Consolidated financial statements are presented on the basis that the companies within the group are treated as if they are a single economic entity.

Which of the following are requirements of preparing consolidated financial statements？

(1)All subsidiaries must adopt the accounting policies of the parent in their individual financial statements

(2)Subsidiaries with activities which are substantially different to the activities of other members of the group should not be consolidated

(3)All entity financial statements within a group should normally be prepared to the same accounting year end prior to consolidation

(4)Unrealised profits within the group must be eliminated from the consolidated financial statements

A、(1)and (3)

B、(2)and (4)

C、(3)and (4)

D、(1)and (2)

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Patula Co acquired 80% of Sanka Co on 1 October 20X5. At this date, some of Sanka Co’s inventory had a carrying amount of $600,000 but a fair value of $800,000. By 31 December 20X5, 70% of this inventory had been sold by Sanka Co.
The individual statements of financial position at 31 December 20X5 for both companies show the following:

What will be the total inventories figure in the consolidated statement of financial position of Patula Co as at 31 December 20X5？
A.$5,250,000
B.$5,330,000
C.$5,130,000
D.$5,238,000

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Caddy Co acquired 240,000 of Ambel Co’s 800,000 equity shares for $6 per share on 1 October 20X4. Ambel Co’s profit after tax for the year ended 30 September 20X5 was $400,000 and it paid an equity dividend on 20 September 20X5 of $150,000.
On the assumption that Ambel Co is an associate of Caddy Co, what would be the carrying amount of the investment in Ambel Co in the consolidated statement of financial position of Caddy Co as at 30 September 20X5？
A、$1,560,000
B、$1,395,000
C、$1,515,000
D、$1,690,000

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Wilmslow acquired 80% of the equity shares of Zeta on 1 April 2014 when Zeta’s retained earnings were $200,000. During the year ended 31 March 2015, Zeta purchased goods from Wilmslow totalling $320,000. At 31 March 2015, one quarter of these goods were still in the inventory of Zeta. Wilmslow applies a mark-up on cost of 25% to all of its sales.
At 31 March 2015, the retained earnings of Wilmslow and Zeta were $450,000 and $340,000 respectively.
What would be the amount of retained earnings in Wilmslow’s consolidated statement of financial position as at 31 March 2015？
A.$706,000
B.$542,000
C.$498,000
D.$546,000

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On 1 October 20X4, Pyramid Co acquired 80% of Square Co’s 9 million equity shares. At the date of acquisition,Square Co had an item of plant which had a fair value of $3m in excess of its carrying amount. At the date of acquisition it had a useful life of five years. Pyramid Co’s policy is to value non-controlling interests at fair value at the date of acquisition. For this purpose, Square Co’s shares had a value of $3·50 each at that date. In the year ended 30 September 20X5, Square Co reported a profit of $8m.
At what amount should the non-controlling interests in Square Co be valued in the consolidated statement of financial position of the Pyramid group as at 30 September 20X5？
A、$26,680,000
B、$7,900,000
C、$7,780,000
D、$12,220,000

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When a parent is evaluating the assets of a potential subsidiary, certain intangible assets can be recognised separately from goodwill, even though they have not been recognised in the subsidiary’s own statement of financial position.
Which of the following is an example of an intangible asset of the subsidiary which may be recognised separately from goodwill when preparing consolidated financial statements？
A、A new research project which the subsidiary has correctly expensed to profit or loss but the directors of the parent have reliably assessed to have a substantial fair value
B、A global advertising campaign which was concluded in the previous financial year and from which benefits are expected to flow in the future
C、A contingent asset of the subsidiary from which the parent believes a flow of future economic benefits is possible
D、A customer list which the directors are unable to value reliably

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