You are required to prepare consolidated statement of financial position for the year end.

You are provided with the following statement of financial position for Asempa Ltd and Question Four Papaye Ltd as at 31 December 2008 Asempa GHS 000 Non-Current Assets 650.000 Investment Property 400,000 Investments in shares of 400,000 Papaye GHS 000 PPE 140,000 100,000 Papaye 1,450,000 240.000 Net Current Assets Inventory Receivables Cash and Cash equivalent Payables Bank Overdraft 140,000 210,000 440,000 290.000 200,000 (550,000) 0 380,000 1,830,000 (110,000) (40,000) 200.000 Net Assets 440,000 1.400.000 340.000 Stated Capital ord shares@GHSI Retained Earnings 430,000 1,830,000 100,000 440.000 The following information is available: a) Asempa purchased 70% of the issued share capital of Papaye in 2005 when the retained earnings of Papaye were GHS40.000. There has been no impairment of goodwill. b) For the purpose of the acquisition, plant in Papaye with a book value of GHS100,000 was revalued to its fair value of GHS120.000. The revelation was not recorded in the accounts of Papaye. Depreciation is charged at 20% using the straight-line method c) Asempa sells goods to Papaye at a mark-up of 25%. At 31 December 2008, the inventories of Papaye included GHS90,000 of goods purchased from Asempa d) Papaye owes Asempa GHS70,000 for goods purchased and Asempa owes Papaye GHS30,000 e) It is the group policy to value the non-controlling interest at full fair value 1) The market price of the shares of non-controlling shareholders just before the acquisition was GHS1.50 You are provided with the following statement of financial position for Asempa Ltd and Question Four Papaye Ltd as at 31 December 2008 Asempa GHS 000 Non-Current Assets 650.000 Investment Property 400,000 Investments in shares of 400,000 Papaye GHS 000 PPE 140,000 100,000 Papaye 1,450,000 240.000 Net Current Assets Inventory Receivables Cash and Cash equivalent Payables Bank Overdraft 140,000 210,000 440,000 290.000 200,000 (550,000) 0 380,000 1,830,000 (110,000) (40,000) 200.000 Net Assets 440,000 1.400.000 340.000 Stated Capital ord shares@GHSI Retained Earnings 430,000 1,830,000 100,000 440.000 The following information is available: a) Asempa purchased 70% of the issued share capital of Papaye in 2005 when the retained earnings of Papaye were GHS40.000. There has been no impairment of goodwill. b) For the purpose of the acquisition, plant in Papaye with a book value of GHS100,000 was revalued to its fair value of GHS120.000. The revelation was not recorded in the accounts of Papaye. Depreciation is charged at 20% using the straight-line method c) Asempa sells goods to Papaye at a mark-up of 25%. At 31 December 2008, the inventories of Papaye included GHS90,000 of goods purchased from Asempa d) Papaye owes Asempa GHS70,000 for goods purchased and Asempa owes Papaye GHS30,000 e) It is the group policy to value the non-controlling interest at full fair value 1) The market price of the shares of non-controlling shareholders just before the acquisition was GHS1.50