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(a) Complete the worksheet below using the NET method. (4.5 marks) (b) Prepare the consolidation adjustments and eliminations entries and recognise the NCI in the

(a) Complete the worksheet below using the NET method. (4.5 marks)

(b) Prepare the consolidation adjustments and eliminations entries and recognise the NCI in the pre-acquisition equity of Amazon Ltd, assuming that the NCI was measured at the proportionate share of the acquiree's identifiable net assets. (6.5 marks) Elimination of Investment in Amazon Ltd Amazon Ltd (S) $,000 Nile Ltd Ltd (70% of Amazon ) (P) $,000 30% NCI $,000

Fair Value of consideration transferred

Less: FV of identifiable assets acquired & liabilities assumed

Share capital on acquisition date

52,000

General reserve-acquisition date

20,000

Retained earnings-acquisition date

10,000

Fair value adjustment

Goodwill on acquisition

Non-controlling interest

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