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1:01 4G Done IA 2-SEM4 -Summer 2... Assignment Scenario 1 Green Co and Blue Co The following are the draft statement of the Financial Position of Green Co and its subsidiary Blue Co as of 31st December 2020 are given below Greco 1 A RO Nascut Panda 30 Inco Curre no Trade and other 21 Cash 11111 Total Art LA quand Share capital Ondary ROTTE Share pe 12 Rated Neurriak Bank L 12. Teachers SITO Totality L Additional information: Green Co acquired 157.500 shares (70%) in Blue Co on 1 Jan 2020 for a cost of RO 225,000 when the retained earnings of Blue Co were RO 15,000. The fair value of the non-controlling interest in Blue Co at the date of acquisition was RO 60,000 2. At the date of acquisition, the fair value of the net assets of Blue Co approximated their carrying amounts, except for a plot of land owned by Blue Co. This land was held in the financial statements of Blue Co at its cost of RO 25,000 but was estimated to have a fair value of RO35,000. This land is still owned by Blue Co on 31st December 2020. On 31 December 2020 Green Co sold goods to Blue Co for RO 12.000 at a margin of 20% 25% of these goods were still unsold by Blue Co at the end of the year. On 31" December 2020. Green Co's trade receivables include RO 7.500 due from Blue Co, and Blue Co's trade payable include RO 7.500 due to Green Co. Question 1 A. You are required to: Prepare consolidated statement of financial position as of 31" December 2020 of Green Co. (Provide Reference to IFRS wherever applicable and relevant workings 10 marks Romanumired to renarenresentation with 5 1:01 Search EXAMPLE 01 Pacquired 100% of the share capital of Son 1 January 2020 for $28,000, a which date the retained earning of Samounted to $8.000 At 31 December 2020 the companies' Statements of Financial Position were as follows: P 5 Non-current assets PPE 55.000 25.000 Investment in a cout 28.000 Current assets 18.000 14,000 101.000 39.000 Share capital - $1 shares Retained earning Current liabilities 60,000 38,000 3,000 101,000 20.000 15.000 3.000 39,000 Prepare consolidated statement of financial position at 31- December Working notes: WI - 2020-PLtd acquired 100% shares of SLtd. w2: Calculation of Goodwill S 28,000 lo Fair value of Consideration transferred by P Co to s Co Plus (+) fair value of NCI at acquisition Less: net acquisition -date fair value of identifiable assets acquired and liabilities assumed: Ordinary share capital of Sco 20,000 Retained earnings at acquisition of Sco 8,000 Fair value adjustment at acquisition 0 Goodwill 28.000 0 W3: Calculation of retained earnings $ 38.000 As per question (-)Pre-acquisition and SCO $ 15,000 (8,000) 7,000 1:01 Search WEEK 3 LECTURE Consolidation PCO $ As per question 38,000 (Pre-acquisition retained earnings (Post acquisition retained 7.000 earnings of SCO Group retained earnings 45,000 sco $ 15,000 8,000) 7.000 Solution P Group Consolidated Statement of Financial Position at 31st December 2020 for P group. $ Non-current assets-PPE (55,000 25.000) 80,000 Goodwill 0* w2 Current assets (18,000 14,000) 32,000 TOTAL ASSETS 112.092 Share capital Retained earnings w) Current liabilities TOTAL CAPITAL GLIABILITIES 60,000 45,000 7,000 112.009 EXAMPLE 02 Pacquired 100% of the share capital of Son January 2030 for $60,000. On 1 January 2020, the retained earnings of $ were $15.000 and the fair value of the non current assets was 59,000 more than the carrying value A 31 December 2020 the companies Statements of Financial Position were : Non current assets Investment in S, at cost Current assets 39 50.000 Share capital - $1 per share Retained earning 30.000 28.000 0.000 1:01 4G Done IA 2-SEM4 -Summer 2... Assignment Scenario 1 Green Co and Blue Co The following are the draft statement of the Financial Position of Green Co and its subsidiary Blue Co as of 31st December 2020 are given below Greco 1 A RO Nascut Panda 30 Inco Curre no Trade and other 21 Cash 11111 Total Art LA quand Share capital Ondary ROTTE Share pe 12 Rated Neurriak Bank L 12. Teachers SITO Totality L Additional information: Green Co acquired 157.500 shares (70%) in Blue Co on 1 Jan 2020 for a cost of RO 225,000 when the retained earnings of Blue Co were RO 15,000. The fair value of the non-controlling interest in Blue Co at the date of acquisition was RO 60,000 2. At the date of acquisition, the fair value of the net assets of Blue Co approximated their carrying amounts, except for a plot of land owned by Blue Co. This land was held in the financial statements of Blue Co at its cost of RO 25,000 but was estimated to have a fair value of RO35,000. This land is still owned by Blue Co on 31st December 2020. On 31 December 2020 Green Co sold goods to Blue Co for RO 12.000 at a margin of 20% 25% of these goods were still unsold by Blue Co at the end of the year. On 31" December 2020. Green Co's trade receivables include RO 7.500 due from Blue Co, and Blue Co's trade payable include RO 7.500 due to Green Co. Question 1 A. You are required to: Prepare consolidated statement of financial position as of 31" December 2020 of Green Co. (Provide Reference to IFRS wherever applicable and relevant workings 10 marks Romanumired to renarenresentation with 5 1:01 Search EXAMPLE 01 Pacquired 100% of the share capital of Son 1 January 2020 for $28,000, a which date the retained earning of Samounted to $8.000 At 31 December 2020 the companies' Statements of Financial Position were as follows: P 5 Non-current assets PPE 55.000 25.000 Investment in a cout 28.000 Current assets 18.000 14,000 101.000 39.000 Share capital - $1 shares Retained earning Current liabilities 60,000 38,000 3,000 101,000 20.000 15.000 3.000 39,000 Prepare consolidated statement of financial position at 31- December Working notes: WI - 2020-PLtd acquired 100% shares of SLtd. w2: Calculation of Goodwill S 28,000 lo Fair value of Consideration transferred by P Co to s Co Plus (+) fair value of NCI at acquisition Less: net acquisition -date fair value of identifiable assets acquired and liabilities assumed: Ordinary share capital of Sco 20,000 Retained earnings at acquisition of Sco 8,000 Fair value adjustment at acquisition 0 Goodwill 28.000 0 W3: Calculation of retained earnings $ 38.000 As per question (-)Pre-acquisition and SCO $ 15,000 (8,000) 7,000 1:01 Search WEEK 3 LECTURE Consolidation PCO $ As per question 38,000 (Pre-acquisition retained earnings (Post acquisition retained 7.000 earnings of SCO Group retained earnings 45,000 sco $ 15,000 8,000) 7.000 Solution P Group Consolidated Statement of Financial Position at 31st December 2020 for P group. $ Non-current assets-PPE (55,000 25.000) 80,000 Goodwill 0* w2 Current assets (18,000 14,000) 32,000 TOTAL ASSETS 112.092 Share capital Retained earnings w) Current liabilities TOTAL CAPITAL GLIABILITIES 60,000 45,000 7,000 112.009 EXAMPLE 02 Pacquired 100% of the share capital of Son January 2030 for $60,000. On 1 January 2020, the retained earnings of $ were $15.000 and the fair value of the non current assets was 59,000 more than the carrying value A 31 December 2020 the companies Statements of Financial Position were : Non current assets Investment in S, at cost Current assets 39 50.000 Share capital - $1 per share Retained earning 30.000 28.000 0.000