(a) Explain the benefits of consolidated financial statements. (20 marks) (b) The balance sheet as at 31 December 2015 and income statement for the year ended 31 December 2015 for January Plc and February Plc are set out below: Statement of Financial Position as at 31 December 2015 Fixed Assets Property and Plant Equipment Fixtures Investment in February Plc Current assets Debtors Bank Balance Current liabilities Creditors Net Assets Capital and reserves Share capital Reserves Profit for the year January Plc 100,000 40,000 30,000 170,000 140,000 10,000 30,000 40,000 (20,000) 330,000 260,000 40,000 30,000 February Plc 50,000 30,000 20,000 100,000 10,000 15,000 25,000 (10,000) 115,000 1 oo,ooo 10,000 5,000