REQUIRED: COMPUTE NCI IN NET ASSET (ONLY) On January 3, 2021, ABC acquired 60% of the outstanding shares of JKL an excess of cost over bookvalue of P3,000,000. This excess was allocated to property, plant and equipment with 10 years ofestimated useful life which half was already use. For the year ended December 31, 2022, JKL preparedthe following condensed financial statements:Statement of Financial PositionCurrent AssetsP2,250,000 LiabilitiesP1,000,00012,500,000 Share Capital8,500,000Property.Equipment, netPlantandAccumulated Profits5,250,000P14,750,000TotalP14,750,000 TotalStatement of Accumulated ProfitsAccumulate Profits, BegP5,000,000SalesP2,500,000(1,250,000)(750,000)PS00,000Cost of Goods SoldOperating ExpensesNet IncomeDividends(250,000)Accumulated Profits, EndP5,250,000JKL regularly sells merchandise to ABC at a price of 120% of cost. In 2021 and 2022, sales from JKL toABC are as follows: Sales-2021 for P2,100,000 (inventory sold by ABC 1,800,000) ; Sales -2022P1,200,000 (inventory unsold by ABC P750,000). On December 31, 2022 compute for the non-controllinginterest in Net assets.

Non controlling interest also referred to as minority interest are those shareholders who do not…

On January 3, 2021, ABC acquired 60s of the outstanding shares of JKL an excess of cost over book value of P3,000,000. This excess was allocated to property, plant and equipment with 10 years of estimated useful life which half was already use. For the year ended December 31, 2022, IKL prepared the following condensed financial statements: Statement of Financial Position P1,000,000 8,500,000 Current Assets P2,250,000 Liabilities 12,500,000 Share Capital Property, Plant Equipment, net and Accumulated Profits 5,250,000 Total P14,750,000 Total P14,750,000 Statement of Accumulated Profits Accumulate Profits, Beg PS,000,000 Sales P2,500,000 Cost of Goods Sold Operating Expenses (1,250,000) (750,000) Net income PS00,000 (250,000) PS,250,000 Dividends Accumulated Profits, End JKL regularly sells merchandise to ABC at a price of 120% of cost. In 2021 and 2022, sales from JKL to ABC are as follows: Sales-2021 for P2,100,000 (inventory sold by ABC 1,800,000) ; Sales -2022 P1,200,000 (inventory unsold by ABC P750,000). On December 31, 2022 compute for the non-controlling interest in Net assets.

On January 3, 2021, ABC acquired 60s of the outstanding shares of JKL an excess of cost over book value of P3,000,000. This excess was allocated to property, plant and equipment with 10 years of estimated useful life which half was already use. For the year ended December 31, 2022, IKL prepared the following condensed financial statements: Statement of Financial Position P1,000,000 8,500,000 Current Assets P2,250,000 Liabilities 12,500,000 Share Capital Property, Plant Equipment, net and Accumulated Profits 5,250,000 Total P14,750,000 Total P14,750,000 Statement of Accumulated Profits Accumulate Profits, Beg PS,000,000 Sales P2,500,000 Cost of Goods Sold Operating Expenses (1,250,000) (750,000) Net income PS00,000 (250,000) PS,250,000 Dividends Accumulated Profits, End JKL regularly sells merchandise to ABC at a price of 120% of cost. In 2021 and 2022, sales from JKL to ABC are as follows: Sales-2021 for P2,100,000 (inventory sold by ABC 1,800,000) ; Sales -2022 P1,200,000 (inventory unsold by ABC P750,000). On December 31, 2022 compute for the non-controlling interest in Net assets.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain and provide two examples of quick assets.
Define Profi t and loss (P&L) statement
Quick assets is determined by
The purpose of this forum is to challenge you to define, explain, and provide examples of noncurrent assets
Analyze the rate ofreturn on assets
Describe the terms of Contingent Assets with examples.
Describe the important properties of fixed assets?
Determine the total net free assets. *