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Instead of deducting 4000 from each revenue and COS..shouldn’t 5000 have been deducted? Surely the sale was made at 5000 so if I deduct 4000..wouldn’t that make my revenue overstated by 1000?
Please sir Mike need your help!
which chapter, which example?
chapter 10, example 2.
The line before the requirement, ‘During the year Lina sold $4000 worth of goods at a mark up of 25% to Sig…’
Oooops, I had also worked out pup. I have only one question though, Mike, is it allowed if we just ignore inter group sale since they make no difference to arrive at Op profit?
Sure it’s allowed. However!!!!!! You will lose the marks available for cancellation of the intra-group trade! Why would you want to ignore it – it must be one of the easiest bits of all the consolidation adjustments!
OMG the easiest and simpliest way of explaining how to do the statement of changes in equity!
Thanks very much for tis video Sir!
I dont understand, in example 2 in the St. of changes in equity why does NCI reduces Retained Earning. Does it always happens like this?
Thanks in advance
Yes, the full profit for the year goes into Retained Earnings but, of course, the nci want their share of these profits so the transfer from Retained Earnings to nci will reduce Retained Earnings (if the year’s results had shown a loss, the nci would have been charged with their share of that loss)
Hope that helps
I finally understood that the figures in this Statement of Changes in Equity are the same figures that will appear in the Consolidated Statement of Financial Position. Thank you Sir Mike.
I would just like to ask whether it is possible that we will be asked to draw up a Consolidated Statement of Changes in Equity in the context of Question 1. Has this been asked before?
No, Statement of Changes IS in your syllabus, but not for consolidations, so it will NOT appear in question 1 – but probably WILL be in question 2
Mike, whats the trick is? While W3 you have not counted dividends receivables from Sigmantas. Why do we need to count it in, for instance, in Chapter 9 exercises? (Ch. 9 Ex. 1) Thank you.
@biskarre, I got it
very good lecture
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