QUESTION 1: (50 MARKS) PART A: (44 MARKS) You are the Group Financial Reporter at Port Louis Ltd, an investment holding company, which has investments in shares in St. Croix Ltd, and St. Martin Ltd. You are given the following draft statements of financial position as at 31 July 2019 to consolidate: ASSETS Non-current assets Port Louis St. Croix St. Martin MUR MUR Notes million million MUR million Property, plant and equipment Investment - St. Croix Investment - St. Martin Current assets TOTAL ASSETS 1,230 505 256 640 160 100 630 290 194 2,660 895 450 EQUITY AND LIABILITIES EQUITY Share capital at MUR1 each 1,500 500 200 Share premium 300 100 50 Revaluation surplus 70 Retained earnings 625 200 60 TOTAL EQUITY 2,425 800 380 LIABILITIES Liabilities 235 95 70 Total liabilities 235 95 70 TOTAL EQUITY AND LIABILITIES 2,660 895 450