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The parent itself is a wholly owned subsidiary or a partially owned subsidiary whose owners do not object to the parent not producing consolidated financial

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The parent itself is a wholly owned subsidiary or a partially owned subsidiary whose owners do not object to the parent not producing consolidated financial statements 12. The following scenario relates to question 12 to 17 Benz is a company that has been assembling vehicles in Gobabis for a long time. To increase its market share in Namibia it acquired another company Ford, that produces 4 X 4 Vehicles. At the date of acquisition, the equity of Ford was as follows Share capital 100 000 Retained earnings 10000 At the acquisition date, the directors determined the fair value of non-controlling interest to be NS 25,000 The following are the financial statements for Benz Limited and its subsidiary as at 30 June 2020 A Bened NS T5000 43000 PPE Investment in Ford shares at Current Trade and other Receivables 0000 000 boe000.00 Bank 000000 13000 12000 POLITY AND LIABILITIES Share Capital (SD) 000 Retained coming POST 16.00 Curre la Trade and the receives TOTAL EQUITY AND LIABILITIES Additional information -Benz elected to measure non-controlling interest in an acquire at fair value at acquisition date -Benz Limited recognise the equity investment in Ford in its separate financial statement using the cost method Required From the information provided what will be the goodwill amount to be included upon consolidation? 13. The non-controlling interest to be included in the consolidated statement of financial position will be 14. The group-retained eamings to be included in consolidated financial statements will be Answer: 15. What will be the total net assets for Ford at the reporting date? 16. What will be the total non-current assets to be included in the consolidation of the statement of financial position The parent itself is a wholly owned subsidiary or a partially owned subsidiary whose owners do not object to the parent not producing consolidated financial statements 12. The following scenario relates to question 12 to 17 Benz is a company that has been assembling vehicles in Gobabis for a long time. To increase its market share in Namibia it acquired another company Ford, that produces 4 X 4 Vehicles. At the date of acquisition, the equity of Ford was as follows Share capital 100 000 Retained earnings 10000 At the acquisition date, the directors determined the fair value of non-controlling interest to be NS 25,000 The following are the financial statements for Benz Limited and its subsidiary as at 30 June 2020 A Bened NS T5000 43000 PPE Investment in Ford shares at Current Trade and other Receivables 0000 000 boe000.00 Bank 000000 13000 12000 POLITY AND LIABILITIES Share Capital (SD) 000 Retained coming POST 16.00 Curre la Trade and the receives TOTAL EQUITY AND LIABILITIES Additional information -Benz elected to measure non-controlling interest in an acquire at fair value at acquisition date -Benz Limited recognise the equity investment in Ford in its separate financial statement using the cost method Required From the information provided what will be the goodwill amount to be included upon consolidation? 13. The non-controlling interest to be included in the consolidated statement of financial position will be 14. The group-retained eamings to be included in consolidated financial statements will be Answer: 15. What will be the total net assets for Ford at the reporting date? 16. What will be the total non-current assets to be included in the consolidation of the statement of financial position

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