快速查题-ACCA英国注册会计师试题

 Mercedes Co has owned 100% of Benz Co since incorporation. At 31 March 20X9 extracts from their individual statements of financial position were as follows.

Mercedes Co Benz Co          $             $

Share capital                    100,000      50,000

Retained earnings            450,000     120,000

                                         550,000      170,000

During the year ended 31 March 20X9, Benz Co had sold goods to Mercedes Co for $50,000. Mercedes Co still had these

goods in inventory at the year end. Benz Co uses a 25% mark up on all goods.

What were the consolidated retained earnings of Mercedes Group at 31 March 20X9?

Micro Co acquired 90% of the $100,000 ordinary share capital of Minnie Co for $300,000 on

1 January 20X9 when the retained earnings of Minnie Co were $156,000. At the date of acquisition the fair value of plant held by Minnie Co was $20,000 higher than its carrying amount. The fair value of the non-controlling interest at the date of acquisition was $75,000.

What is the goodwill arising on the acquisition of Minnie Co?

On 1 April 20X7 Possum Co acquired 60% of the share capital of Koala Co for $120,000. During the year Possum Co sold

goods to Koala Co for $30,000, including a profit margin of 25%. 40% of these goods were still in inventory at the year end.

The following extract was taken from the financial statements of Possum Co and Koala Co at 31 March 20X8.

                                          Possum Co $'000               Koala Co

Revenue                                750                                 $'000 400

Cost of sales                        (420)                                 (100)

Gross profit                             30                                    300

What is the consolidated gross profit of the Possum group at 31 March 20X8?

Which of the following statements is/are incorrect?

1 A Co owns 25% of the ordinary share capital of B Co, which means that B Co is an associate of A Co.

2 C Co can appoint 4 out of 6 directors to the board of D Co, which means that C Co has control over D Co.

3 E Co has the power to govern the financial and operating policies of F Co, which means that F Co is an associate of E Co.

4 G Co owns 19% of the share capital of H Co, but by agreement with the majority shareholder, has control over the financial and operating policies of H Co, so H Co is an associate of G Co.

 Clementine Co has owned 21% of the ordinary shares of Tangerine Co for several years. Clementine Co does not have any

investments in any other companies. How should the investment in Tangerine Co be reflected in the financial statements of

Clementine Co?

 Which of the following statements relating to parent companies and subsidiaries are correct?

1 A parent company could consolidate a company in which it holds less than 50% of the ordinary share capital in certain circumstances.

2 Goodwill on consolidation will appear as an item in the parent company's individual statement of financial position.

3 Consolidated financial statements ignore the legal form of the relationship between parents and subsidiaries and present the results and position of the group as if it was a single entity.

P Co, the parent company of a group, owns shares in three other companies. P 0〇!3 holdings are：

Q Shares giving control of 60% of the voting rights in Q Co R Shares giving control of 20% of the voting rights in R Co. remove all the directors of R Co P Co also has the right to appoint orS Shares giving control of 10%of the voting rights in S Co,shares 

plus 90% of the non-voting preference

Which of these companies are subsidiaries of P Co? 

Which of the following should be accounted for in the consolidated financial statements of Company A using equity

accounting?

1 An investment in 51% of the ordinary shares of W Co

 2 An investment in 20% of the preference (non-voting) shares of X Co

 3 An investment in 33% of the ordinary shares of Y Co 4 An investment in 20% of the ordinary shares of Z Co, and an

agreement with other shareholders to appoint the majority of the directors to the board of Z Co 

Breakspear Co purchased 600,000 of the voting equity shares of Fleet Co when the value of the noncontrolling interest in

Fleet Co is $150,000 The following information relates to Fleet at the acquisition date

                                        At acquisition $!000

Share capital, $0.5              500

ordinary shares                   150

Retained earnings               50

Revaluation surplus            700

The goodwill arising on acquisition is $70,000. What was the consideration paid by Breakspear Co for the investment in Fleet Co?

Date Co owns 100% of the ordinary share capital of Prune Co. The following balances relate to Prune Co.

                                                   At acquisition At 31.12.X8

Tangible non-current assets                   $’000  $’000       

Freehold land                                           500    500

Plant and equipment                                350    450

                                                                 850     950

At acquisition, the fair value of Prune Co’s land was $50,000 more than shown in the financial statements of Prune Co. At 31 December 20X8, Date Co’s financial statements show a total tangible non-current asset balance of $1,250,000.

What amount should be included in the consolidated financial statements of the Date group at 31 December 20X8 for

tangible non-current assets?