The following are the financial statements of the parent company Swish plc, a subsidiary company Broom and an associate company Handle.

Statements of financial position as at 31 December 20X3 Swish Broom Handle ASSETS Non-cur rent assets Property, plant and equipment at cost 320,000 180,000 100,000 Depreciation 200,000 70,000 21,000 120,000 110,000 79,000 Investment in Broom 140,000 Investment in Handle 40,000 Current assets Inventories 120,000 60,000 36,000 Trade receivables 130,000 70,000 36,000 Current account Broom 15,000 Current account Handle 3,000 Bank 24,000 7,000 6,000 Total current assets 292,000 137,000 78,000 Total assets 592,000 247,000 157,000

EQUITY AND LIABILITIES 1 shares 250,000 60,000 50,000 General reserve 30,000 20,000 12,000 Retained earnings 150,000 120,000 50,000 430,000 200,000 12,000 Current liabilities Trade payables 132,000 25,000 34,000 Taxation payable 30,000 7,000 8,000 Current account Swish 15,000 3,000 Total equity and liabilities 592,000 247,000 157,000

Statement of comprehensive income for the year ended 31 December 20X3

Sales 300,000 160,000 100,000 Cost of sales 90,000 80,000 40,000 Gross profit 210,000 80,000 60,000 Expenses 95,000 50,000 40,000 Dividends received from Broom and Handle 11,000 NIL NIL Profit before tax 126,000 30,000 30,000 Income tax expense 30,000 7,000 8,000 Profit for the period 96,000 23,000 22,000 Dividend paid (shown in equity) 40,000 10,000 8,000

Swish acquired 90% of the shares in Broom on 1 January 20X1 when the balance on the retained earrings of Broom was 60,000 and the balance on the general reserve of Broom was 16,000. Swish also acquired 25% of the shares in Handle on 1 January y 20X2 when the balance on Handles accumulated retained profits was 30,000 and the general reserve 8,000.

During the year Swish sold Broom goods for 16,000, which included a mark-up of one-third. 80% of these goods were still in inventory at the end of the year. Required: (a) Prepare a consolidated statement of comprehensive income, including the associated company Handles results, for the year ended 31 December 20X3. (b) Prepare a consolidated statement of financial position as at 31 December 20X3. The group policy is to measure non-controlling interests using method 1.