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Consol account

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Consol account

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 20, 2020 at 5:42 pm #581320
    carmenl26
    Member
    • Topics: 12
    • Replies: 4
    • ☆

    PRT acquired 80% of SUB’s ordinary shares on 1 January 2011 for $1,500,000 when SUB’s retained earnings were $254,000. At 1 January 2011 the carrying value of the net assets of SUB exceeded their fair value by $110,000 and the fair value of the Non- Controlling Interest was $300,000. The remaining useful life of the assets was 11 years from acquisition.

    SUB has not issued any new shares since acquisition by PRT. SUB is PRT’s only subsidiary.
    $000
    Ordinary share capital 400 , Share premium 26 , Retained earnings 424

    The retained earnings of PRT were $2,100,000 at 31 December 2013.
    What is the amount that PRT should include in its consolidated statement of financial position as at 31 December 2013 for Retained Earnings?
    A. $2,260,000 B. $2,212,000 C. $2,236,000 D. $2,620,000

    Correct answer given $2260,000

    Dear tutor, may I know why the answer is not B?

    August 22, 2020 at 2:50 pm #581504
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7171
    • ☆☆☆☆☆

    Hi,

    If you show me how you’ve calculated the answer for B then I can explain where you’ve gone wrong.

    Thanks

  • Author
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