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Question - P acquired 60% of the shares in S on 1 January 2007 when the retained earnings of S stood at P6,000. The fair value of the non-controlling interest at the date of acquisition was P30,000.
On 31 December 2010, the Statements of Financial Position of each of the two companies were as follows:
P
S
Current assets
14,000
12,000
Non-current assets
50,000
30,000
Investment in S, at cost
40,000
TOTAL ASSETS
104,000
42,000
Current liabilities
10,000
6,000
Share capital - P1 shares
20,000
Retained earnings
44,000
16,000
TOTAL LIABILITIES AND EQUITY
Required -
Calculate the amount of the goodwill arising on consolidation.
Calculate the non-controlling interest at 31 December 2010.
Calculate the retained earnings for inclusion in the Consolidated Statement of Financial Position as 31 December 2010.
Consolidated Statement of Financial Position at 31 December 2010 for the P group.
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