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I know each and every transaction and accounting treatment of consolidation really well but when i see the whole question i really get confused. I dont understand how to tackle it with so many adjustments. Can anyone help me out where am i lacking in my preparation….. and offcourse what might be a possible remedy to this situation in this short span of time???
Your feedback and support will be highly appreciated,
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with consideration questions, you need to answer the questions step by step. i apply this approach:
1..identify the group structure(subsidiary or associate or both)
2 calculate the goodwill arising on consolidation
3. attend to any intercompany transactions(goods in transit/cash , receivable/payables-current accounts, unrealised profits in inventory)
4. calcualte the NCI(NON CONTROLLING INTEREST)
5. Calculate the retained earning of the group takng into consideration the necesary adjustments of fair value, additional depreciation, unrealised profits etc
Then the SOPF AND SCI is ready for construction.Good luck AMIGO
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