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A parent has had a controlling interest of 60% in its subsidiary for a number of years.
Below are financial statement extracts of the two companies for the year ended 30 June 2011:
Parent Subsidiary $'000 $'000 Total comprehensive income 2,364 880 Dividends paid (120) (50) New share capital issued during the year (nominal value + premium on issue) 500 200 The share capital issued by the subsidiary was issued in proportion to ownership rights of existing owners. Requirement
Show the change in equity reported in the consolidated statement of changes in equity of the parent (allocated between amounts due to equity holders of the parent and non-controlling interests).
Washington-Pacific invests $2 million to take a tract of land and plant some young pine trees. The trees can be harvested in 13 years, at which time W-P plans to sell the forest at
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ACCOUNTS REQUIRED This can be summarized depending on the nature of the situation. In a receivership you may be required to prepare a receivers receipt and payments. In the pro
Q. What is Exposure Draft? Exposure Draft - Document issued by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA), FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), GOVERNME
Q. Written inquiries for financial information? Inquiry - A procedure which comprises seeking information both financial and non-financial, of knowledgeable persons throughout
QUESTION 4: Spanking Clean (Ltd) operate a number of car washes and auto valet services. The company has experienced a reasonable trading year. They are deciding whether to pay ou
Assessment Criteria: Student work will generally be assessed in terms of the following criteria: 1. Preparation of correct journal entries. 2. Accumulation of journal entr
what is the formulae for calculating Net income?
The financial year of Jack and Jill Ltd will end on 31 May 2008. At 1 June 2007, the company had in use equipment with a total accumulated cost of Rs 135,620 which had been depreci
During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of $
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