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

SHARE CAPITAL &LIABILITIES.

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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