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Determine the Non-controlling interest in Net assests of subsidiary

Determine the Non-controlling interest in Net assests of subsidiary

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Determine the Non-controlling interest in Net assests of subsidiary

Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 was recognized. The 20x6 financial statements are as follows: Phlaire Syanne Income Statement 900,000 (600,000) (150,000) Sales P 1,200,000 (802,500) (150,000) P Cost of Goods Sold Operating Expenses Dividend Income 52,500 -0- Net Income 300.000 P. 150.000 Statement of Accumulated Profits Accumulated Profits, January 1, 2016 P 1,275,000 P1,950,000 300,000 Net Income 150,000 Dividends Paid (150,000) ( 75,000) Accumulated Profits, December 31, 2016 P2,100,000 P 1,350,000 Statement of Financial Position Cash and Receivables 600,000 447,000 P 450,000 1,050,000 Inventory Investment in Syanne Fixed Assets 1,353,000 1,500,000 -0- 900,000 Accumulated Depreciation Total Assets (450,000) P 3,450,000 P 2,100,000 (300,000) Liabilities 600,000 150,000 P 900,000 P Ordinary share Accumulated profits Total Liabilities and Equity 450,000 2,100 000 (Ctrl) P 3,450,000 P 2,100,000 Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is left.
Transcribed Image Text:Phlaire acquired 70 percent of Syanne on July 1, 20x5. Based on the purchase price, proportionate goodwill of P450,000 was recognized. The 20x6 financial statements are as follows: Phlaire Syanne Income Statement 900,000 (600,000) (150,000) Sales P 1,200,000 (802,500) (150,000) P Cost of Goods Sold Operating Expenses Dividend Income 52,500 -0- Net Income 300.000 P. 150.000 Statement of Accumulated Profits Accumulated Profits, January 1, 2016 P 1,275,000 P1,950,000 300,000 Net Income 150,000 Dividends Paid (150,000) ( 75,000) Accumulated Profits, December 31, 2016 P2,100,000 P 1,350,000 Statement of Financial Position Cash and Receivables 600,000 447,000 P 450,000 1,050,000 Inventory Investment in Syanne Fixed Assets 1,353,000 1,500,000 -0- 900,000 Accumulated Depreciation Total Assets (450,000) P 3,450,000 P 2,100,000 (300,000) Liabilities 600,000 150,000 P 900,000 P Ordinary share Accumulated profits Total Liabilities and Equity 450,000 2,100 000 (Ctrl) P 3,450,000 P 2,100,000 Phlaire sells inventory costing P108,000 to Syanne during 20x5 for P180,000. At year's end, 30 percent is left. Syanne sellsinventory costing P300,000 to Phlaire during 201x for P375,000. At year's end, 20 percent is left.
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