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consolidate

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › consolidate

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by fredymaila.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • February 21, 2024 at 1:39 am #700768
    IqmalKhushairi
    Participant
    • Topics: 21
    • Replies: 8
    • ☆

    P co acquired 80% S co on 1 october 20X5. At this date, some of S co’s inventory had a carrying amout of £600000 but a fair value of £800000. By 31 december 20X5, 70% of this inventory had been sold by S co.

    Individual statements of financial position at 31 december 20X5 for both companies show the following:
    inventories $’000
    p co: 3250
    s co : 1940

    answer is 5250000 (3250+1940+(800-600*30%)

    my question is why does we not take 1940*80%*3/12 because we have acquired only 80% and from 1 october – 31 december which is 3 months

    March 5, 2024 at 8:36 am #702025
    fredymaila
    Participant
    • Topics: 48
    • Replies: 130
    • ☆☆

    Hey.
    In the SOFP, never time apportion items or never use percentage holdings.
    Just add them as they are.

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