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Consolidated statement of financial position
434
KAPLAN PUBLISHING
(W3) Goodwill
$000
Fair value of consideration paid:
Cash paid
1,000
FV of NCI at acquisition
380
–––––
1,380
Less:
Fair value of net assets at acquisition (W2)
(825)
–––––
Goodwill on acquisition
555
–––––
(W4) Non-controlling interest
$000
FV of NCI at acquisition (as in W3)
380
NCI share of post
acquisition reserves
35
(20% × (1,000 – 825) (W2))
–––––
415
–––––
(W5) Group retained earnings
$000
Hazelnut retained earnings
1,400
Peppermint (80% × (1,000 – 825))
140
–––––
1,540
–––––
Chapter 21
KAPLAN PUBLISHING
435
Test your understanding 3
Consolidated statement of financial position as at 30 June 20X8
Non
current assets
$
Goodwill (W3)
700
Land ($4,500 + $2,500 + $1,250 (W2))
8,250
Plant & equipment ($2,400 + $1,750 + $500 (W2))
4,650
Investments ($8,000 – $3,500 (cost of investment in S))
4,500
–––––––
18,100
Current Assets
Inventory ($3,200 + $900)
4,100
Receivables ($1,400 + $650 – $400 (inter
co)) 1,650
Bank ($600 + $150)
750
–––––––
24,600
–––––––
Equity and Liabilities:
Equity
Share capital of 50c each
5,000
Retained earnings (W5)
9,800
Non
controlling Interest (W4)
1,600
–––––––
16,400
Non
current liabilities ($4,000 + $500)
4,500
Current liabilities ($2,800 + $1,300 – $400 (inter
co)) 3,700
–––––––
24,600
–––––––
Workings
(W1) Group structure
P
75%
S
1 July 20X5 i.e. 3 yrs
Consolidated statement of financial position
436
KAPLAN PUBLISHING
(W2) Net assets
Acquisition
date
Reporting
date
$
$
Share capital
1,000
1,000
Retained earnings
1,150
3,150
FV Adj Land ($3,750 – $2,500)
1,250
1,250
FV Adj Plant
500
500
––––––
––––––
3,900
5,900
––––––
––––––
(W3) Goodwill
$
Fair value of consideration
3,500
FV of NCI at acquisition
1,100
––––––
4,600
Less:
Fair value of net assets at acquisition (W2)
(3,900)
––––––
Goodwill on acquisition
700
––––––
(W4) Non-controlling interest
$
FV of NCI at acquisition (as in W3)
1,100
NCI share of post
acquisition reserves (W2)
500
(25% × ($5,900 – $3,900))
––––––
1,600
––––––
(W5) Group retained earnings
$
100% P
8,300
75% of S post
acq’n retained earnings
(75% × ($5,900 – $3,900))
1.500
––––––
9.800
––––––
Chapter 21
KAPLAN PUBLISHING
437
Test your understanding 4
Consolidated statement of financial position as at 31 Dec 20X3
Non
current assets
$000
Goodwill (W3)
28.0
Property, plant & equipment ($100 + $30)
130.0
–––––
158.0
Current Assets
Inventory (90 + 20 – 4 (W6))
106.0
Receivables ($110 + $25 – $22 intra
co) 113.0
Bank ($10 + $5)
15.0
–––––
234.0
–––––
392.0
–––––
Equity and liabilities:
$000
Equity
Share capital of $1
15.0
Group retained earnings (W5)
178.8
NCI (W4)
6.2
–––––
200.0
Non
current liabilities ($120 + $28)
148.0
Current liabilities ($50 + $16 – $22 intra
co)
44.0
–––––
392.0
–––––
Workings
(W1) Group structure
H
90%
01/01/X2
S
Consolidated statement of financial position
438
KAPLAN PUBLISHING
(W2) Net assets
Acquisition
date
Reporting
date
$000
$000
Share capital
5.0
5.0
Retained earnings
5.0
31.0
PURP (W6)
(4.0)
–––––
–––––
10.0
32.0
–––––
–––––
(W3) Goodwill
$000
Fair value of consideration
34.0
FV of NCI at acquisition
4.0
–––––
38.0
Less:
Fair value of net assets at acquisition (W2)
(10.0)
–––––
Goodwill on acquisition
28.0
–––––
(W4) Non-controlling interest
$000
FV of NCI at acquisition (as in W3)
4.0
NCI share of post
acquisition reserves (W2)
2.2
(10% × ($32 – $10))
–––––
6.2
–––––
(W5) Group retained earnings
$000
100% H
159.0
90% S post
acq’n
(90% × ($32 – $10 (W2))
19.8
–––––
178.8
–––––
Chapter 21
KAPLAN PUBLISHING
439
(W6) PURP
$000
Percentage
Sales 18
150
COS
100
––––
––––
Gross profit
6
50
––––
––––
×
2/3
PURP = $4,000
Test your understanding 5
Consolidated statement of financial position as at 30 Nov 20X7
$
Non
current assets
Goodwill (W3)
22,250
PPE ($138,000 + $115,000)
253,000
Investments ($98,000 – $76,000)
22,000
–––––––
297,250
Current Assets
Inventory ($15,000 + $17,000 – $1,600 (W6))
30,400
Receivables ($19,000 + $20,000)
39,000
Cash 2,000
–––––––
368,650
–––––––
Equity and liabilities:
Equity:
Equity share capital
50,000
Group retained earnings (W5)
190,550
Non
controlling Interest (W4)
52,100
–––––––
292,650
Current liabilities ($33,000 + $43,000)
76,000
–––––––
368,650
–––––––
Consolidated statement of financial position
440
KAPLAN PUBLISHING
Workings
(W1) Group structure
K
60%
S
1 May 2007 i.e. 7 months
(W2) Net assets
Acquisition
date
Reporting
date
$
$
Equity share capital
40,000
40,000
Retained earnings
63,750
69,000
––––––
––––––
103,750
109,000
––––––
––––––
RE @ acq'n (balance) (ß)
63,750
Post
acq profit (7/12 × $9,000)
5,250
––––––
RE @ reporting date
69,000
––––––
(W3) Goodwill
$
Fair value of consideration
76,000
FV of NCI at acquisition
50,000
–––––––
126,000
Less:
Fair value of net assets at acquisition (W2)
(103,750)
–––––––
Goodwill on acquisition
22,250
–––––––
Chapter 21
KAPLAN PUBLISHING
441
(W4) Non-controlling interest
$
FV of NCI at acquisition (as in W3)
50,000
NCI share of post
acquisition reserves (W2)
2,100
(40% × ($109,000 – $103,750))
––––––
52,100
––––––
(W5) Group retained earnings
$
100% K
189,000
PURP (W6)
(1,600)
60% S post
acq’n profit
(60% × ($109,000 – $103,750 (W2)))
3,150
–––––––
190,550
–––––––
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