Q3

 On 1 January 2007 Atlas enterprise acquired a 75% share in Chase enterprise. Chase has not issued any additional ordinary shares since the acquisition by Atlas. The draft statements of financial position of Atlas and Chase as at 30 September 2012 are as follows: Atlas 000 ASSETS Non-current assets Intangible assets Tangible assets Investment in Chase Current assets Inventory Trade receivables Bank TOTAL ASSETS EQUITY AND LIABILITIES Equity Ordinary shares 1 Ordinary shares 25p Share premium account Retained earnings Liabilities Non-current liabilities Debentures Current liabilities TOTAL EQUITY AND LIABILITIES Chase 000

122 8,110 1,775 10,007 780 432 28 1,240 11,247

32 4,112 4,144 78 112 5 195 4,339

6,120 700 1,017 7,837 2,250 1,160 11,247 2,520 107 37 2,664 1,500 175 4,339

(Note that figures in the above table are in 000s - thousands)

The following information is also available: 1.  The fair value of all assets and liabilities at the acquisition date was equal to book value. 2. The retained earnings of Chase at the acquisition date were 5,000.

Required:  Prepare the Consolidated Statement of Financial Position (Consolidated Balance Sheet) for the Atlas group as at 30 September 2012. (16 marks)

5FA1212