P acquired 80% of the capital of S on 1 January 2021. At the year end...
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P acquired 80% of the capital of S on 1 January 2021. At the year end 31 December 2021 the two companies have the following statements of financial position: Investment in S Other assets Share capital Share premium - Retained earnings 1 January 2021 Profit for year 2021 P $ 4,000 8,000 6,000 500 4,000 2,000 12,000 6,000 12,000 S SEA $ 4,000 4,000 1,000 1,500 1,000 2,500 4,000 Notes 1. 2. Non-controlling interest is valued at fair value on acquisition, which was $1,000 on 1 January 2021. There has been no change in S's share capital during the year. Required: Prepare the consolidated statement of financial position of the P group as at 31 December 2021. P acquired 80% of the capital of S on 1 January 2021. At the year end 31 December 2021 the two companies have the following statements of financial position: Investment in S Other assets Share capital Share premium - Retained earnings 1 January 2021 Profit for year 2021 P $ 4,000 8,000 6,000 500 4,000 2,000 12,000 6,000 12,000 S SEA $ 4,000 4,000 1,000 1,500 1,000 2,500 4,000 Notes 1. 2. Non-controlling interest is valued at fair value on acquisition, which was $1,000 on 1 January 2021. There has been no change in S's share capital during the year. Required: Prepare the consolidated statement of financial position of the P group as at 31 December 2021.
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Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
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