Total Assets Mango Ltd N$ 15 000 5 000 7 500 27 500 5 000 14 500 5 000 Equity and Liabilities Share capital: ordinary N$1 each Share premium Retained earnings 6 000 4 000 12 500 7 200 Non-Current Liabilities Current Liabilities Total Equity and Liabilities 1 000 4 000 27 500 500 1 800 14 500 Relevant Information: Mango Ltd acquired a 60% interest of Nartjie Ltd 1 July 2017 when the retained earnings of Nartjie Ltd amounted to N$5 800. Mango Ltd paid N$5 000 in cash. Mango also issued 2 $1 shares for every 5 acquired in Nartjie Ltd and agreed to pay a further N$2 000 in 3 years' time. The market value of Mango's share at 1 July 2017 was $1,80. Mango has only recorded the cash paid by Nartjie in respect of the investment in Nartjie. Current interest rates are 6%. The Mango group uses fair value method to value Non-Controlling Interest and Non-Controlling Interest at acquisition amounted to N$5 750. Required: 2.1 Prepare the consolidated Statement of financial position as at 30 June 2018. 25