SECTION A The following are the statements of financial position of Kish, Jay, Vivek and Kunal as at 31 December 2020: Kish Jay Vivek Kunal 000 000 000 000 Non-current assets Property, plant and equipment 47,840 29,000 13,760 18,000 Intangible assets 12,480 5,000 Investments in subsidiaries 46,800 9,600 Current assets Inventories 15,200 5,560 880 3,600 Trade receivables 26,400 2,480 640 2,400 Cash at bank and in hand 5,840 1,800 2,048 300 Total Assets 154,560 53,440 17,328 24,300 Equity Ordinary shares of 1 each General reserve Retained profits Total Equity 85,000 26,400 28,320 139,720 16,000 9,600 4,000 26,240 5,600 4,000 16,000 47,840 13,600 20,000 4,400 1,840 1,000 Non-current liabilities 8% Debentures Current liabilities Trade payables Taxation payable Dividends payable 5,600 1,600 2.400 4,000 2,440 1,168 2,000 720 1,300 154,560 53,440 17,328 24,300 Additional information: 1. Kish acquired 12,000,000 ordinary shares in Jay on 1 January 2020 for 45,600,000. The balance in the general reserves and retained profits of Jay on the date of acquisition were 3,200,000 and 800,000 respectively, A non-depreciable property with a carrying value of 16,000,000 in the accounts of Jay, had a fair value of 32,000,000 and 44,000,000 on 1 January 2020 and 31 December 2020 respectively. No adjustment has been made to reflect the fair value of the property. It is the group's policy to account for their property, plant and equipment at fair value. On the same day, Kish acquired 30% of the equity shares of Kunal at a cost of 1,200,000 when the retained earnings were 11,000,000. The remaining shares are held by four other investors. 2. On 1 January 2020, Jay acquired 80% of the equity shares of Vivek for 9,600,000 when the retained profits were 3,040,000 3. All inventories of Vivek were bought from Kish. Kish invoices all its goods at cost plus 25%. 5. Accounts payable of Jay includes 800,000 due to Kish and the accounts receivable of Kish includes 880,000 due from Jay. The difference is due to a payment made by Jay to Kish which is in transit. 6. Following an impairment review it was decided that the goodwill of Jay should be reduced by 10%. The goodwill of Vivek remains unchanged. 7. The non-controlling interest is valued at its proportionate share of the fair value of the Subsidiaries identifiable net assets at the date of the acquisition REQUIRED: Prepare the consolidated statement of financial position for the Kish group as at 31 December 2020. (You must show all workings). All calculations should be to the nearest 000. Marks will be awarded for workings. TOTAL 40 marks