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7103AFE Corporate Accounting Workshop questions Consolidation: Non controlling interests Question 1 Why is it necessary to change the format of the consolidation worksheet where an NCI exists for the group? Question 2 On 1 July 2012, Whale Ltd acquired 60% of the shares of Glider Ltd for $111 700. At this date, the equity of Glider Ltd consisted of: $120 000 10000 Share capital General reserve Retained earnings 30000 The identifiable assets and liabilities of Glider Ltd were recorded at fair value except for the following assets: Carrying amount Fair value Equipment (cost $80000) Land $65 000 $75 000 90000 80000 Inventory 45 000 50000 Adjustments for the differences between carrying amounts and fair values are to be made on consolidation The equipment has a further 5-year life Half the inventory on hand at the acquisition date was sold by 30 June 2013, with the remainder being sold in the 2013-14 financial year At 30 June 2015, the goodwill was written down by $3000 as the result of an impairment test Whale Ltd uses the full goodwill method. The fair value of the non-controlling interest at 1 July 2012 was $74 100. During the 3 years since acquisition, Glider Ltd has recorded the following annual results: Year ended Profit 30-Jun-2013 30-Jun-2014 30-Jun-2015 $15 000 27 000 12 000 There have been no transfers to or from the general reserve, or any dividend paid or declared by Glider Ltd since the acquisition date. The equipment owned by Glider Ltd on 1 July 2012 was sold on 1 January 2014 for $70 000. On consolidation, the group transfers the valuation reserve to retained earnings when an asset is sold or fully consumed. The tax rate is 30% Required 1. Prepare the consolidation worksheet entries as at 1 July 2012. 2. Prepare the consolidation worksheet entries for the year ended 30 June 2013. 3. Prepare the consolidation worksheet entries for the year ended 30 June 2014. 4. Prepare the consolidation worksheet entries for the year ended 30 June 2015. 7103AFE Corporate Accounting Workshop questions Consolidation: Non controlling interests Question 1 Why is it necessary to change the format of the consolidation worksheet where an NCI exists for the group? Question 2 On 1 July 2012, Whale Ltd acquired 60% of the shares of Glider Ltd for $111 700. At this date, the equity of Glider Ltd consisted of: $120 000 10000 Share capital General reserve Retained earnings 30000 The identifiable assets and liabilities of Glider Ltd were recorded at fair value except for the following assets: Carrying amount Fair value Equipment (cost $80000) Land $65 000 $75 000 90000 80000 Inventory 45 000 50000 Adjustments for the differences between carrying amounts and fair values are to be made on consolidation The equipment has a further 5-year life Half the inventory on hand at the acquisition date was sold by 30 June 2013, with the remainder being sold in the 2013-14 financial year At 30 June 2015, the goodwill was written down by $3000 as the result of an impairment test Whale Ltd uses the full goodwill method. The fair value of the non-controlling interest at 1 July 2012 was $74 100. During the 3 years since acquisition, Glider Ltd has recorded the following annual results: Year ended Profit 30-Jun-2013 30-Jun-2014 30-Jun-2015 $15 000 27 000 12 000 There have been no transfers to or from the general reserve, or any dividend paid or declared by Glider Ltd since the acquisition date. The equipment owned by Glider Ltd on 1 July 2012 was sold on 1 January 2014 for $70 000. On consolidation, the group transfers the valuation reserve to retained earnings when an asset is sold or fully consumed. The tax rate is 30% Required 1. Prepare the consolidation worksheet entries as at 1 July 2012. 2. Prepare the consolidation worksheet entries for the year ended 30 June 2013. 3. Prepare the consolidation worksheet entries for the year ended 30 June 2014. 4. Prepare the consolidation worksheet entries for the year ended 30 June 2015