FAC_2602_ASSIGNMENT_2___2021.

PART A Consolidation Journals DR CR NCI Share Capital Retained Earnings Goodwill Purchase Consideration NCI Elimination of owners' equity of Travel well Ltd at acquisition A) Income;Sales(Burgers Eat ltd) cost of sales(Travelwlell ltd) Elimination of intra group sales cost of sales (Burgers Eat ltd) 7500 Inventory(Travelwlell ltd) 7500 Elimination of intra group profit included in closing inventory of sub 25/125x37500 Retained earnings (Burgers Eat ltd) 22000 Cost of sales (Burgers Eat ltd) 22000 Elimination of intra group profit included in opening inventory of sub 25/125 B) Retained earnings 31152 Non controlling interests Recording of non-controlling interests in Travelwell ltd for the period since aquisition to beginning of current year C) Profit after tax 46582 Non controlling interests Recording of non-controlling interests in Travelwell ltd profit for the current year Revaluation surplus – B Ltd 7000 Non-controlling interests (SFP) Recording of non-controlling interests in revaluation surplus D) Dividends receivable 76400 Non controlling interests Dividend payable