The draft statements of financial position of Atia Ltd and that of Santana Ltd as at 30 June 2019 are as follows:

Additional relevant information:
i) On July 1, 2018, Atia Ltd purchased 21 million shares of Santana Ltd. At this date the retained earnings of Santana Ltd were estimated at GH¢17 million whereas the revaluation surplus was GH¢2 million respectively.
ii) Atia Ltd paid an initial amount of cash of GH¢46 million and agreed to pay the shareholders of Santana Ltd a further GH¢14 million on July 1, 2020. The financial accountant has recorded the full amounts of both elements of the consideration in the investments as shown in the statement of financial position.
iii) Atia Ltd has a cost of capital of 8% per annum.
iv) During the accounting period, Atia Ltd sold goods totaling an amount of GH¢4 million to Santana Ltd at a gross profit margin of 25%. At 30 June 2019, Santana Ltd still had a total of GH¢0.5 million of these goods in inventory. Atia Ltd has a normal margin usually to third party customers at 45%.
v) On the acquisition date, the fair values of Santana Ltd’s net assets were equal to their carrying amounts with the exception of some inventory, which had cost GH¢ 1.5 million but had a fair value of GH¢1.8 million. On 30 June 2019, 10% of these goods remained in the inventories of Santana Ltd.
vi) It is the policy of Atia Ltd to value the non-controlling interest using the fair value method. For this purpose, the value of the non-controlling interest at acquisition date is estimated at GH¢7.5 million.
vii) Impairment test was conducted at the year end and no goodwill impairment occurred.
Required:
Prepare the consolidated statement of financial position of the Atia group as at 30 June 2019.                                     (20 marks)

a) Bantama Ltd acquired six million of Abrepo Ltd’s ordinary shares on 1 April 2016 for an agreed consideration of GH¢25 million. The consideration was settled by a share exchange of five new shares in Bantama Ltd for every three shares acquired in Abrepo Ltd, and a cash payment of GH¢5 million. The cash transaction has been recorded, but the share exchange has not been recorded.

The draft statements of financial position of the two companies as at 30 September 2016 are:

Additional information
i) The fair value of Abrepo Ltd’s land at the date of acquisition was GH¢4 million in excess of its carrying value. Abrepo Ltd’s financial statements contain a note of a contingent asset for an insurance claim of GH¢800,000 relating to some inventory that was damaged by a flood on 5 March 2016. The insurance company is disputing the claim. Bantama Ltd has taken legal advice on the claim and believes that it is highly likely that the insurance company will settle it in full in the near future.
ii) At the date of acquisition Bantama Ltd sold an item of plant that had cost GH¢2 million to Abrepo Ltd for GH¢2.4 million. Bantama Ltd has charged depreciation of GH¢240,000 on this plant since it was acquired.
iii) Bantama Ltd’s current account debit balance of GH¢820,000 with Abrepo Ltd does not agree with the corresponding balance in Abrepo Ltd’s books. Investigations revealed that on 26 September 2016, Bantama Ltd charged Abrepo Ltd GH¢200,000 for its share of central administration costs. Abrepo Ltd has not yet recorded this invoice. Intercompany current accounts are included in accounts receivable or payable as appropriate.
iv) Abrepo Ltd paid a dividend of GH¢400,000 on 30 September 2016. The profit and dividend of Abrepo Ltd are deemed to accrue evenly throughout the year. Abrepo Ltd’s retained earnings of GH¢8.8 million for the year to 30 September 2016 as shown in its statement of financial position is after the deduction of the dividend. Bantama Ltd’s policy is to credit to income only those dividends received from post-acquisition profits. Bantama Ltd has not yet accounted for the dividend from Abrepo Ltd. The cheque has been received but not banked.
v) At the year-end an impairment review was carried out on the consolidated goodwill arising on the acquisition of Abrepo Ltd, and an impairment loss of GH¢595,000 was identified. No adjustment has yet been made for this. It is group policy to value non-controlling interest at acquisition at its proportionate share of the fair value of the subsidiary’s identifiable net assets.
Required:
Prepare the consolidated statement of financial position of Bantama Ltd group as at 30 September 2016.                     (17 marks)

b) IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls.
Required:
Explain and justify how IFRS 10 Consolidated Financial Statements determines elements of control of an investor over investee.
                                                                                                                                                                                           (3 marks)

On 1st April 2014, H Plc. acquired four million of the ordinary shares of S Ltd, paying GH¢4.50 each. At the same time, H Plc also purchased, GH¢500,000 of S Ltd 10% redeemable preference shares. At the acquisition date, the retained earnings of S Ltd were GH¢8,400,000.
Reproduced below are the draft statements of financial positions of the two companies at 31st March 2015:

Extracts from the statement of profit or loss of S Ltd, before intra group adjustments, for the year to 31st March 2015 are:

The following information is relevant.
i) Included in the land and buildings of S Ltd is a large area of development land at cost of GH¢5 million. Its fair value at the date S Ltd was acquired was GH¢7 million and by 31st March 2015 this had risen to GH¢8.5 million. The group valuation policy for development land is that it should be carried at fair value and not depreciated.
ii) Also at the date of acquisition of S Ltd, S Ltd plant and equipment included plant that had a fair value of GH¢4 million in excess of its carrying value. This plant had a remaining life of 5 years. The group calculates depreciation on a straight-line basis. The fair value of the other net assets of S Ltd approximated to their carrying values.
iii) During the year, S Ltd sold goods to H Plc. for GH¢1.8 million. S Ltd adds a 20% mark-up on cost to all its sales. Goods with a transfer price of GH¢450,000 were included in the inventory of H Plc. at 31st March 2015.The balance on the current accounts of the H Plc and S Ltd was GH¢240,000 on 31st March 2015.
iv) An impairment test carried out at 31st March 2015 showed that the consolidated goodwill was impaired by GH¢1,488,000.
v) S Ltd had paid its preference dividends in full and ordinary dividends of GH¢500,000.
Required:
a) Prepare the consolidated statement of financial position of H Plc. as at 31st March 2015.                                          (14 marks)

b) Calculate the non-controlling interest in the adjusted profit of S Ltd for the year to 31st March 2015.                        (3 marks)