Cameron Ltd acquired a 60% holding in Gambia many years ago. At 31 December 2019 Cameron held inventories with a carrying amount of $10,000, purchased from Gambia at cost plus 20%. What is the effect of the above transaction on the consolidated statement of profit or loss for the year ended 31 December 2019? a. Profit attributable to Owners of Cameron Ltd Reduce by $1,000 Profit attributable to Non- controlling interest - Reduce by $667 b.
Cameron Ltd acquired a 60% holding in Gambia many years ago. At 31 December 2019 Cameron held inventories with a carrying amount of $10,000, purchased from Gambia at cost plus 20%. What is the effect of the above transaction on the consolidated statement of profit or loss for the year ended 31 December 2019? a. Profit attributable to Owners of Cameron Ltd Reduce by $1,000 Profit attributable to Non- controlling interest - Reduce by $667 b.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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J6.
Transcribed Image Text:Cameron Ltd acquired a 60% holding in
Gambia many years ago. At 31 December
2019 Cameron held inventories with a
carrying amount of $10,000, purchased from
Gambia at cost plus 20%.
What is the effect of the above transaction on
the consolidated statement of profit or loss
for the year ended 31 December 2019?
a.
Profit attributable to Owners of Cameron Ltd
Reduce by $1,000 Profit attributable to Non-
controlling interest - Reduce by $667
b.
Profit attributable to Owners of Cameron Ltd
- Reduce by $2,000 Profit attributable to Non-
controlling interest - No effect
C.
Profit attributable to Owners of Cameron Ltd
Reduce by $1,000 Profit attributable to Non-
controlling interest - Reduce by $667
d.
Profit attributable to Owners of Cameron Ltd
- Reduce by $1,667 Profit attributable to Non-
controlling interest - No effect
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