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P2 Mock Exam

P2 Mock Exam

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Published by billyryan1
P2 Mock Exam
P2 Mock Exam

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Published by: billyryan1 on May 17, 2014
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ACCA P2 Corporate Reporting(INT) June2014
Final Mock Exam Question+Answer Paper
 
 
© Lesco Group Limited, April 2014 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Lesco Group Limited.
 
Q1 The following financial statements relate to Ashanti, a public limited company. consolidated statement of profit or loss and other comprehensive income for the year ended 30 April 2014 The following information is relevant to the preparation of the group statement of profit or loss and other comprehensive income: (i) On 1 May 2012, Ashanti acquired 70% of the equity interests of Bochem, a public limited company. The purchase consideration comprised cash of $150 million and the fair value of the identifiable net assets was $160 million at that date. The fair value of the non-controlling interest in Bochem was $54 million on 1 May 2012.
Ashanti wishes to use the ‘full goodwill’ method for all acquisitions. The share
capital and retained earnings of Bochem were $55 million and $85 million respectively and other components of equity were $10 million at the date of acquisition. The excess of the fair value of the identifiable net assets at acquisition is due to an increase in the value of plant, which is depreciated on the straight-line method and has a five year remaining life at the date of acquisition. Ashanti disposed of a 10% equity interest to the non- controlling interests (NCI) of Bochem on 30 April 2014 for a cash consideration of $34 million. The carrying value of the net assets of Bochem at 30 April 2014 was $210 million before any adjustments on

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