Ela plc acquired 750 of the ordinary shares in Frances Lld on 1 Apnl 202. Elia ple has prepared a consolidated statement of financial position on 31 March 20x3, which shows goodwit of ,200,000 and consoldeted retained oarnings of 400,000 Howevor, thes consolidated statement of financial position has ignored the fair value of an flem of plant held by Frances Ltd which at the date of acquisition was 120,000 more than its carrying arnount. The asset has a romaining usoful Me of five years. Ella ple adopts the partial approach to determine goodwill. After adjusting for the above fair value, what amounts should be shown for goodwill and retained earnings in Ella's consolidated statement of financial position as of 31 March 203 ? a. Goodwil E110,000. Retained earnings 8376,000 b. Goodwill 2200,000 , Retained earnings 382,000 c. Goodwill E110,000; Retained earnings 382,000 d. Goodwill 80,000; Retained earnings 376,000 Barbtail Ltd is a firm of architects providing services in support of two contracts (A and B ), each of which took place over the years to 31 December 208 and 209. Each contract has a fixed price of 200,000. Barbtail Ltd uses contract costs to date as a percentage of total contract costs to determine progress towards completion. In which year Barbtail Ltd should have recognised a profit on each contract according to IFRS 15 'Revenue from Contracts with Consumers'? Select one. a. Contract A: Proft in 209 only Contract B: Proft in 209 only b. Contract A. Profit in 208 only Contract B: Proft in 208 only c. Contract A. Prom in 209 only Contract B: Proft in 208 only d. Contract A. Proft in 208 only Contract B: Profa in 209 only Which of the following is incorrect in relation to consignment sales? a. consignment sales are a common way of increasing revenue at or near the end of a period b. a consignment sale is one where the owner transfers possession of goods but not the legal titie to a third party (agent) c. on sale of an item held on consignment, the agent remits the proceeds to the owner (normally less commission) d. the owner will recognise revenue on consignment sales at the time of sales of the item to the ultimato customer Which of the following would result in an unrealised profit within a group scenario in accordance with IFRS 10 'Consolidated Financia Statements'? a. A parent seils a building originally costing 800,000 to its subsidiary for 900,000. The subsidiary has sold this asset before the date of consolidation b. A parent sells a bulling originally costing 800,000 to its subsidiary for 900,000. The subsidiary still hoids this asset at the date of consolidation. c. A parent seils goods which originally cost 14,000 to its subsidiary for 18,000. The subsidiary sold all these goods at the date of consolidation. d. A subsidiary sells goods which originally cost 14,000 to its parent for 18,000. The parent sold all these goods at the date of consolidation
