Q2 lago plc lago plc acquired 80,000 shares in Othello Ltd on the 31st December 2019. At that date the retained profit of
Othello Ltd was £200,000 and the revaluation reserve was £50,000.
The summarised Statements of Financial Position as at the 31st December 2020 are as follows:
OTHELLO
f's
Investment in OTHELLO
Fixed Assets
Net Current Assets
IAGO
f's
315,000
400,000
135,000
850,000
250,000
200,000
450,000
Share Capital (£1 Ord Shares)
Revaluation Reserve
Retained Profits
250,000
100,000
500,000
850,000
100,000
50,000
300,000
450,000
Required:
(a) Prepare a consolidated Statement of Financial Position for lago plc as at the 31st December 2020, showing
full workings ​