The following are the summarized statements of financial position of Elorm Ltd, Mawufemor

Ltd and Yayra Ltd as at 31st December 2018.

Additional information

a)Mawufemor Ltd acquired 75% of the equity shares of Yayra Ltd on 31st December 2012 when the balance on the retained earnings of Yayra stood at GH22 million. There were no other reserves at that date.

b)Elorm Ltd acquired 80% of the ordinary shares of Mawufemor on 31st December 2013 when the retained earnings of Mawufemor Ltd were GH10 million and further acquired 10% of the ordinary shares of Yayra Ltd. The balance on the retained earnings of Yayra on that date was GH30 million. There were no other reserves at that date.

c)The following intra-group balances were outstanding as at 31st December 2018 as a results of intra-group trading:

Elorm Ltd was owed GH8 million by Mawufemor Ltd

Mawufemor Ltd owed Yayra Ltd GH4 million

Yayra Ltd was owed GH2million by Elorm Ltd

d)On 1 January 2017, Elorm granted 200 senior managers options to buy 100,000 shares each between 31 December 2019 and 31 March 2020. The options are due to vest on 31 December 2019 provided the relevant managers remain employed over the three-year vesting period ending on that date. Since 1 January 2017 the expectation of the number of managers for whom the options would vest has varied as follows:

Date Expected number of managers for whom the options will vest

1 January 2017 200

31 December 2017 180

31 December 2018 190

On 1 January 2017, the fair value of one option was estimated to be GH120. The fair value of the same option at 31December 2017 and 2018 was estimated to be GH125 and GH130 respectively. The first year of the vesting period has been correctly accounted for in 2017 financial statements. No other entries since been made.

e)There has been no payment of dividends by either Mawufemor or Yayra since they became subsidiaries.

f)The dividends payable have not yet been recorded in the books of the shareholding companies as dividends receivable.

g)It is the policy of the group to measure NCI as a proportionate share of the net assets of the subsidiary.

Required

Prepare the consolidated statement of financial position for the Elorm Ltd group as at 31st December 2018.