Scenario $2$

Seashell Company and Blueberry Company

The following draft statement of the Financial Position of Seashell Company and its subsidiary Blueberry Company as of $31$st December $2023$ are given below:

$\backslash$table$[[,$Seashell Company,Blueberry Company$],[\backslash$table$[[$Assets$]],$'OMR','OMR'$],[$Non$-$current assets$],[$Tangible assets,$580,000,180,000],[$Investments: Blueberry Company,$220,000,],[$Current assets$],[$Inventories$,219,600,15,600],[$Trade receivables,$290,400,140,700],[$Cash and cash equivalents,$60,000,75,450],[$Total Assets,$1,370,000,411,750],[$Equity and liabilities$],[$Share capital: Ordinary OMR $1$ shares,$850,000,160,000],[$Share premium,$-,18,750],[$Retained earnings,$96,000,80,000],[$Non$-$current liabilities:$],[$Loan$,79,000,60,000],[$Current liabilities$],[$Trade and other payables,$345,000,93,000],[$Total Equity & Liabilities,$1,370,000,411,750]]$

Additional information:

Seashell Company acquired $120,000$ shares in Blueberry Company on $1^{st}$ Jan $2023$ for a cost of OMR $220,000$ when the retained earnings of Blueberry Company were OMR $32,000.$ The fair value of the non$-$controlling interest in Blueberry Company at the date of acquisition was OMR $41,500.$

At the date of acquisition, the fair value of the net assets of Blueberry Company approximated their carrying amounts, except for a plot of land owned by Blueberry Company. This land was held in the financial statements of Blueberry Company at its cost of OMR $60,000$ but was estimated to have a fair value of OMR $90,000.$ This land is still owned by Blueberry Company on $31$st December $2023.$

On ${31}^{st}$ December $2023$ Blueberry Company sold goods to Seashell Company for OMR $30,000$ at a margin of $20\%.$ Onequarter of these goods were still unsold by Seashell Company at the end of the year.

On ${31}^{st}$ Dec $2023,$ Seashell Company owed Blueberry Company OMR $18,000$ for goods bought, and this debt is included in the trade payables of Seashell Company and the trade receivable of Blueberry Company.

Scenario $2-$Question

You are required to:

Prepare a consolidated statement of the financial position as at ${31}^{st}$ December $2023$ of Seashell Company. $($Provide Reference to IFRS wherever applicable, relevant workings$).$