【每日一练】ACCA F7（Sep 2016）

Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.

On 1 October 20X5, Anita Co purchased 75,000 of Binita Co’s 100,000 equity shares when Binita Co’s retained  earnings amounted to $90,000.
On 30 September 20X7, extracts from the statements of financial position of the two companies were: 
                                                        Anita Co                           Binita Co
                                                          $’000                             $’000
Equity shares of $1 each                        125                                   100
Retained earnings                                  300                                   150

                                                              ––––                                  ––––
Total                                                       425                                   250

                                                              ––––                                  ––––
What is the total equity which should appear in Anita Co’s consolidated statement of financial position as at 30 September 20X7? 
A $125,000
B $470,000
C $345,000
D $537,500

Answer：

B
Retained earnings = 300 + ((150 – 90) x 75%) = 345
Total equity = 125 + 345 = 470

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