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Explain how Ochi Limited should be treated

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Reference no: EM132930426

Question - Portland Limited bought 30% of the Ordinary shares in Ochi Limited on 1 April 2019 at a price of $4.90 per share. The share capital of Negril Limited was $24,000,000 of $4 each. For the year ended 31 December 2018 Negril Limited made a net profit of $1,600,000. You may assume that profit accrued evenly throughout the year. At year end the directors of Montego Limited determined that the investment in Portland Limited was impaired by 20 % of its initial cost. Explain how Ochi Limited should be treated in the consolidated accounts?

Reference no: EM132930426

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