Task B Blueberry PLC and Apple PLC The following are the draft statement of the Financial Position of Blueberry PLC and it's subsidiary Apple PLC as of 31st December 2020 are given below:

Additional information:

1. Blueberry PLC acquired 120,000 shares in Apple PLC on 1st Jan 2020 for a cost of $ 220,000 when the retained earnings of Apple PLC were $ 30,000. The fair value of the non-controlling interest in Apple PLC at the date of acquisition was $43,500.

2. At the date of acquisition, the fair value of the net assets of Apple PLC approximated their carrying amounts, except for a plot of land owned by Apple PLC. This land was held in the financial statements of Apple PLC at its cost of $45,000 but was estimated to have a fair value of $90,000. This land is still owned by Apple PLC on 31st December 2020.

3. On 31st December 2020 Apple PLC sold goods to Blueberry PLC for $ 15,000 at a margin of 20%. One-Quarter of these goods were still unsold by Blueberry PLC at the end of the year.

4. On 31st December 2020 Apple PLCs trade receivables include $ 84,000 due from Blueberry PLC and Blueberry PLCs trade payable include $ 84,000 due to Apple PLC.

Task B Question

You are required to: Prepare a consolidated statement of financial position as of 31st December 2020 of Blueberry Cos. (Provide Reference to IFRS wherever applicable, relevant workings) (Relevant workings 4 marks + consolidated statement of financial position 4 marks +2 Mark for appropriate presentation) (Total Marks Task B = 10 Marks)

Blueberry PLC Apple PLC "S 'S 110,000 480,000 220,000 219,600 290.400 60,000 1.270,000 75,600 140,700 75.450 401,750 Assets Non-current assets Tangible assets Investments: Apple PLC Current assets Inventories Trade receivables Cash and cash equivalents Total Assets Equity and liabilities Share capital :Ordinary S1 shares Share premium Retained earnings Non-current liabilities: Loan Current liabilities Trade and other payables Total Equity & Liabilities 750,000 150,000 18,750 80,000 96,000 79,000 60,000 345.000 1,270,000 93,000 401,750