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Question three [ 2 5 marks ] a ) On 1 January 2 0 2 0 , Company P acquired 8 0 % of the
Question three
marks
a On January Company P acquired of the Company Q At that date, one of the
assets plant of Company Q had a fair value of M above its carrying amount.
The plant had a remaining life of years at this date straightline method of depreciation is
used No adjustment on Company of plants carrying amount has been made to cater for
the changes due to fair value exercise. Sales made by Company to company after the
acquisition amounted to The costs of the goods to company was
and half of the goods still in inventories of Company as at December
is measured at fair value.
Required
Prepare consolidated statement of profit or loss of Company group for the year ended
December marks
b State each of the steps in fivestep revenue model as per IFRS marks
C Briefly explain the term 'joint venture'.marks
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