Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 26 Apr 2018 My Price 8.00

Winter Ltd

Summer plc acquired 60% of the common shares of Winter Ltd on 30 September 20X1 and gained control. At the date of acquisition, the balance of retained earnings of Winter was £35,000. At 31 December 20X1 the statements of financial position of the two companies were as follows:

Notes:

1 The fair value of the non-controlling interest at the date of acquisition was £92,000. The noncontrolling interest is to be measured using method 2. The fair values of the identifiable net assets of Winter at the date of acquisition were the same as their book values..

2 There have been no movements on share capital since 30/9/20X1.

3 16.67% of the goodwill is to be written off as an impairment loss.
Required: Prepare a consolidated statement of financial position for Summer plc as at 31 December 20X1
 

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Apr 2018 07:04 PM My Price 8.00

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