Base plc acquired 60% of the common shares of Ball plc on 1 January 20X0 and gained
Question:
Note:
The fair value of the property, plant and equipment in Ball at 1/1/20X0 was £120,000. The fair value of the non-controlling interest in Ball at 1/1/20X0 was £55,000. The fair value method should be used to measure the non-controlling interest.
Required:
Prepare a consolidated statement of financial position for Base as at 1 January20X0.
Base £000 Ball ASSETS Non-current assets Property, plant and equipment Investment in Ball Current assets Total assets 250 90 100 440 100 70 170 EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Retained earnings 80 20 10 l10 60 170 200 160 360 80 440 Current liabilities Total equity and liabilities
Step by Step Answer:
Statement of financial position as at January 20X0 ASSETS 000 Noncurrent asset...View the full answer
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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It is the equity interest of outside investors other than of parent. In other words it is the equity in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interest should be presented in the consolidated statement of financial position within equity, separately from the parent shareholders\' equity.
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