Gromit plc purchased 90% of the ordinary share capital of Jamboree plc for a pri...
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Statements of financial position at 31 December 20X0
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Amounts in £
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Gromit plc
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Jamboree plc
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Assets:
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Cash
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200,000
|
120,000
|
Inventories
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500,000
|
230,000
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Shares in Jamboree plc (at cost)
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1,300,000
|
-
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Properties
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2,200,000
|
850,000
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Total Assets
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4,200,000
|
1,200,000
|
Liabilities:
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Payables
|
250,000
|
300,000
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Shareholders’ Equity:
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Share Capital
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50,000
|
100,000
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Retained Earnings
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3,900,000
|
800,000
|
Total Liabilities and Equity
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4,200,000
|
1,200,000
|
At the date of acquisition, the fair value of Jamboree plc’s inventories was £270,000, the fair value of Jamboree plc’s properties was £840,000 and the fair value of the non-controlling interest was £115,000.
Using the share of acquiree’s net assets method to account for the non-controlling interest in Jamboree plc, calculate the reported on Gromit plc’s consolidated statement of financial position at 31 December 20X0.
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