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
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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 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, JKL prepared
the following condensed financial statements:
Statement of Financial Position
Current Assets
P2,250,000 Liabilities
P1,000,000
12,500,000 Share Capital
8,500,000
Property.
Equipment, net
Plant
and
Accumulated Profits
5,250,000
P14,750,000
Total
P14,750,000 Total
Statement of Accumulated Profits
Accumulate Profits, Beg
P5,000,000
Sales
P2,500,000
(1,250,000)
(750,000)
PS00,000
Cost of Goods Sold
Operating Expenses
Net Income
Dividends
(250,000)
Accumulated Profits, End
P5,250,000
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.
Transcribed Image Text:On January 3, 2021, ABC acquired 60% 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, JKL prepared the following condensed financial statements: Statement of Financial Position Current Assets P2,250,000 Liabilities P1,000,000 12,500,000 Share Capital 8,500,000 Property. Equipment, net Plant and Accumulated Profits 5,250,000 P14,750,000 Total P14,750,000 Total Statement of Accumulated Profits Accumulate Profits, Beg P5,000,000 Sales P2,500,000 (1,250,000) (750,000) PS00,000 Cost of Goods Sold Operating Expenses Net Income Dividends (250,000) Accumulated Profits, End P5,250,000 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.
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