Question 1.a. - Calculate the Non-Controlling Interest as at 30 June 2018 Working Date of acquisition % Equity Acquired Non-controlling Interest Non-Controlling interest Less appropriations Non-Controlling interest in retained earnings Non-Controlling Interest in Retained earnings

Question 1 - Consolidation: Non-Controlling Interest

On the 1st July 2016, Bill Ltd acquired 60% of the issued shares of Van Ltd for $131,200.

At that date the shareholders equity of Van Ltd was:
		$
	Share Capital	100,000
	General Reserve	35,000
	Retained Earnings	17,000
		152,000
Additional Information for the year ended 30 June 2018:
i.	Inter-company sales are: Van Ltd to Bill ltd $45,000
ii.	The closing inventory of Bill Ltd include items acquired from Van Ltd during
	the year for $15,000. The unrealised profit on these items is $5,000.
iii.	On 1 July 2017, Van Ltd transferred an item of plant with a book value of $4,000 to Bill Ltd for $4,500.
	Bill Ltd has depreciated this plant at 10% per annum.
iv.	Van Ltd paid the final dividend declaed from 2017 profit.
v.	The directors review the balance of goodwill each year. They agree that:
	a. For year ended 30 June 2017, goodwill is to be impaired by $8,000
	b. For year ended 30 June 2018, goodwill is to be impaired by $8,000

Required:
a.	Calculate the Non-Controlling Interest as at 30 June 2018
b.	Prepare journal entries to eliminate the investment in Van Ltd by Bill Ltd.
c.	Prepare journal entries to eliminate any inter-company transactions
d.	Complete the consolidated worksheet as at 30 June 2018
e.	Prepare a Consolidateed Statement of Profit and loss and other comprehensive income for the year ending 30 June 2018*
f.	Prepare a Consolidated Statement of Changes in Equity for the year ending 30 June 2018*
g.	Prepare a Consolidated Statement of Financial Position as at 30 June 2018*
h.	Prepare graphical presentations (ie. graphs, charts, diagrams) of the information presented in the financial statements reflecting Parent and NCI
	* Disclosure notes not required