Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%,
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Question:
Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%, and INCI of 15%. The following summarised financial information of the subsidiary is provided to Sheeran Ltd :
Retained earnings at DOA | 130,000 |
Retained earnings at 1/7/2020 | 280,000 |
Current period profit for year ended 30/6/2021 | 74,000 |
Required:
Based on the financial information you have available, prepare the journal entries to record the allocation to NCI upon consolidation of the Sheeran Group on 30 June, 2021.
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Journal entry to record the allocation of the subsidiarys retained earnings ... View the full answer
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