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What is the share of nci profit of perry ltd for the year

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Reference no: EM132994538

Larry Ltd owns 80% of the issued capital of Perry Ltd. During the period ended 30 June 2021, the operating profit of Perry Ltd is $400,000.

During the year, the following information was provided:

  • Perry Ltd sold inventory to Larry Ltd at $20,000. The inventory originally cost Perry Ltd $12,000. By 30 June 2021, all these inventories were sold to external parties.
  • Perry Ltd paid a management fees of $9,000 to Larry Ltd.
  • Perry Ltd paid a dividend of $15,000 on 25 June 2021.

Problem 1: What is the share of NCI's profit of Perry Ltd for the year ended 30 June 2021?

Reference no: EM132994538

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