Question
Parent Ltd and its controlled entity Consolidated Statement of Change in Equity for the year end 30 June 2021 Share Capital Group Retained Earnings Group
| Parent Ltd and its controlled entity | |||
| Consolidated Statement of Change in Equity for the year end 30 June 2021 | |||
| Share Capital | Group Retained Earnings | Group Total Equity | |
| Opening Balance | $ 45,000.00 | $ 100,000.00 | $ 145,000.00 |
| Total Comprehensive Income | $ - | $ 8,000.00 | $ 8,000.00 |
| Distributions-dividends | $ - | $ (30,000.00) | $ (30,000.00) |
| Closing Balance | $ 45,000.00 | $ 909,000.00 | $ 954,000.00 |
| Parent Ltd | |||
| Statement of Change in Equity for the year end 30 June 2021 | |||
| Share Capital | Retained Earnings | Total Equity | |
| Opening Balance | $ 45,000.00 | $ 110,000.00 | $ 155,000.00 |
| Total Comprehensive Income | $ - | $ 2,200.00 | $ 2,200.00 |
| Distributions-dividends | $ - | $ (30,000.00) | $ (30,000.00) |
| Closing Balance | $ 45,000.00 | $ 888,000.00 | $ 933,000.00 |
Buoyed by increasing property prices in Melbourne,Parent company booked a $250,000 revaluation increment in relation to the warehouse. The revaluation gain relates to an increased valuation of the land.
How to correct this $250,000 into the consolidated Statement of Change in Equity? (this is 100% acquisition)
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Management Accounting Text Problems And Cases
Authors: M. Y. Khan, P K Jain
7th Edition
9352606787, 978-9352606788
