High ltd acquired 80% voting rights of medium ltd on 1st January 2010 when the retained earning of High ltd stood at shs. 70M. The following information relates to High ltd and Medium ltd as at 31st December 2011 High ltd Medium ltd Shs "000" Shs. "000" Non-current assets 650,500 450,500 Investment in medium ltd 300,500 - Current Assets Inventory 200,500 170,500 Accounts receivable 270,500 150,000 Cash and cash equivalent 150,500 140,500 Total assets 1,572,500 912,000 Financed by: Ordinary share capital 560,000 160,000 Share premium 240,000 140,000 Revenue reserves 290,000 190,000 Non-current liabilities 10% commercial paper 210,000 220,000 Current liabilities Accounts payable 212,500 152,000 Tax 60,000 50,000 Total liabilities 1,570,000 912,000 Additional information: i) High ltd sold the goods to medium ltd during the year for shs. 80M ii) High ltd marked up the goods at 20% on cost. Half of the goods remained in the closing inventory of high ltd. iii) Medium revalued its non-current assets upwards by sh. 3 million on 1st January, 2010 iv) Goodwill is amortized at the rate of 25% p.

 Required:

a) Cost of control account

(b) Goodwill account 

(c) Group profit and loss account 

(d) Non-controlling interest

Answer rating: 100% (QA)

To calculate the cost of control account goodwill account group profit and loss account and noncontrolling interest we need to analyze the given infor... View the full answer