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1. As at the acquisition date fair values of Mateso Ltd assets were equal to their carrying amount except for an item of plant, which had a fair value of sh, 1 million in excess of the carrying amount. The plant had a remaining useful life of 5 years as at the acquisition date. 2. Sales of Mateso Ltd to Uchumi Ltd in the post acquisition period amounted to sh.4 million. Matusi Itd made mark up of 40%. Sh,1.4 million of these goods at cost were still included in inventory by closing date. Mateso Ltd trade receivables include sh,400,000 due from Uchumi Ltd which did not agree with the corresponding payables. This was due to cash paid from Uchumi Ltd not yet received by Mateso Itd. 3. Uchumi Ltd has A policy of accounting for any non controlling interest at fair value. Fair value of goodwill attributable to non controlling interest in Mateso Itd was sh.1.2 million. Required: Consolidated financial statements. 1. As at the acquisition date fair values of Mateso Ltd assets were equal to their carrying amount except for an item of plant, which had a fair value of sh, 1 million in excess of the carrying amount. The plant had a remaining useful life of 5 years as at the acquisition date. 2. Sales of Mateso Ltd to Uchumi Ltd in the post acquisition period amounted to sh.4 million. Matusi Itd made mark up of 40%. Sh,1.4 million of these goods at cost were still included in inventory by closing date. Mateso Ltd trade receivables include sh,400,000 due from Uchumi Ltd which did not agree with the corresponding payables. This was due to cash paid from Uchumi Ltd not yet received by Mateso Itd. 3. Uchumi Ltd has A policy of accounting for any non controlling interest at fair value. Fair value of goodwill attributable to non controlling interest in Mateso Itd was sh.1.2 million. Required: Consolidated financial statements

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