The following statements of financial position are in
respect of Rice Plc and Beans Plc as at 31st December, 20v2 respectively.
Additional information
i.
Rice
Plc acquired 70% controlling power in the equity of Beans Plc on 1st
January, 20v0 when the latter’s retained earnings stood at N150,000,000.00
ii.
Rice
Plc has a policy of reporting non-controlling interest at fair value. At 31st
December, 20v2, non-controlling interest had a fair value of N202,200,000.00
iii.
Beans
Plc has an item of non-depreciable Property, Plant & Equipment that had a
fair value of N65,000,000.00 in excess of its carrying value as at 31st
December, 20v2
iv.
Rice
Plc paid the sum of N350,000,000.00 to acquire its holding in Beans Plc on 1st
January, 20v0
v.
A
sum of N72,000,000.00 is owed to Rice Plc by Beans Plc
Required
Prepare the statement of financial position of Rice Plc
Group as at 31st December, 20v2
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