Question One

The draft statements of financial position of Mvua company limited$,$ Radi company limited and Upepo company limited as at June ${30}^{th},2022$ were as follows:

ditional information:

$($a$)$ Mvua limited acquired $80\%$ of shares in Radi limited on $1^{st}$ July, $2019.$

$($b$)$ Mvua limited acquired $40\%$ shares in Upepo limited on July $1^{st},2020.$

$($c$)$ Radi limited acquired $25\%$ shares in Upepo limited on July $1^{st},2020.$

d$)$ Revenue reserve of Radi Ltd on July $1^{st},2019$ was TZS$.100,000,000.$ At that date of acquisition, the fair value of net current assets of Radi Ltd$.$ was higher by

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TZS$\mathrm{.}80,000,000$ and these net current assets have been realized by June ${30}^{th},2022.$

$($e$)$ Revenue reserve of Upepo Ltd$.$ on July $1^{st},2020$ was TZS$\mathrm{.}50,000,000.$

$($f$)$ Radi Ltd$.$ had purchased a new equipment at the beginning of the current year. The cost before trade discount of the equipment was TZS$.50,000,000.$ The trade discount was recognized in profit and loss account. Depreciation charged on straight line basis over a six years period.

Required:

Prepare the consolidated statement of financial position as at ${30}^{th}$ June, $2022$ for Mvua group of companies. $($Workings should be shown clearly$)$

$(20$ marks$)$