CORPORATE REPORTING

On 1 June 2012, Augustine bought 60% of Veronica‘s ordinanry shares in the secondary market , paying GHC280,000 cash. The summarized statements of financial position for the two companies as at 31 December 2012 are as follows:
Augustine Veronica
GHC‘000 GHC‘000
Non-current asseets
Property, plant and equipment 276 230
Investments 324
—— —–
600 230
—— ——-
Current assets
Inventory 30 34
Receivables 38 40
Bank and cash 4 –
—— ——-
72 74
—– —–
Total assets 672 304
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Equity
Share capital 228 80
Retained earnings 378 138
——- ——
606 218
Non-current liabilities
8% Debentures 40
Current liabilities
Payables 66 46
—- —–
672 304
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The following information is relevant:
a) The inventory of Veronica includes GHC16,000 of goods purchased from Augustine at cost plus 25% profit mark-up
b) On 1 June 2012, a piece of Vero‘s plant with a carrying value of GHC60,000 had a fair value of GHC96,000. It had a remaining life of 10 years as at this date
c) Vero earned a profit after tax of GHC18,000 in 2012 and did not pay any dividend during the year.
d) The debenture in Vero‘s books represents monies borrowed from Augustine on I June 2012. Augustine has recognized this loan as a non-current investment.
e) Included in Augustine‘s receivable is GHC8,000 relating to inventory sold to Vero since acquisition. Vero raised a cheque for GHC5,000 and sent it to Augustine on 29 December 2012. Augustine did not receive this cheque until 5 January 2013.
f) It is the group‘s policy to value NCIat acquisition using the proportion of net asset method. Goodwill is impaired by GHC10,200 at the reporting date.
Required:
Prepare the consolidated statement of financial position of Augustine group as at 31 December 2012