P Ltd acquired its 100% interest in E Ltd for cash consideration of $100,000 in January 20X1.

P Ltd acquired its 100% interest in F Ltd for cash consideration of $230,000 in February 20X2 when F Ltd's net assets at fair value were represented by share capital of $100,000 and retained profit of $130,000.

P Ltd acquired its 100% interest in G Ltd for cash consideration of $250,000 in March 20X5 when G Ltd's net assets at fair value were represented by share capital of $100,000 and retained profit of $100,000.

There has been no goodwill impairment.

On 1 January 20X8, P Ltd sold (i) all its shareholding in E Ltd for cash consideration of $450,000,

(ii) 90,000 of F Ltd's shares for cash consideration of $400,000, and

(iii) 40,000 of G Ltd' shares for cash consideration of $120,000.

The fair value of the remaining 10,000 shares in F Ltd (accounted as FVOCI investments is $35,000 and $38,000 on 1 January and 31 December 20x8 respectively).

(a) Statement of financial position as at 31 December 20X8

P Ltd E Ltd F Ltd G Ltd

$'000 $'000 $'000 $'000

Investment in AFS, at fair value 10,000 shares in F Ltd 38 - - -

Investment in subsidiary, at cost 60,000 shares in G Ltd 150 - - -

Other assets 1,010 800 700 600

1,198 800 700 600

Share capital 400 100 100 100

Fair value reserve 15 - - -

Retained profits 550 420 280 190

Liabilities 233 280 320 310

1,198 800 700 600

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