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QUIZ

Mommy Corp has owned 80% shares of Baby Ltd since Baby's incorporation.
Below there are statements of financial positions of both Mommy and Baby at 31
December 20X7.
Prepare consolidated statement of financial position of Mommy Group as at 31
December 20X7.

Questions:
1. Combine Statement of Financial Position
2. Measure NCI at its proportionate share of Baby's net assets
3. Measure RE at its proportionate of Baby's retained earnings
4. Make Jurnal elimination

10% 40% 20% 30%


STEP 1 STEP 2 STEP 3 Mommy Group
Statement of financial position as at 31 December 20X7 Eliminate Intragroup transactions Consolidated
Mommy Corp. Baby Ltd. Combine Ref. Dr Cr Ref. Dr Cr St of FP

ASSETS
Current assets
Cash and cash equivalents 20,000 5,000 25,000 25,000
Trade and other receivables
Baby Ltd 8,000 - 8,000 8,000
Other receivables 30,000 18,000 48,000 48,000
Inventories 55,000 34,000 89,000 89,000
Total Current Assets 113,000 57,000 170,000 170,000

Non-current assets
Deferred tax asset 4,000 - 4,000 4,000
Goodwill acquired in a business combination 36,000 (36,000)
Investment in Baby Ltd. (64 000 shares) 64,000 - 64,000 64,000 -
Property, plant and equipment 120,000 90,000 210,000 210,000
36,000 36,000 -
Total Non-Current Assets 188,000 90,000 278,000 178,000

TOTAL ASSETS 301,000 147,000 448,000 348,000

Liabilities
Current liabilities
Trade payables
Mommy Corp. - 8,000 8,000
Other payables 35,000 12,000 47,000
Loans repayable within 12 months 10,000 10,000 10,000
Total Current Liabilities 45,000 20,000 65,000 65,000

Non-current liabilities
Deferred tax liability - 2,000 2,000 2,000
Total Non-Current Liabilities - 2,000 2,000 2,000

Equity
Equity attributable to owners of the parent
200 000 shares (1 CU each) 200,000 - 200,000 200,000
80 000 shares (1 CU each) 80,000 80,000 80,000 -
Retained earnings 56,000 45,000 101,000 45,000 56,000
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Non-controlling interest 25,000 25,000


Total Equity 256,000 125,000 381,000 281,000

TOTAL EQUITY & LIABILITIES 301,000 147,000 448,000 161,000 161,000 348,000
CHECK - - - 161,000 161,000 - - -

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