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FAC2602 Assignment 3 Semester 1 2024
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QUESTION ORDER IS DIFFERENT FOR EACH STUDENT1 Use the scenario loaded under additional resources to answer the following question.
The profit for the year of Tsatsi Ltd that feeds into the attribution of total comprehensive income section
in the consolidated statement of profit or loss and other comprehensive income amounts to:
1.
R70 360 – R50 000
2.
R70 360 – R50 000 – R6 300
3.
R70 360 + R50 000
4.
R70 360 + R50 000 – R6 300
Profit for theyear: Tsatsi 70 360
Less: intragroup profit on sale of non-depreciable assets (50 000)
20 360
On consolidation only the profit made by the subsidiary is eliminated when doing
the analysis for the subsidiary
,QUESTION ORDER IS DIFFERENT FOR EACH STUDENT
2 Which of the following statements about the consolidation of financial statements is true?
1.
The value of the investment in subsidiary disclosed in the statement of financial position of the parent reflects the fair value of the equity
purchased at the end of the year.
2.
In terms of IFRS10, it is always compulsory to present consolidated financial statements where a parent-subsidiary relationship exists.
3.
The parent company may be exempted from presenting the consolidated financial statements of the group.
4.
The investment in subsidiary is eliminated in the consolidated financial statements to account for the goodwill amount.
Parent company is exempted if certain criteria are met
, QUESTION ORDER IS DIFFERENT FOR EACH STUDENT
3 Use the scenario loaded under additional resources to answer the following question.
The amount of retained earnings at the beginning of year for Tsatsi Ltd to be recorded in consolidated statement of changes in
equity of the group is:
1.
R42 920
2.
R37 880
3.
R35 360
4.
R24 600
Since acquisition to beginning of current year
Retained earnings (42 200 + 17 750 - 90 000 x 7%) 53 650 42 920 10 730
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