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| Sahara As newly appointed chief accountant of Sahara, it is your responsibility to prepare a group statement of financial position as at 31 March 20X9. The relevant statements of financial position as at that date are given below.  The following information is also relevant. (a) Sahara acquired 60 million of the ordinary $1 shares of Gobi Limited on 31 March 20X7 at a cost of $89 million. At 31 March 20X7 Gobi had a credit balance on its retained earnings of $9 million. (b) During March 20X9 Gobi sold goods to Sahara for $12 million. On 31 March 20X9 half of these goods remain unsold. Gobi sells goods at a mark up of 25%. (c) On 31 October 20X8, Sahara acquired 25 million of Angel Limited’s $1 ordinary shares at a cost of $57 million. Angel had a retained earnings credit balance of $16 million at this time. (d) The fair values of Gobi and Angel were not materially different from their book values at the time of acquisition, with the following exceptions: (i) Gobi held inventories with a fair value which was $2 million greater than book value. All of these inventories had been sold by 31 March 20X9. (ii) Items of plant and equipment belonging to Gobi have a fair value of $5 million in excess of book value. The items were acquired by Gobi on 1 April 20X6 and are being depreciated over their useful life of five years. No adjustment has been made by Gobi for either of the above items. (e) An impairment test conducted as at 31 March 20X9 indicated that $7.2m of the recognised goodwill relating to the investment in Gobi should be eliminated. No impairment losses were necessary re the investment in Angel. (f) Sahara elected to measure the non-controlling interests in Gobi at fair value at date of acquisition. The directors valued the non-controlling interests at acquisition at $20m.(a) Prepare a consolidated statement of financial position for the Sahara group as at 31 March 20X9. (20 marks) |