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Assignment Scenario 1 Green Co and Blue Co The following are the draft statement of the Financial Position of Green Co and its subsidiary Blue Co as of 31st December 2020 are given below: Green Co Blue Co Assets "RO "RO Non-current assets Property. Plant and Machinery 8$6.500 115.000 Investments Blue Co 225000 Current assets Inventories 30.900 113.400 Trade and other receivables 435,600 211,050 Cash and cash equivalents 90.000 113.175 Total Assets 1.938,000 $52.625 Equity and liabilities Share capital: Ordinary ROI shares 1.000.000 225000 Share premium 125.000 26,125 Retained earnings 168.000 70,000 Non-current liabilities: Bank Loan 127.500 90,000 Current liabilities Trade and other payables $17.500 139.500 Total Equity & Liabilities 1,938,000 552,625 Additional information: Green Co acquired 157,500 shares (70%) in Blue Co on 1 Jan 2020 for a cost of RO 225,000 when the retained earnings of Blue Co were RO 15,000. The fair value of the non-controlling interest in Blue Co at the date of acquisition was RO 60,000 2. At the date of acquisition, the fair value of the net assets of Blue Co approximated their carrying amounts, except for a plot of land owned by Blue Co. This land was held in the financial statements of Blue Co at its cost of RO 25,000 but was estimated to have a fair value of RO35,000. This land is still owned by Blue Co on 31st December 2020. 3. On 31" December 2020 Green Co sold goods to Blue Co for RO 12,000 at a margin of 20% 25% of these goods were still unsold by Blue Co at the end of the year. 4. On 31" December 2020, Green Co's trade receivables include RO 7,500 due from Blue Co, and Blue Co's trade payable include RO 7,500 due to Green Co. Question 1 A. You are required to: Prepare consolidated statement of financial position as of 31" Question 1 A. You are required to: Prepare consolidated statement of financial position as of 31st December 2020 of Green Co. (Provide Reference to IFRS wherever applicable and relevant workings) 10 marks

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