FREE Trial

H plc is a holding company with a 80% interest in its subsidiary S plc. The following is an...

This problem has been solved!
Do you need an answer to a question different from the above? Ask your question!

Question:

Transcribed Image Text:

H plc is a holding company with a 80% interest in its subsidiary S plc. The following is an extract from the Statements of Financial Position of the two companies as at the end of their most recent financial year: Ordinary shares of £1 Retained earnings H plc £m 24 11 S plc £m 26 48 H plc acquired its interest in S plc for £38m when S plc's retained earnings were £15m and the fair value of the non-controlling interest in S plc was £12m. Calculate the amount for non-controlling interest that would be reported in H plc's consolidated balance sheet at the end of its most recent financial year. Enter your answer as £m correct to 1 decimal place.

Expert Answer:

Answer rating: 100% (QA)

To calculate the non controlling interest NCI in H plc s consolidated balance sheet we need to deter View the full answer


answer-question
Related Book For  answer-question
International Financial Reporting A Practical Guide

International Financial Reporting A Practical Guide

ISBN: 978-1292200743

6th edition

Authors: Alan Melville

See More Books
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Posted Date: January 04, 2023 02:39:46
See More Questions

Related Video

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.

Students also viewed these accounting questions

Q:
The following information is extracted from the statements of financial position of WestJet Airlines All amounts are in thousands of Canadian dollars Net earnings for the year ended December 31 2015...
A:
Answer In the books of Westjet Airlines Ltd Journal entries Extract 1 Share capital Dr 22324133 70 L......
Q:
The following is an extract from the Financial Reporting Review Panel website relating to the Wiggins Group showing the restated financial results. Revenue recognition The 1999 accounts contained an...
A:
i FRRP membership The chairman of the panel is Richard Sykes QC and the deputy chairman is Matthew Patient CBE There are currently 15 other panel members drawn from a broad spectrum of commerce and th......
Q:
The following is an extract from Accountancy Age, 25 January 2001. A powerful and shadowy group of senior partners from the seven largest firms has emerged to move closer to edging control of...
A:
There is no unique answer it may be approached in a number of ways Some of them are the following i......
Q:
In 2010 Casey made a taxable gift of $7.3 million to both Stephanie and Linda (a total of $14.6 million in taxable gifts). Required: Calculate the amount of gift tax due this year and Caseys unused...
A:
Requirement A Gift tax 0 Requirement B Gift tax 228 000 Requirement B Gift tax 0 Step by step explanation Requirement A Since Casey is not married during the year 2010 Casey would be applicable for th......
Q:
List at least 10 ambiguous words that should not be used in framing questions.
A:
Some ambiguous words include Usuall......
Q:
Indicate whether each of the following transactions would increase (+), decrease(??), or not affect (N/A) total assets, total liabilities, and total stockholders??equity. Stockholders' Transaction...
A:
Transaction Total Assets Total Liabilities Total Stoc......
Q:
Match each of the key terms above to the definition that best fits it. Recursive foreign key ____ A named, two-dimensional table of data. Each relation consists of a set of named columns and an...
A:
Here are the matched key terms with their definitions Relation A named two dimensional table of data Each relation consists of a set of named columns......
Q:
Would a court be likely to give Chevron deference to the SECs interpretation of the law on insider trading? Why or why not? Assume that the Securities and Exchange Commission (SEC) has a rule that it...
A:
The SEC will probably not get Chevron deferen......
Q:
Explain Cultural Identity Theory. write a response reviewing the major concepts, elements, strengths, and weaknesses of the theory, and explain how it integrates into what you know about a specific...
A:
Cultural Identity Theory is a framework that seeks to understand how individuals construct and negotiate their sense of identity within the context of culture ethnicity and social influences It delves......
Q:
Vijay, Vikram and Vinay started a limited liability company with a total share capital of Rs 60,000 as equal shareholders. Initially, they contributed capital as follows: Vijay, Rs 20,000; Vikram Rs...
A:
The current total equity in the company is the difference between its assets and liabilities Total E......
Q:
A skater glides to the right (positive direction) in a routine. Which of following is true about the skaters horizontal motion during the glide, ignoring the effects of ice friction and air...
A:
Correct Answer is Option d the skaters velocity remains constant Force is neccessary to change the s......
Q:
Listed below are the transactions or Yasunari Kawabata, D.D.S., for the month of September. record depreciation using 5 year life on the eqipment, the straight line method and no salvage value Sept....
A:
Let s record the transactions and calculate depreciation for Yasunari Kawabata D D S for the month o......
Q:
Jonathan gets paid an annual gross salary of $72,000 at his job. He spends $4,000 a year due to a medical condition. Assuming he used an FSA account to pay his bills, answer the following (remember,...
A:
To calculate Jonathan s funds available for medical bills paid post tax and pre tax as well as the t......
Q:
Answer the question related to non-verbal communication below: The eyebrow flash is seen in cultures around the world. Reflect on your own use of this gesture. Do you use it? If so, when do you use...
A:
The eyebrow flash is a universal non verbal communication gesture used to convey various meanings in......
Q:
A recently listed technology company VERY BIG DATA LTD has stated balance sheet shareholder funds of $235m following a $200m capital raising through a placement of 250 million new ordinary shares at...
A:
To calculate the enterprise value EV of VERY BIG DATA LTD you can use t......
Q:
A firm is solely financed by equity with market value of $50,000 and cost of equity of 10%. It wishes to raise another $30,000 via corporate bonds with cost of debt of 5% and use all of it to buy...
A:
Click to View...
Q:
Best Answer 1 Prepare the journal entry to record the issuance of the bonds on July 1 2010 Present Value of the face value of the bonds 496969 Present Value of the payments 50000 419192 496969 419192...
A:
Click to View...
Q:
The production budget of Artest Company calls for 80,000 units to be produced. If it takes 30 minutes to make one unit and the direct labor rate is $16 per hour, what is the total budgeted direct...
A:
Answer Labour Cost Per Hour 16 Labour Cost Per Uni......
Put Your Data To Work 52 Tips And Techniques For Effectively Managing Your Database 1st Edition - ISBN: 0880343079 - Free Book