Required:

Prepare the consolidated statement of financial position of Haggis as at 31 December 20X6. (12 marks)

Statements of financial position at 31 December 20X6

Non-cument assets

Tangible assets Investments Shares in Stovies al cost

33.000

20,000

12.500

4.500

16,000

Current assets

50,000

36,000

Equity and liabilities

10,000

4,000

Equity shares of Stach Share premium account

5,000

6,000

13,000

Non-current abilities 8% Debenture loans

21,000

17,000

Current liabilities

9.000

10,000

20.000

1,000

50.000

36,000

On 1 January 20X4 Haggs acquired 3,000 shares in Stoves. At that date the balance on Stoves retained earnings was $8,000 Non-controlling interest is measured at tair value at the date of acquisitions. The fair value of the non- controlling interest in Stovies on 1 January 20X4 was $3,800 Goodwill his been impaired by $1,000 since acquisition