Question Three

P Co has owned $75\%$ of the $100,000$ shares of S Co since the incorporation of that company.

During the year to $31$ December $20$X$2,$ S Co sold goods costing GHS$16,000$ to P Co at a price of

GHS$20,000$ and these goods were still unsold by P Co at the end of the year. Draft statements of

financial position of each company at $31$ December $20$X$2$ were:

Required: Prepare the consolidated statement of financial position of $P$ Co at $31$ December

$20$X$2.$ The fair value of the non$-$controlling interest at acquisition was GHS$25,000.$