Totnes is a public company with a year end of 31 December 20×6. The company has several subsidiaries.
Adjust the spreadsheet for the three transactions listed below. Then compare your answer to the model answer.
During the year, Totnes purchased an associate for cash and paid a dividend to NCI. The total of both amounts was shown as the purchase of an associate in error. NCI in the opening and closing CSFP was $500m and $600m respectively. The NCI share of PAT was $200m, and the NCI share of TCI was $250m.
A gain on the revaluation of an investment property of $200m has been credited to other components of equity in error.
A new defined benefit pension plan has been incorrectly treated. The draft financial statements show an expense in the profit and loss account of $20m, which represents contributions paid. The service cost was actually $25m. The net interest cost was not material. The remeasurement difference was $8m.