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IDEAL MINORITY INTERESTThe minority interest ideally is entitled to the profit after tax in minority interest. However due to consolidation, the profits of the subsidiary company should be adjusted first before getting their share. Care should also be taken especially if the subsidiary company has issued preference share capital and the minority interst owns part of this.The computation will therefore be carried out as follows:
£
Subsidiary company’s profit after tax
X
Add:
Annual excess depreciation charged by subsidiary co
Unrealised profit on opening inventory if subsidiary co. had made the sale
x
Less
Annual additional depreciation on Fair value adjustment
Unrealised profit on closing inventory if subsidiary co. made the sale
Unraelsied profit on PPE if subsiadiary company made the sale
(x)
Adjusted profit after tax in subsidiary
Less Preference dividend
Profit attributable to ordinary share holders in subsidiary company
Total due to Minority interest:
- MI’s share of preference dividend
- MI’ s share of profit attributable to ordinary shareholders
provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles
IDEAL MINORITY INTEREST The minority interest ideally is entitled to the profit after tax in minority interest. However due to consolidation, the profits of the subsidiary compan
Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement
all types of assets
WHAT IS PPE?
Establish a budget and allocate funds in accordance with statutory and organisational requirements
shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2011. At January 1,2011, the corporation had outstanding 105 mill
TERMINATION OF OFFICE OF TRUSTEE The trustee may vacate office in the following ways: 1. Resignation : He may resign at a meeting of creditors and with their consent. 2.
Suppose that the annual rate of interest is 4%. (a) What is the monthly rate? (b) Consider a 3-year lease on a car that is worth $20,000 today. The first payment on the lease
Sundry Matters 1) The accounting system is also appropriate for departmental accounts. 2) The branch stock account is a practical means of controlling stock at the branch.
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