Question $3(25$ marks$)$

The statement of financial positions for Pee Ltd and Bee Ltd as at $31$ December $2023$ are as follows:

$$

Pee Ltd

Bee Ltd

$$

N$ $000$

N$ $000$

Assets

$$

$$

Property Plant & Equipment

$290,000$

$222,000$

Investment$$

$160,000$

$$

Current Assets

$100,000$

$80,000$

$$

$550,000$

$302,000$

Equity &Liabilities

$$

$$

Ordinary share capital $($$$1/$share$)$

$200,000$

$100,000$

Retained earnings

$250,000$

$122,000$

Long term loans$$

$60,000$

$50,000$

Current Liabilities$$

$40,000$

$30,000$

$$

$550,000$

$302,000$

$$

Additional Information:

Pee acquired $30\%$ of Bee on $31$ December $2018$ for N$$90,000,000.$ At this time the reserves of Bee stood at N$$76,000,000.$ A further $30\%$ of shares in Bee was acquired by Pee five years later for N$$70,000,000.$ On this date, the fair value of the existing holding in Bee was $$105,000,000.$ Bee$$s reserves were $$100,000,000$ on the second acquisition date.

$$

Required:

Prepare the Consolidated Statement of Financial Position on the Pee Group at $31$ December$2023,$ assuming that it is a group policy to value the NCI using the proportion of net asset method $(25$ marks$)$