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STATEMENT OF FINACIAL POSITION AS AT 30 JUNE 2018

	X LTD	Y LTD
ASSETS
Noncurrent assets
Property Plant and Equipment	210 000	120 000
Investment 160 000 shares	105 000	0
Fixed deposit	0	85 000
Current assets
Trade and other receivables	25 000	45 000
Bank	75 000	0
TOTAL ASSETS	415 000	250 000
EQUITY AND LIABILITIES
EQUITY
Share capital - ordinary shares @ R0.50	180 000	100 000
Retained earnings	120 000	50 000
LIABILITIES
Noncurrent liabilities
Long term loan	100 000	65 000
Current liabilities
Trade and other payables	15 000	25 000
Bank overdraft	0	10 000
TOTAL EQUITY AND LIABILTIES	415 000	250 000

Additional Information:

X Ltd acquired its interest in Y Ltd on 01 July 2017 when Y Ltds retained earnings were zero. At the date of acquisition assume the carrying amounts of all assets and liabilities of Y Ltd to be equal to the fair value thereof.

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2018

	X LTD	Y LTD
Profit before taxation	120 000	30 000
Taxation	(40 000)	(10 000)
Profit	80 000	20 000

Required:

Prepare the consolidated financial statements for the year 30 June 2018.

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