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AnswersProfessional Level Essentials Module, Paper P2 (UK)Corporate Reporting (United Kingdom)June 2015 Answers1 (a)KutchenConsolidated statement of financial position at 31 March 2015$mAssets:Non-current assetsProperty, plant and equipment (W6)314 00 Goodwill (W2)26 06 Finance lease receivable (W7)71 80 411 86 Current assets (44 + 25 + 64)133 Total assets544 86 Equity and liabilities:Share capital (43 + 20)63 Retained earnings (W4)50 05 Other components of equity (W4)25 4 138 45 Non controlling interest (W5)33 06 Total equity171 51 Non-current liabilities (W8)101 35 Current liabilities (W9)Trade and other payables272 Total current liabilities272 Total liabilities373 35 Total equity and liabilities544 86 Working 1 House$m$mFair value of consideration for 70% interest42 Fair value of non-controlling interest16 3858 38 Fair value of identifiable net assets acquired(48) Goodwill 10 38 Contingent consideration should be valued at fair value and will have to take into account the various milestones set underthe agreement.

Professional Level – Essentials Module, Paper P2 (UK) Corporate Reporting (United Kingdom) June 2015 Answers 1 (a) Kutchen Consolidated statement of financial position at 31 March 2015

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