Question
(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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