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Accounting for non-controlling interest
Income & R/E statements for year ended 31 Dec 20x8
Elimination & Consoli
Adjustments dated
Pluto Saturn Dr. Cr. FS
Operating profit 160,000 60,000
Dividend income from S 18,900 0
Net profit before tax 178,900 60,000
Tax expense -48,900 -18,000
Net profit after tax 130,000 42,000
R/E, 1 January 110,000 38,200
Dividends -100,000 -31,500
R/E, 31 December 140,000 48,700
Statement of financial position as at 31 December 20x8
Elimination & Consoli
Adjustments dated
Pluto Saturn Dr. Cr. FS
Investment in S 117,000 0
Other assets 578,000 294,700
Total assets 695,000 294,700
Share capital 300,000 80,000
R/E 140,000 48,700
Long-term liabilities 200,000 130,000
Current liabilities 55,000 36,000
Total equity & liabilities 695,000 294,700
Consolidation Journal Entries
Dr. Share capital (Saturn) 80,000
Dr. Retained earnings (Saturn) 30,000
Dr. Goodwill 82,000
Cr. Investment in Saturn 117,000
Cr. Non-controlling interests 75,000
Income & R/E statements for year ended 31 Dec 20x8
Elimination & Consoli
Adjustments dated
Pluto Saturn Dr. Cr. FS
Operating profit 160,000 60,000
Dividend income from S 18,900 0
Net profit before tax 178,900 60,000
Tax expense -48,900 -18,000
Net profit after tax 130,000 42,000
Profit attributable to NCI
Profit attributable to P 130,000 42,000
R/E, 1 January 110,000 38,200 30,000
Dividends -100,000 -31,500
R/E, 31 December 140,000 48,700
Statement of financial position as at 31 December 20x8
Elimination & Consoli
Adjustments dated
Pluto Saturn Dr. Cr. FS
Investment in S 117,000 0 117,000
Other assets 578,000 294,700
Goodwill 82,000
Total assets 695,000 294,700
Share capital 300,000 80,000 80,000
R/E 140,000 48,700
NCI 75,000
Long-term liabilities 200,000 130,000
Current liabilities 55,000 36,000
Total equity & liabilities 695,000 294,700
Consolidation Journal Entries
Dr. Share capital (Saturn) 80,000
Dr. Retained earnings (Saturn) 30,000
Dr. Goodwill 82,000
Cr. Investment in Saturn 117,000
Cr. Non-controlling interests 75,000