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mr mike when your were working out the Nci calculations of 20% you simply said its 791200 who did you get it even for 45% you said its 676000 how did you get it too
When should we do bf calculation i think only if examiner required SOCIETY
Is there anywhere where all the workings are listed and when they are relevant? Just wanted to check before I go through the notes to try and pick them out.
I was of the of the opinion that we would need to add the $84k retained earning profit for the year to the $820k but you treated it otherwise. Please could you shed more light on this. Thanks. Regards . David
@oladimeji01, Hi david
Which question ( please don’t make me listen to the lecture! )
@oladimeji01, $84k RE for the year is already included in RE of $820k..ok, let me put it this way..what’s the sequence of preparing conso. Fin Statements? it will be CS of Comprehensive income, CS of Fin Position, CS of CIE..so there you go..i hope this helps..
@mizanm, David, you’re given the retained earnings figure to CARRY FORWARD. That’s 820. But included within that figure is this year’s profits so, when calculating retained earnings brought forward ( or even when calculating retained earnings at date of a mid-year acquisition ) we need to deduct “this year’s retained earnings” from the carry forward position to get back to the brought forward position.
If it’s a mid-year acquisition, we need then to time apportion the 84
Thanks for the great lecture. We hence need to do the b/f workings ONLY if we are required to prepare SOCIETY? Otherwise no need? I’m right?
@premajhurry, That seems a pretty good summary to me!
Thanks for another great lecture Mike!
what if , NCI portion in goodwill is not given ( as in DEC 2011 exam Question 1)
@affera, I believe then NCI is calculated on the proportional basis i.e. no NCI goodwill. Please correct me if I’m mistaken!
In the exams, should we time apporttion all consolidation?
@dbm1, yes yes yes
and some times this is very confusing
@lahorianscorpio, dbm1 you should time apportion if it’s a mid year acquisition. If you mean “Should I time allocate within the consolidation question?” then again, yes. You should allocate your time for ALL PARTS of EVERY QUESTION!
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