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Question - Yak Plc acquired 75% of the issued share capital in Zebu Ltd on 1 April 20X0 for £1,200,000. At that date Zebu Ltd had issued share capital of £800,000 and retained earnings of £220,000.
Extracts from the statements of financial position for the two companies one year later at 31 March 20X1 are as follows:
Yak Plc
Zebu Ltd
£000
Assets
Investment in Zebu Ltd
1,200
Non-current assets
820
1,100
Current assets
230
350
Total assets
2,250
1,450
Equity and liabilities
Equity
Share capital (£1 ordinary shares)
800
Retained earnings
550
400
Total equity
1,750
Non-current liabilities
130
80
Current liabilities
370
170
Total liabilities
500
250
Total equity and liabilities
Additional data
The fair value of the non-current assets of Zebu Ltd at 1 April 2010 was £900,000; the carrying amount at that time was £740,000. This revaluation has not been recorded in the books of Zebu Ltd.
Yak Plc has decided non-controlling interest will be valued at their proportionate share of net assets.
Calculate the non-controlling interest to be included in the consolidated statement of financial position as at 31 March 20X1.
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