The statements of financial position of Mars plc and Jupiter plc at 31 December 20X2 are as…

The statements of financial position of Mars plc and Jupiter plc at 31 December 20X2 are as follows:

Mars acquired 80% of the shares in Jupiter on 1 January 20X0 when Jupiter’s retained earnings were £80,000 and the balance on Jupiter’s general reserve was £18,000. Non-controlling interests are measured using Method 1. During the year Mars sold Jupiter goods for £18,000 which represented cost plus 50%. Half of these goods were still in stock at the end of the year.

During the year Mars and Jupiter paid dividends of £180,000 and £11,250 respectively. The opening balances of retained earnings for the two companies were £156,000 and £114,750 respectively

Required:

Prepare a consolidated statement of income for the year ended 31/12/20X2, a statement of financial position as at that date, and a consolidated statement of changes in equity. Also prepare the retained earnings columns of the consolidated statement of changes in equity for the year.

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