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Question - Montego Limited bought 30% of the Ordinary shares in Negril Limited on 1 April 2018 at a price of $3.10 per share. The share capital of Negril Limited was 800,000 $1 shares.
For the year ended 31 December 2018 Negril Limited made a net profit of $1,600,000. You make assume that profit accrued evenly throughout the year. At year end the directors of Montego Limited determined that the investment in Negril Limited was impaired by 10% of its initial cost.
REQUIRED -
(1) What is the relationship between both companies and explain why this is so?
(2) Explain the equity method of accounting.
(3) Using the equity method of accounting calculate, the value at which Negril Limited should be reported in the consolidated statement of financial position, for the Montego Limited Group.
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