FAC2602 ASSIGNMENT 1 SEMESTER 1 DUE 25 MARCH 2025 COMPLETE ANSWERS 100% PASS GUARANTEED

VERSION 1




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Assuming Mubereki Limited controlled 90% interest in Mwana Limited, what is the non
controlling interest amount of the revaluation reserve of land and buildings in the
consolidated statement of financial position for 30 June 2025:


1.R2 400
2.R69 200
3.R4 800
4.R19 200




Question 2

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When a company acquires a controlling interest in another company, which of the
following is correct regarding the consolidation process?

1.
The parent company consolidates only the net assets acquired, and goodwill is ignored
in the consolidated financial statements.
2.
The parent company consolidates only its proportionate share of the subsidiary's assets,
liabilities, income, and expenses.
3.
The parent company records the acquisition as an investment and recognizes dividends
received from the subsidiary as income
4.

, The parent company consolidates 100% of the subsidiary’s assets, liabilities, income, and
expenses, while separately presenting the portion attributable to non-controlling interest
(NCI).




Question 3

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Why is it necessary to prepare consolidated financial statements for a group of
companies?

1.
To comply with the subsidiary’s legal obligation to prepare financial statements for
external users.



2.
To present the financial position and performance of the parent and subsidiary as a
single economic entity.
3.
To comply with the subsidiary’s legal obligation to prepare financial statements for
external users.



4.
To ensure that all inter-company transactions are included in the group’s reported profit.



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What is the disclosure amount for revaluation reserve of land and buildings in the
consolidated statement of financial position for 30 June 2025:

1.

, R69 200
2.
R74 000
3.
R24 000
4.
R50 000

Question 5

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The Inventories in the consolidated statement of financial position amounts to:


1.
R102 000
2.
R 68 000



3.
R 95 200
4.
R 34 000


Question 6

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Assuming Mubereki Limited acquired only 40 000 ordinary shares in Mwana Limited on
1 July 2022. Each share carries one vote and voting rights determines control of the
company.
What will the ordinary share capital in consolidated statement of financial position on
the 30 June 2025 amounts to:




1.

, Nil or zero
2.
R200 000
3.
R250 000
4.
R240 000


Question 7

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What does retained earnings in the Mubereki Limited group consolidated statement of
financial position at 30 June 2025 amount to:

1.
R125 000



2.
R114 000
3.
R 84 000
4.
R103 120

Question 8

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What is the non-controlling interest amount of the revaluation reserve of land and
buildings in the consolidated statement of financial position for 30 June 2025:

1.
R69 200
2.
R19 200
3.