b) Heights Ltd acquired all the shares in Salitex Ltd on the


b) Heights Ltd acquired all the shares in Salitex Ltd on the 31st December 2014 at a cost of UGX

100,000,000. The information below provides the statements of Financial Position for both

companies on the 31st December 2014.

Statement of financial position as at 31st Dec.2014.

Heights Ltd (UGX ‘000’)                               Salitex Ltd (UGX ‘000’)

Non-current assets                              120,000                                                           80,000

Current assets

Cash                            180,000                                                           80,000

Accts receivable          40,000             220,000                                   30,000            110,000

Total Assets                                        340,000                                                          190,000


Ordinary share capital                         280,000                                                           100,000

Profit & loss                                        30,000                                                             ——-

Current liabilities                                30,000                                                            90,000

340,000                                                           190,000

Required: With reference to IFRS 3

i) Update the balance sheets for Heights Ltd and Salitex Ltd (15 Marks)

ii) Prepare the consolidated Balance sheet for the group. (10 Marks)

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