Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › BPP Revision Kit Qn255 – Non Controlling Interest
- This topic has 3 replies, 2 voices, and was last updated 2 years ago by
P2-D2.
- AuthorPosts
- May 22, 2022 at 12:57 pm #656180
Dear Tutors,
How do we know if finance cost from the loan note had not been included in the 1.3mio profit of Dorset Co? Thanks!
”
Brigham Co has owned 70% of Dorset Co for many years. It also holds a $5 million 8% loan note from Dorset Co. One of Dorset Co’s non-current assets has suffered on impairment of S50.000 during the year. There is a balance in the revaluation surplus of Dorset Co of S30,000 in respect of this osset. The impairment loss has not yet been recorded. The entity financial statements of Dorset Co show a profit for the year of $1.3 million.
What is the amount attributable to the non-controlling interests in the consolidated statement of profit or loss? ”
May 30, 2022 at 4:15 pm #656859Hi,
Interest is recorded on an accruals basis and so we would have to assume it has been recorded unless told otherwise.
Thanks
July 30, 2022 at 1:23 pm #662164Thank you so much, passed my FR exam!
July 31, 2022 at 10:35 am #662213Congratulations, Edgar! So pleased to hear of your success and best of luck with the next series of exams.
Thanks
- AuthorPosts
- You must be logged in to reply to this topic.