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I need the answer as soon as possible Pacquired 70% of S on 1 January 20x1 for Rs.450,000 The retained earnings of S were Rs.
I need the answer as soon as possible
Pacquired 70% of S on 1 January 20x1 for Rs.450,000 The retained earnings of S were Rs. 50,000 at that date. It is P's policy to recognise non-controlling interest at the date of acquisition as a proportionate share of net assets. The statements of financial position P and S as at 31 December 20X1 were as follows: Assets: P (Rs.) S(Rs.) Investment in S, at cost 450,000 Other assets 500,000 350,000 950,000 350,000 Equity Share capital 100,000 100,000 Retained earnings 650,000 100,000 750,000 200,000 Current liabilities 200,000 150,000 950,000 350,000 Required Prepare a consolidated statement of financial position as at 31 December 20X1Step by Step Solution
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