Dashboard My courses ACTG08-18 Quizzes Quiz 2

Question 1

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On January 1, 20x1, Laughter Co. issued equity instruments in exchange for 75% interest in Tears Co. Tears Co.’s net
identifiable assets have carrying amount and fair value of ₱300,000 and ₱360,000, respectively. The difference is
attributable to a building with a remaining useful life of 6 years.
 

The December 31, 20x1 statements of profit or loss of Laughter Co. and Tears Co. are summarized below:
 

Statements of profit or loss

For the year ended December 31, 20x1
Laughter Co. Tears Co.
Revenues 1,200,000 480,000
Operating expenses (960,000) (400,000)
Profit for the year 240,000 80,000

How much is the consolidated profit attributable to non-controlling interest in 20x1?

a. 77,500

b. 6,500

c. 57,500

d. 17,500
 Question 2
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How much is the consolidated profit attributable to owners of the parent in 20x1?

a. 232,500

b. 320,000

c. 292,500

d. 310,000

Question 3
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How much is the consolidated profit in 20x1?

a. 320,000

b. 301,000

c. 336,000

d. 310,000

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