Statement of Financial Position as at 31 December 2023 Bantu Muntu People P P P ASSETS Non-current assets Property, plant and equipment at cost 240,000 135,000 75,000 Depreciation 150,000 52,500 15,750 Investment in Muntu 90,000 Investment in People 30,000 Current assets Inventory 105,000 45,000 27,000 Trade receivables 98,250 52,500 27,000 Current account- Muntu 11,250 Current account – People 2,250 Bank 17,250 5,250 4,500 Total current assets 234,000 102,750 58,500 Total assets 444,000 185,250 117,750 EQUITY AND LIABILITIES P1 ordinary shares 187,500 45,000 37,500 General reserve 22,500 15,000 9,000 Retained earnings 112,500 90,000 37,500 322,500 150,000 84,000 Current liabilities Trade payables 99,000 18,750 25,500 Taxation payable 22,500 5,250 6,000 Q P - A S R - 0 0 1 | R e v 0 0 1 E f f D a t e : 0 9 - 0 8 - 2 0 2 3 Page 3 of 3 Current account – Bantu 11,520 2,250 Total equity and liabilities 444,000 185,250 117,750 Statements of comprehensive income for the year ended 31 December 2023 Bantu Muntu People P P P Revenue 225,000 120,000 75,000 Cost of sales 67,500 60,000 30,000 Gross profit 157,500 60,000 45,000 Expenses 70,500 37,500 30,000 Dividends received 7,500 0 7,500 Profit before tax 94,500 22,500 22,500 Taxation 22,500 5,250 2.250 Profit for the year 72,000 17,250 16,500 Dividends paid in year 30,000 7,500 6,000 Additional Information i) Bantu acquired 80% of the shares in Muntu on 1 January 2021 when the balance on the retained earnings of Muntu was P45,000 and the balance on the general reserve of Muntu was P12,000. ii) The fair value of the non-controlling interest in Muntu on 1 January 2021 was P21,000. Group policy is to measure non-controlling interests using Method 2. Bantu also acquired 25% of the shares in People on 1 January 2022 when the balance on People’s retained earnings was P22,500 and the general reserve P6,000. iii) During the year Bantu sold Muntu goods for P12,000, which included a markup of one-third. 90% of these goods were still in inventory at the end of the year. Required: (a