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Simple consolidation
Boo acquired 80% of Goose's equity for $300,000 on 1 January 20X8. At the date of acquisition Goose had retained earnings of $190,000. On 31 December 20X8 Boo despatched goods which cost $80,000 to Goose, at an invoiced cost of $100,000. Goose received the goods on 2 January 20X9 and recorded the transaction then. The two companies' draft financial statements as at 31 December 20X8 are shown below.
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 20X8
Boo
Goose
$'000
Revenue
5,000
1,000
Cost of sales
2,900
600
Gross profit
2,100
400
Other expenses
1,700
320
Profit before tax
80
Income tax expense
130
25
Profit for the year
270
55
Other comprehensive income:
Gain on revaluation of property
20
-
Total comprehensive income for the year
290
STATEMENTS OF FINANCIAL POSITION AT 31 DECEMBER 20X8
Assets
Non-current assets
1,940
200
Property, plant and equipment
300
Investment in Goose
2,240
Current assets
500
120
Inventories
650
40
Trade receivables
170
35
Bank and cash
1,320
195
3,560
395
Total assets
Equity and liabilities
Equity
2,000
100
Share capital
240
Retained earnings
Revaluation surplus
2,520
340
Current liabilities
910
30
Trade payables
Tax
1,040
Total equity and liabilities
Required
Prepare a draft consolidated statement of profit or loss and other comprehensive income and statement of financial position. It is the group policy to value the non-controlling interest at acquisition at fair value. The fair value of the non-controlling interest in Goose at the date of acquisition was $60,000.
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