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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
Below is information about the spot and forward rates for three currencies against the US dollar (USD): Currency (exchange rate) Spot Rate Six-month forward rate Euro (EUR)
how to account cst collected
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