B407F Week 5 Tutorial worksheet

B407F Week 5 Tutorial worksheet - B407F Week 5 Tutorial...

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1 B407F Week 5 Tutorial Solution -Consolidated Financial Statements (II) Worksheet Consolidated journal entries: Debit ($000) Credit ($000) Share Capital Revaluation reserves Pre-acq profit Goodwill Investment in E Limited NCI (W1 – Elimination of investment in E Limited) Revaluation reserves Retained profits NCI (W2 – Allocation of post-acquisition reserves and earnings to NCI) Debenture Investment in debentures (W3 – Elimination of investment in debenture in E Limited) Amount due to D Ltd Cash in transit Amount due from E Ltd (W4 – Elimination of inter-company accounts) Consolidation worksheet D Ltd. E Ltd. Debit Credit Consolidation $000 $000 $000 $000 $000 Goodwill arising on consolidation Land 204 140 Investment in E Ltd – 8,000 shares 100 – debentures 20 Amount due from E Ltd 100 Current assets 140 180 564 320 Financed by: Ordinary shares @$2 200 20 Share premium 14 Revaluation reserves 40 Retained profits 240 80 NCI
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Debentures - 30 Current liabilities 110 80 Amount due to D Ltd ___ 70 564 320 D Ltd and its subsidiary Consolidated statement of financial position as at 31 December Year 4 $000 $000 Goodwill arising on consolidation Land Total non current assets Current assets Total assets Financed by: Ordinary shares @$2 Share premium Revaluation reserves Retained profits NCI Total equity Debentures Accounts payables Total equity and liabilities Consolidation adjustments: Debit Credit $’000 $’000 Goodwill on consolidation Share capital Freehold property Retained profits – as at 1 January Year 1 Investment in Bangle NCI (W1-Elimination of investment in Bangle) Statement of income NCI (90 x 10%) (W2-Current income to NCI)
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B407F Week 5 Tutorial worksheet - B407F Week 5 Tutorial...

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