It is now the end of the year 2019. You extract data from Parent ERP system and pool together information from which you prepare the draft Statement of Financial Position of Parent company.

	(RS)
Assets:
Non- Current Assets
Premises	534000
Tools	270400
Computers	301600
Investments in Subsidiary S	714000
	1820000
Current Assets:
Cash	83200
Accounts Receivables	416000
Inventory	384800
	884000
Total Assets	2704000
Equity and Liabilities
Share Capital (1 per share)	1560000
Retained Earnings	374400
Reserves	41600
Long term Bonds	395200
Accounts Payables	332800
Total Equity and Liabilities	2704000

You gather that it was on 1^st January 2019, that Parent P acquired 510000 share of subsidiary S 714000. At this point of time, the market price of subsidiary S shares had been 1.4 per share and the retained earnings of subsidiary S had been 50000. At the acquisition date the value of subsidiary S premises was 20000 greater than its net book value. Your perusal of the General ledger of Parent P, revealed that during the year 2019, subsidiary S sold goods to Parent P for 60000 at a markup of 20%. However, 40% of the goods sold by subsidiary S are still unsold by Parent P at the end of year.

You contact and also receive the draft financials of Subsidiary S from their Accountant.

	(RS)
Assets:
Non- Current Assets
Premises	322400
Tools	124800
Computers	124800
	572000
Current Assets:
Cash	20800
Accounts Receivables	208000
Inventory	384800
	613600
Total Assets	1185600
Equity and Liabilities
Share Capital (1 per share)	728000
Retained Earnings	218400
Reserves	62400
Long term Bonds	6240
Accounts Payables	114400
Total Equity and Liabilities	1185600

You set out to prepare the Group Consolidated Financial Statements in compliance with IFRS 10 for submission to the Capital Market Authority.