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Andrew Brown is the group accountant for P Ltd. P Ltd owns 60% of A Ltd which owns 70% of B Ltd. He has just completed the preparation of the consolidated financial statement of the group, and is discussing issues raised by the auditors. The auditors have raised concerns about the accounting for a dividend paid by B Ltd to A Ltd in the current period. They argue that further consolidation adjustments are necessary to avoid double-counting the non-controlling interest's share of equity. Andrew has asked for your advice concerning the effect of the payment of such a dividend on the determination of the non- controlling interest share of equity. Write a report to Andrew explaining the non-controlling interests that exist within the group, and how the calculation of their interests is affected by payment of dividends within the group. The case study is as mentioned above. My task is to do a short presentation on this case study. Please include any necessary journal entry and consolidation financial statement along side with the answer.
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