Statements of financial position of P and S as at 30 June 2018 are as follows:

P S

GHS000 GHS000

Non-current assets:

Land 4,500 2,500

Plant and equipment 2,400 1,750

Investments 8,000

14,900 4,250

Current assets:

Inventory 3,200 900

Receivables 1,400 650

Cash at bank 600 150

5,200 1,700

20,100 5,950

Ordinary share capital (50p) 5,000 1,000

Retained earnings 8,300 3,150

13,300 4,150

Non-current liabilities

8% loan stock 4,000 500

Current liabilities 2,800 1,300

20,100 5,950

Additional information

1. P acquired 75% of S on 1 July 2015 when the balance on Ss retained earnings was GHS1,150,000. P paid GHS3,500,000 for its investment in the share capital of S. At the same time, P invested in 60% of Ss 8% loan stock.
2. At the reporting date P recorded a payable to S of GHS400,000. This did not agree to the corresponding amount in Ss financial statements of GHS500,000. The difference is explained as cash in transit.
3. At the date of acquisition it was determined that Ss land, carried at cost of GHS2,500,000 had a fair value of GHS3,750,000. Ss plant was determined to have a fair value of GHS500,000 in excess of its carrying amount and had a remaining life of 5 years at this time. These values had not been recorded by S.
4. The P group uses the fair value method to value the non-controlling interest. For this purpose the subsidiary share price at the date of acquisition should be used. The subsidiary share price at acquisition was GHS2.20 per share.
5. Goodwill was impaired by GHS100,000.

Required:

Prepare the consolidated statement of financial position of the P group as at 30 June 2018.