QUESTION ONE Yox hatve been provided with the following financial statement for Cranes Lid arid Fork 1 Cranes Ltd acquired 2,880,000 ordinary shares in Fork Ltd in 2019 at a cost of K1,600,000. At the date of Acquisition, the balance on the Retained Earnings, for Fork Ltd was K4,000,000. Cranes Ltd accounts for Non-Controlling Interest using the Proportionate Share of the net assets of the subsidiary. 2 At 31st December 2020, amounts due to Cranes Ltd in Fork Ltd included accrued interest of K1,000,000 on the loan from Cranes Ltd. In the books of Cranes Ltd, the interest had not been accounted for. 3 During the year Fork Ltd recorded sales amounting to K400,000 to Fork Ltd at a profit margin of 20%.50% of the goods remained unsold in Cranes Ltd as at 31st December 2020. 4 On 30th December 2020, Cranes Ltd sold a motor Vehicle to Fork Ltd for K350,000 on a cash basis. The carrying amount of the motor vehicle was K300,000 at the point of sale. Required: Prepare a consolidated statement of Financial Position for the Group as at 31 st December 2020. QUESTION ONE Yox hatve been provided with the following financial statement for Cranes Lid arid Fork 1 Cranes Ltd acquired 2,880,000 ordinary shares in Fork Ltd in 2019 at a cost of K1,600,000. At the date of Acquisition, the balance on the Retained Earnings, for Fork Ltd was K4,000,000. Cranes Ltd accounts for Non-Controlling Interest using the Proportionate Share of the net assets of the subsidiary. 2 At 31st December 2020, amounts due to Cranes Ltd in Fork Ltd included accrued interest of K1,000,000 on the loan from Cranes Ltd. In the books of Cranes Ltd, the interest had not been accounted for. 3 During the year Fork Ltd recorded sales amounting to K400,000 to Fork Ltd at a profit margin of 20%.50% of the goods remained unsold in Cranes Ltd as at 31st December 2020. 4 On 30th December 2020, Cranes Ltd sold a motor Vehicle to Fork Ltd for K350,000 on a cash basis. The carrying amount of the motor vehicle was K300,000 at the point of sale. Required: Prepare a consolidated statement of Financial Position for the Group as at 31 st December 2020