QUESTION 5 Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%, and INCI of 15%. The following summarised financial information of the subsidiary is provided to Sheeran Ltd : Retained earnings at DOA 130,000 Retained earnings at 1/7/2020 280,000 Current period profit for year ended 30/6/2021 74,000 Required: Based on the financial information you have available, prepare the journal entries to record the allocation to NCI upon consolidation of the Sheeran Group on 30 June, 2021. Your workings and narrations must be included for marks to be awarded. QUESTION 5 Since the date of acquisition, Sheeran Ltd has held interests in a subsidiary totalling DNCI of 25%, and INCI of 15%. The following summarised financial information of the subsidiary is provided to Sheeran Ltd : Retained earnings at DOA 130,000 Retained earnings at 1/7/2020 280,000 Current period profit for year ended 30/6/2021 74,000 Required: Based on the financial information you have available, prepare the journal entries to record the allocation to NCI upon consolidation of the Sheeran Group on 30 June, 2021. Your workings and narrations must be included for marks to be awarded