Black Ltd owns 75% of the shares in Sheep Ltd. The following details are available...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Black Ltd owns 75% of the shares in Sheep Ltd. The following details are available at 30 June 2018.
Black Ltd
Sheep Ltd
Profit for the year
$255,000
$155,000
Dividend paid
$50,000
$60,000
Retained earnings
$400,000
$300,000
Share capital
$700,000
$400,000
During the year Sheep Ltd sold inventory to Black Ltd for $65,000. The inventory originally cost Sheep Ltd $50,000. 40% of the inventory remains unsold at 30 June 2018.
What is the NCI share of profit at 30 June 2018?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
