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BPP Revision Kit Qn255 – Non Controlling Interest

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 weeks ago by P2-D2.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • May 22, 2022 at 12:57 pm #656180
    poebee25
    • Topics: 1
    • Replies: 1
    • ☆

    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 #656859
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6165
    • ☆☆☆☆☆

    Hi,

    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 #662164
    poebee25
    • Topics: 1
    • Replies: 1
    • ☆

    Thank you so much, passed my FR exam!

    July 31, 2022 at 10:35 am #662213
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6165
    • ☆☆☆☆☆

    Congratulations, Edgar! So pleased to hear of your success and best of luck with the next series of exams.

    Thanks

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