You are provided with the following statements of financial position for College Ltd and School Ltd as

at $31$ December $2019.$

Non$-$Current Assets

College School

P P

PPE $650,000140,000$

Investment Property $400,000100,000$

Investment in shares in School $400,000.........$

total $1,450,000240000$

Net Current Assets

Inventory at cost $440,000140,000$

Receivables $290,000210,000$

Cash and cash equivalents $200,000-$

Payables $(550,000)(110,000)$

Bank overdraft $0(40,000)$

$380,000200,000$

Net Assets $1,830,000440,000$

Stated Capital $($ordinary shares issued at P$1\mathrm{.}00$ each$)$

$1,400,000340,000$

Income surplus $430,000100,000$

$1,830,000440,000$

The following information is also available:

a$)$ College purchased $70\%$ of the issued ordinary share capital of School in $2015$ when the income

surplus of School were P$40,000.$ There has been no impairment of goodwill.

b$)$ For the purpose of the acquisition, plant in School with book value of P$100,000$ was revalued

to its fair value of P$120,000.$ The revaluation was not recorded on the accounts of the school

c$)$ College sells goods to School at a margin of $20\%.$ At $31$ December $2019,$ the inventories of

School included P$90,000$ of goods purchased from College.

d$)$ School owes College P$70,000$ for goods purchased and College owes School P$30,000.$

e$)$ It is the group$$s policy to value the non$-$controlling interest at full fair value.

f$)$ The market price of the shares of non$-$controlling shareholders just before the acquisition was

P$1\mathrm{.}50.$

Required

a$.$ Prepare the consolidated statement of financial position of College as at $31$ December $2019.$

$(15$ marks$)$