Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%,

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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.

Posted Date: Nov 08, 2021 11:30 PM

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Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%,

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Journal entry to record the allocation of the subsidiarys retained earnings ... View the full answer

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