Gonzo acquired 80% of the share capital of Bamboo a number of years ago. Bamboo has issued 200,000 USD1 shares which had a market price of USD3.10 on acquisition. The carrying amount of Bamboo’s net assets today is USD650,000, this is USD50,000 higher than it was on acquisition.Non-controlling interest was measured at fair value on acquisition.What amount should be shown for non-controlling interest in Gonzo’s consolidated statement of financial position today?

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2 .HX acquired 80% of SA’s 100,000 equity shares on 1 July 20X0 for USD140,000. On 1 July 20X0 the fair value of SA’s identifiable net assets was USD126,000. The fair value of noncontrolling interest on acquisition is based on SA’s share price, which was USD1.70.The trainee accountant has suggested three possible values for goodwill on acquisition as follows:(1) USD14,000(2) USD39,200(3) USD48,000Which of the above values for goodwill is an acceptable valuation in accordance with IFRS 3 Business Combinations?

A 1 and 2 only B 1 and 3 only C 2 and 3 only D All three

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3 .At 1 January 20X1 Barley acquired 100% of the share capital of Corn for USD1,400,000. At that date the share capital of Corn consisted of 600,000 ordinary shares of 50c each and its retained earnings were USD50,000.On acquisition Corn had some assets whose carrying amount was USD230,000 but the fair value was USD250,000.What was goodwill on acquisition?

A USD730,000 B USD750,000 C USD1,030,000 D USD1,050,000

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4 .On 1 January 20X1, Jarndyce acquired 80% of the ordinary share capital of Skimpole for USD576,000. The statements of financial position of the two companies at 31 December 20X1 were as follows:Non-controlling interest is valued at fair value on acquisition, which was USD140,000. There has been no impairment of goodwill since the acquisition took place.What amount of goodwill should be included in the consolidated statement of financial position of Jarndyce as at 31 December 20X1?

A USD144,000 B USD230,400 C USD345,600 D USD428,000

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5 .Vaynor acquired 80,000 ordinary shares in Weeton some years ago.Extracts from the statements of financial position of the two companies as at 30 September 20X7 are as follows:　VaynorWeeton　USD000USD000Ordinary shares of USD1 each500100Retained earnings9040On acquisition the retained earnings of Weeton showed a deficit of USD10,000.Goodwill has been impaired by USD15,000 since acquisition. Non-controlling interest is measured at fair value on acquisition.What were the consolidated retained earnings of Vaynor on 30 September 20X7?

A USD102,000 B USD115,000 C USD118,000 D USD125,000

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7 .HW sold goods to SD, its 100% owned subsidiary on 1 February 20X1. The goods were sold to SD for USD48,000. HW made a profit of 33.33% on the original cost of the goods.At the year end, 30 June 20X1, 40% of the goods had been sold by SD; the remainder was still in SD’s inventory and SD had not paid for any of the goods.Which ONE of the following states the correct adjustments required in the HW group’s consolidated statement of financial position at 30 June 20X1?

A Reduce inventory and retained earnings by USD7,200 and Reduce payables and receivables by USD7,200 B Reduce inventory and retained earnings by USD9,600 and Reduce payables and receivables by USD9,600 C Reduce inventory and retained earnings by USD7,200 and Reduce payables and receivables by USD48,...

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8 .Salt owns 100% of Pepper. During the year Salt sold goods to Pepper for a sales price of USD1,044,000, generating a margin of 25%. 40% of these goods had been sold on by Pepper to external parties at the end of the reporting period.What adjustment for unrealised profit should be made in Salt’s consolidated financial statements?

A USD83,520 B USD104,400 C USD125,280 D USD156,600

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9 .On 1 April 20X6, Woolwich paid USD816,000 for 80% of Malta’s USD408,000 share capital.Malta’s retained earnings at that date were USD476,000. At 31 March 20X1 the retained earnings of the companies are:　USD000Woolwich1,224Malta680Woolwich’s inventory includes goods purchased from Malta for USD18,000. Malta makes a profit at 20% on the cost of all goods sold to Woolwich.What are the retained earnings in the consolidated statement of financial position of Woolwich as at 31 March 20X1?

A USD1,384,320 B USD1,384,800 C USD1,387,200 D USD1,439,200

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10 .During the year Subway invoiced USD200,000 to its parent company for transfers of goods in inventory. Transfers were made at a 25% mark-up. At the end of the year the parent still held 60% of the goods in inventory.What adjustment should be made for unrealised profit in the consolidated financial statements for the year?

A USD16,000 B USD24,000 C USD30,000 D USD40,000

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