Mike plc acquired a 70% stake in Kimberly plc on 1/1/20X0 and gained
control. The financial statements of the two companies at this date are as below:

mike plc	Kimberly plc
Presence
fixed assets
Property, facilities and equipment	230	130
Investing in the Ball	170
current assets	90	80
Total assets	490	210

6

Equity and Responsibility
Capital and reserves
Capital	250	110
Share premium	30
Retained earnings	120	10
current liabilities	120	60
Total equity and liabilities	490	210

The fair value of property, plant and equipment in Kimberly at 1/1/20X0 was £155,000. On fair
1/1/20X0 the non-controlling interest in Kimberly was valued at £60,000. The ' method should be used to measure the fair value
non-controlling interests.
Required:
Prepare a consolidated statement of financial position for the Mike group as of 1 January 20X0

Answer rating: 100% (QA)

Calculations Assets Presence fixed assets Property facilities and equipment Mike plc 230000 Kimberly ... View the full answer