Question
Black Ltd owns 75% of the shares in Sheep Ltd. The following details are available at 30 June 2018. Black Ltd Sheep Ltd Profit for
Black Ltd owns 75% of the shares in Sheep Ltd. The following details are available at 30 June 2018.
| Black Ltd | Sheep Ltd | |
| Profit for the year | $255,000 | $155,000 |
| Dividend paid | $50,000 | $60,000 |
| Retained earnings | $400,000 | $300,000 |
| Share capital | $700,000 | $400,000
|
During the year Sheep Ltd sold inventory to Black Ltd for $65,000. The inventory originally cost Sheep Ltd $50,000. 40% of the inventory remains unsold at 30 June 2018.
What is the NCI share of profit at 30 June 2018?
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Financial Accounting An International Introduction
Authors: David Alexander, Christopher Nobe
6th Edition
1292102993, 978-1292102993
