Group Account: Practice Question1 - NCI At Fair Value, Revaluation Surplus And Post-Acquisition Retained Earnings

Father Plc acquired 70% controlling power in the equity of Student Ltd 3 years ago when the reserves of the latter were N60million. The respective statements of financial position of the two entities as at 31^st December, 20v6 are as follows

The following additional information is relevant

1.    The fair value of the non-controlling interest is estimated to be N121million

2.    An item of non – depreciable asset had a fair value of N16million higher than its book carrying amount in the records of Son Ltd, but no adjustment has been made in the books.

Required

Prepare the consolidated statement of financial position