MILESTONE THREE---

consolidated_worksheet_updated.xlsx

Sheet1

	NEWTON	GRAVITY
	$	$
Non-Current Assets
Tangible Assets	100,000	50,000
Investment in Subsidiary	60,000
Current Assets	20,000	12,000
	180,000	62,000
Equity and Liabilities
Ordinary Share Capital	66,000	30,000
Profit and Loss	100,000	26,000
Current Liabilities	10,000	5,000
proposed dividends	4,000	1,000
	180,000	62,000
CONSOLIDATION WORK SHEET	NEWTON		GRAVITY		ELIMINATION ENTRIES		CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	DR	CR	DR	CR	DR	CR	DR	CR
Non-Current Assets
Net Tangible Assets	100,000		50,000				150,000
Investment in Subsidiary	60,000		0			60,000	0
Goodwill					31,200		31,200
Goodwill Impairment						10,400		10,400
Current Assets	20,000		12,000				32,000
Equity and Liability
Ordinary Share Capital		66,000		30,000	30,000			66,000
Profit or Loss		100,000		26,000	19,400			106,600
Current Liabilities		10,000		5,000				15,000
Proposed Dividends		4,000		1,000	800			4,200
Non-Controlling Interest						11,200		11,200
Total	180,000	180,000	62,000	62,000	81,400	81,600	213,200	213,400
	COST OF CONTROL			Retained Earnings
		NEWTON LTD		Goodwill Impairment $10,400	Newton Ltd $100,000
	investment cost in subsidiary		$60,000	Bal c/d $106,400	Gravity Ltd 80/100*(26000-6,000)= $16,000
	Less share of net assets				Inter-company Dividends 80/100*1000= $800
	Ordinary Share Capital	$30,000		Total $116,800	Total $116,800
	Pre-acquisition profit or loss	$6,000	80/100 X $36,000=$28,800
	Godwill		$31,200
	NON-CONTROLLING INTEREST		Goodwill Account
		Ordinary Share Capital 20/100 X $30,000 = $6,000	cost of control $31,200	Goodwill Impairment $10,400
	Bal c/d $11,200	Profit or loss 20/100 x $26,000 = $5,200		Bal C/D $19,800
	$11,200	$11,200	$31,200	$31,200