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Calculations upon disposal of a subsidiary

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Calculations upon disposal of a subsidiary

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.
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  • Author
    Posts
  • October 27, 2020 at 5:41 am #593216
    sartersanbor
    Member
    • Topics: 5
    • Replies: 5
    • ☆

    Dear Sir/Madam,

    I cannot understand the workings laid out in the solution to the following activity. How did they arrive to the $660 part of the workings for net assets and $200 for NCI?

    Pelmer Co acquired 80% of Symta Co’s 100,000 $1 shares on 1 Jan 20X2 for $600,000 when the reserves of Symta were $410,000. Symta had a brand name valued at $50,000 which was recognised on acquisition. The FV of the NCI at acquisition was $150,000. On 01 Jun 20X6 Pelmer disposed of its shareholding for $1,500,000. At that date, Symta’s reserves were $710,000 and it had net assets with a carrying amount of $650,000. The value of the brand name has not changed since acquisition.

    Solution:

    Consideration transferred 1,500,000
    Less
    share of consolidated
    amount at date control lost:
    Net assets (100+660+50) 810
    Goodwill 190
    NIC at date control lost 200

    Gain 700

    November 28, 2020 at 5:16 pm #596925
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8349
    • ☆☆☆☆☆

    If you mean to address a tutor with “sir/madam” you need to use the ask the FR tutor forum https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-financial-reporting-fr-exams

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