Heights Ltd acquired all the shares in Salitex Ltd on the 31st December 2014 at a cost of UGX 100,000,000. The information below provides the statements of Financial Position for both companies on the 31st December 2014.

Non-current assets Current assets

Cash Accts receivable Total Assets

Heights Ltd (UGX '000') 120,000

Salitex Ltd (UGX '000') 80,000

Statement of financial position as at 31st Dec.2014.

180,000 40,000

220,000 340,000

80,000 30,000

110,000 190,000

100,000 -------

90,000 190,000

(15 Marks) (10 Marks)

SHARE CAPITAL &LIABILITIES.

Ordinary share capital 280,000 Profit & loss 30,000 Current liabilities 30,000

340,000

Required: With reference to IFRS 3

i) Update the balance sheets for Heights Ltd and Salitex Ltd

ii) Prepare the consolidated Balance sheet for the group.

Answer rating: 100% (QA)

i Update the Balance Sheets for Heights Ltd and Salitex Ltd Heights Ltd Noncurrent assets 180000 Cur... View the full answer