02-10-2010, 09:03 PM
Namib owns 80% of the issue ordinary share capital and 25% of the issued irredeemable preference shares in Poly.The share capital and accumulated profits of Poly at 31 March2010,the Namib LTD groups year end, were
Ordinary Share capital 60000
7% preference share capital +20000
=80000
Accumulated Profit +215000
Total Equity =295000
Upon aquisition of Namib's interest in Poly,that took place on 1December 2009,the fair values of Poly's net assets were the same as book values,with the exception of an item of plant. The carrying value of the plant at 1 December 2009 was 10 200,and its fair value was 15 650. Its estimated remaining useful life at that date was 4years.Depreciation is charged for each month of ownership. No adjustment was made in Poly's own accounting records for the increase in fair value.
What will be the non-controlling interest for inclusion in the Poly's group's consolidated balance sheet as at 31 March 2010.
Ordinary Share capital 60000
7% preference share capital +20000
=80000
Accumulated Profit +215000
Total Equity =295000
Upon aquisition of Namib's interest in Poly,that took place on 1December 2009,the fair values of Poly's net assets were the same as book values,with the exception of an item of plant. The carrying value of the plant at 1 December 2009 was 10 200,and its fair value was 15 650. Its estimated remaining useful life at that date was 4years.Depreciation is charged for each month of ownership. No adjustment was made in Poly's own accounting records for the increase in fair value.
What will be the non-controlling interest for inclusion in the Poly's group's consolidated balance sheet as at 31 March 2010.
