The Elf Co. acquired a 60% interest in the Pea Co. when Pea's equity comprised share capital of P100,000 and retained earnings of P150,000. Pea's current statement of financial position shows share capital of P100,000, a revaluation reserve of P75,000 and retained earnings of P300,000. Under IAS 27, Consolidated and Separate Financial Statements, what amount in respect of the non-controlling interest should be included in Elf Co.'s consolidated statement of financial position?

The Elf Co. acquired a 60% interest in the Pea Co. when Pea's equity comprised share capital of P100,000 and retained earnings of P150,000. Pea's current statement of financial position shows share capital of P100,000, a revaluation reserve of P75,000 and retained earnings of P300,000. Under IAS 27, Consolidated and Separate Financial Statements, what amount in respect of the non-controlling interest should be included in Elf Co.'s consolidated statement of financial position?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter20: Corporations: Distributions In Complete Liquidation And An Overview Of Reorganizations

Section: Chapter Questions

Problem 1BCRQ

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