MIDTERM EXAMINATION IN ACCOUNTING FOR BUSINESS COMBINATION 2nd Sem.

SY 23-24

STUDENT NAME: SCORE RATING

SECTION:
DAY & TIME:
DATE OF EXAM:
ADVISER:

INSTRUCTIONS

• Use black or blue pen only.

• Read carefully all the questions below and write clearly.

TEST I – INDIVIDUAL AND SEMI-COMPREHENSIVE PROBLEMS

_______1. On December 2015, Killua Ltd. acquired all the assets and liabilities of Gon Ltd. With Killua Ltd. issuing 100,000
shares to acquire these net assets. The fair value of Gon Ltd.’s assets and liabilities at this date were:

Cash P50,000
Furniture and Fittings 20,000
Accounts Receivable 5,000
Plant 125,000
Accounts Payable 15,000
Current Tax Liability 8,000
Provision for annual leave 2,000

The financial year for Killua Ltd. is January-December.

The fair value of each Killua Ltd. Share at acquisition date is 1.90. At acquisition date, the acquirer could only determine a
provisional fair value for the plant. On March 1, 2016, Killua Ltd. Received the final value from the Independent appraisal,
the fair value at acquisition date being P131,000. Assuming the plant had a further five year life from the acquisition date.
The amount of goodwill arising from the business combination at December1,2015?
a.P15,000 b. 9,000 c.P5,000 d. 0

_______2.The E. Vendivel Company acquired the net assets of the Vivar Company on January 1, 2015 and made the
following entry to record the purchase:

Current Assets………………………………………100,000
Equipment……………………………………………150,000
Land……………………………………………………..50,000
Buildings……………………………………………….300,000
Goodwill……………………………………………….100,000
Liabilities…………………………………. 80,000
CommonStock,P1par……………. 100,000
Paid-in capital in excess of par… 520,000

Assuming that the additional shares on January 1,2017 would be issued on that date to compensate for any fall in the value
of E. Vendivel common stock below P16 per share, the settlement would be to cure the deficiency by issuing added shares
based on their fair values on January 1, 2017. The fair price of the shares on January 1, 2017 was P10. What is the additional
number of shares issued on January 1, 2017 to compensate for any fall in the value of the stock?
a.P160,000 b.100,0000 c.60,000 d.10,000

_______3. Bruce Company owns 80% of Lee Corp.’s common stock. During October 2016, Lee sold merchandise to
Bruce for100,000. At December 31, 2026, one-half of the merchandise remained in Bruce inventory. For
2016, gross profit percentages were 30% for Bruce and 40% for Lee. The amount of unrealized
Intercompany profit in ending inventory at December 31,2016 that should be eliminated in consolidation is:
a.40,000 b.20,000 c.16,000 d.15,000

_______4. The Maroons Company holds a 70% interest in the Haena Company. At the current year end Maroons
Holds inventory purchased from Haena for 270,000 at a cost plus20%. The group’s consolidated statement
Of financial position has been drafted without any adjustments in relation to this holding of inventory.
What adjustments should be made to the draft consolidated statement of financial position figures for non controlling
interest and retained earnings?

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Non-Controlling interest Retained Earnings

a. Nochange Reduceby 45,000
b. Nochange Reduceby 54,000
c. Reduce by 16,200 Reduce by 37,800
d. Reduce by 13,500 Reduce by 31,500

_______5. X-Beams Inc, owned 70% of the voting common stock of Kent Corp. During 20x4, Kent made several sales of
inventory to X-Beams. The total selling price was P180,000 and the cost P100,000. At the end of the year, 20% of the goods
were still in X-Beams’ inventory. Kent’s reported income was P300,000.
What was the non-controlling interest Kent’s net income?
a. P90,000 b. P85,200 c. P54,000 d. P98,800

_______6. During 2011, PardCorp. Sold goods to its 80% owned subsidiary, Seed Corp. At December 31, one half of
these goods were included in Seed’s ending inventory. Reported 2011 selling expense were P1,100,000 and
P400,000 for Pardand Seed, respectively. Pard’s selling expenses included P50,000 in freight out costs for
Goods to Seed. What amount of selling expenses should be reported in Pard’s 2011 consolidated income
statement?
a. P1,500,000 b. P1,480,000 c. P1,475,000 d. P1,450,000

_______7. On January 1, 2013, Eron Company purchased 90% of Bessy Company for P400,000. Ont hat day Bessy
Company’s equity consisted of P100,000 of capital stock and P300,000 of retained earnings. Assets and Liabilities were fairly
valued. In 2013 Bessy had sales of P500,000 and cost of sales of P300,000. One half of The sales were to Eron. Bessy’s
pricing policy has not changed for several years. At January 1,2013, Eron’s Inventory contained P40,000 of Bessy’s
merchandise purchased in 2012. Eron’s December 31,2013, Inventory included P25,000 of Bessy’s merchandise. Both
companies use FIFO. For 2013 Eron had Company Income from its own operations of P200,000 and paid dividends of
P80,000. Bessy’s Company income was P75,000; it paid P30,000 dividends during the year.

For 2013, consolidated Company Income attributable to parent is:

a.270,900 b.272,900 c.271,000 d.271,900

_______8. Parry Co. owns 80% interest in Starry Co. acquired several years ago. Starry regularly sells merchandise to
Its parent at 123% of Starry’s cost. Gross profit data of Parry and Starry for the year 2016 are as follows:
Parry Starry
Sales 1,000,000 800,000
Cost of goods sold 800,000 640,000
Gross profit P200,000 P160,000

During 2016, Parry purchased inventory items from Starry at a transfer price of P400,000. Parry’s December
31, 2015 and 2016 inventories included goods acquired from Starry of P100,000 and P125,000, respectively.
The consolidated cost of goods sold of Parry and subsidiary for 2016 was:
a.1,024,000 b.1,045,000 c.1,052,000 d.1,056,000

_______9. Xyril Corp. owns an 80% interest in Erica Corp. acquired several years ago. Erica regularly sells
Merchandise to its parent at 125% of Erica’s cost. Gross profit data of Xyril and Erica for the year 2016 areas
follows:
Xyril Erica
Sales P1,000,000 P800,000
Cost of goods sold 800,000 640,000
Gross Profit P200,000 P160,000

During 2016, Xyril purchased inventory items from Erica at a transfer price of P400,000. Xyril’s December 31,
2015 and 2016 inventories included goods acquired from Erica of P100,000 and P125,000, respectively. The
Consolidated sales of Xyril Corp. and subsidiary for 2016 were:
a. P1,800,000 b. P1,425,000 c. P1,400,000 d. P1,240,000

_______10. Using the same information in No.9, the unrealized profits in the year-end 2015 and 2016 inventories
were:
a. P100,000 and P125,000 respectively
b. P800,000 and P100,000 respectively
c. P20,000 and P25,000 respectively
d. P16,000 and P20,000 respectively

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MIDTERM EXAMINATION IN ACCOUNTING FOR BUSINESS COMBINATION 2nd Sem.
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_______11. Francis Company owns 100℅ of the capital stock of both Gem Company and Robin Company. Francis Purchases
merchandise inventory from Robin Company at 140℅ of Robin's cost. During 2016, merchandise That cost Robin P40,000
was sold to Gem. Gem sold all of this merchandise to unrelated customers for 8,200 During 2016. In preparing combined
financial statements for2016 Francis' bookkeeper disregarded the Common ownership of Gem Company and Robin
Comapany. By what amount was unadjusted revenue Overstated in the combined income statement for 2016 and the
amount that should be eliminated from Cost of good sold in the combined income statement for 2016?
Overstated Unadjusted Revenue Cost of Good sold to be eliminated
a. P16,000. P16,000
b. 40,000. 40,000
c. 56,000. 56,000
d. 81,200. 56,000

QUESTIONS 11-12
On January 1, 20x1, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair value of ₱60 per share and
par value of ₱40 per share. The financial statements of ABC Co. and XYZ, Inc. immediately
before the acquisition are shown below:
ABC Co. XYZ, Inc.
Cash 40,000 20,000
Accounts receivable 120,000 48,000
Inventory 160,000 92,000
Equipment 800,000 200,000
Accumulated depreciation (80,000) (40,000)
-----------------------------------------------------------------------------------------------------------------------
Total assets 1,040,000 320,000

Accounts payable 80,000 24,000

Bonds payable 120,000 -
Share capital 480,000 200,000
Share premium 160,000 -
Retained earnings 200,000 96,000
-----------------------------------------------------------------------------------------------------------------------
Total liabilities and equity 1,040,000 320,000

On January 1, 20x1, the fair value of the assets and liabilities of XYZ, Inc. were determined by appraisal, as follows:
XYZ, Inc. Carrying Fair Fair Value
Amounts Values Increment
Cash 20,000 20,000 -
Accounts receivable 48,000 48,000 -
Inventory 92,000 124,000 32,000
Equipment 200,000 240,000 40,000
Accumulated depreciation (40,000) (48,000) (8,000)
Accounts payable (24,000) (24,000) -
Net assets 296,000 360,000 64,000

The equipment has a remaining useful life as of 4 years from January 1, 20x1.
Case #1: NCI measured at proportionate share of parent ABC Co. elects to measure non-controlling interest as its
proportionate share in XYZ’s net identifiable assets.
_______11. How much is the consolidated total assets as of January 1, 20x1?
a. 1,436,000 b. 1,439,000 c. 1,736,000 d. 1,376,000
_______12. How much is the consolidated total equity as of January 1, 20x1?
a. 1,200,000 b. 1,215,000 c. 1,212,000 d. 1,364,000

QUESTIONS 13-14
Case #2: NCI measured at fair value
ABC Co. elects the option to measure non-controlling interest at fair value and a value of ₱75,000 is assigned to the 20%
non-controlling interest [(₱300,000 ÷ 80%) x 20% = 75,000].
_______13. How much is the consolidated total assets as of January 1, 20x1?
a. 1,436,000 b. 1,439,000 c. 1,736,000 d. 1,376,000
_______14. How much is the consolidated total equity as of January 1, 20x1?
a. 1,200,000 b. 1,215,000 c. 1,212,000 d. 1,364,000

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MIDTERM EXAMINATION IN ACCOUNTING FOR BUSINESS COMBINATION 2nd Sem.
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QUESTIONS 15-17
On January 1, 20x1, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair value of ₱60 per share and
par value of ₱40 per share. On acquisition date, ABC Co. elected to measure non-controlling interest as its proportionate
share in XYZ, Inc.’s net identifiable assets.

XYZ’s shareholders’ equity as of January 1, 20x1 comprises the following:

(at carrying
amounts)
Share capital 200,000
Retained earnings 96,000
Total equity 296,000

On January 1, 20x1, the fair values of the assets and liabilities of XYZ, Inc. were determined by appraisal, as follows:
XYZ, Inc. Carrying Fair Fair Value
Amount Values Increment
Cash 20,000 20,000 -
Accounts receivable 48,000 48,000 -
Inventory 92,000 124,000 32,000
Equipment 200,000 240,000 40,000
Accumulated depreciation (40,000) (48,000) (8,000)
Accounts payable (24,000) (24,000) -
---------------------------------------------------------------------------------------------------------------------------------------------
Net assets 296,000 360,000 64,000

The remaining useful life of the equipment is 4 years.

During 20x1, no dividends were declared by either ABC or XYZ. There were also no inter-company transactions. The group
determined that there is no goodwill impairment.

ABC’s and XYZ’s individual financial statements at year-end are shown below:

Statements of financial position

As at December 31, 20x1
ABC Co. XYZ, Inc.
ASSETS
Cash 92,000 228,000
Accounts receivable 300,000 88,000
Inventory 420,000 60,000
Investment in subsidiary 300,000 -
Equipment 800,000 200,000
Accumulated depreciation (240,000) (80,000)
TOTAL ASSETS 1,672,000 496,000

LIABILITIES AND EQUITY

Accounts payable 172,000 120,000
Bonds payable 120,000 -
Total liabilities 292,000 120,000
Share capital 680,000 200,000
Share premium 260,000 -
Retained earnings 440,000 176,000
Total equity 1,380,000 376,000
TOTAL LIABILITIES AND EQUITY 1,672,000 496,000

Statements of profit or loss

For the year ended December 31, 20x1
ABC Co. XYZ, Inc.
Sales 1,200,000 480,000
Cost of goods sold (660,000) (288,000)
Gross profit 540,000 192,000
Depreciation expense (160,000) (40,000)
Distribution costs (128,000) (72,000)

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MIDTERM EXAMINATION IN ACCOUNTING FOR BUSINESS COMBINATION 2nd Sem.
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Interest expense (12,000) -

Profit for the year 240,000 80,000

_______15. How much is the consolidated profit for 20x1?

a. 208,000 b. 280,000 c. 240,000 d. 296,000
_______16. How much is the consolidated total assets as of December 31, 20x1?
a. 1,867,000 b. 1,907,000 c. 1,894,000 d. 1,904,000
_______17. How much is the consolidated total equity as of December 31, 20x1?
a. 1,492,000 b. 1,415,000 c. 1,412,000 d. 1,421,000

QUESTIONS 18-20
On January 1, 20x1, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair value of ₱60 per share and
par value of ₱40 per share. On acquisition date, ABC Co. elected to measure non-controlling interest at the non-controlling
interest’s fair value. A value of ₱75,000 is assigned to the 20% non-controlling interest [(₱300,000 ÷ 80%) x 20% = ₱75,000].
XYZ’s shareholders’ equity as of January 1, 20x1 comprises the following:
(at carrying amounts)
Share capital 200,000
Retained earnings 96,000
Total equity 296,000

On January 1, 20x1, the fair values of the assets and liabilities of XYZ, Inc. were determined by appraisal, as follows:

XYZ, Inc. Carrying Fair Fair Values

Amounts Values Increment
Cash 20,000 20,000 -
Accounts receivable 48,000 48,000 -
Inventory 92,000 124,000 32,000
Equipment 200,000 240,000 40,000
Accumulated depreciation (40,000) (48,000) (8,000)
Accounts payable (24,000) (24,000) -
---------------------------------------------------------------------------------------------------------------------------
Net assets 296,000 360,000 64,000

The remaining useful life of the equipment is 4 years. During 20x1, no dividends were declared by either ABC or XYZ. There
were also no inter-company transactions. The group determined that there is no goodwill impairment.
ABC’s and XYZ’s individual financial statements at year-end are shown below:

Statements of financial position

As at December 31, 20x1
ABC Co. XYZ, Inc.
ASSETS
Cash 92,000 228,000
Accounts receivable 300,000 88,000
Inventory 420,000 60,000
Investment in subsidiary 300,000 -
Equipment 800,000 200,000
Accumulated depreciation (240,000) (80,000)
TOTAL ASSETS 1,672,000 496,000

LIABILITIES AND EQUITY

Accounts payable 172,000 120,000
Bonds payable 120,000 -
Total liabilities 292,000 120,000
Share capital 680,000 200,000
Share premium 260,000 -
Retained earnings 440,000 176,000
Total equity 1,380,000 376,000
TOTAL LIABILITIES AND EQUITY 1,672,000 496,000

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Statements of profit or loss

For the year ended December 31, 20x1
ABC Co. XYZ, Inc.
Sales 1,200,000 480,000
Cost of goods sold (660,000) (288,000)
Gross profit 540,000 192,000
Depreciation expense (160,000) (40,000)
Distribution costs (128,000) (72,000)
Interest expense (12,000) -
Profit for the year 240,000 80,000

_______18. How much is the consolidated profit for 20x1?

a. 208,000 b. 280,000 c. 240,000 d. 296,000
_______19. How much is the consolidated total assets as of December 31, 20x1?
a. 1,867,000 b. 1,907,000 c. 1,894,000 d. 1,904,000
_______20. How much is the consolidated total equity as of December 31, 20x1?
a. 1,492,000 b. 1,415,000 c. 1,412,000 d. 1,495,000

TEST II – COMPREHENSIVE PROBLEMS

Use the following information for the next two questions:

Popo Co. acquired 80% of Momo Co. on January 1, 20x1 for ₱800,000. The following information was determined at
acquisition date:
Popo Co. Momo Co. Momo Co.
Carrying Carrying Fair
Amount Amount Values
Equipment 4,000,000 2,000,000 1,600,000
Accumulated depreciation (800,000) (400,000) ( 320,000)
Net 3,200,000 1,600,000 1,280,000
Remaining useful life – Jan. 1, 20x1 10 years 5 years 5 years

_______1. How much is the consolidated “equipment – net” in the December 31, 20x2 financial statements?
a. 3,968,000 b. 3,628,000 c. 3,428,000 d. 3,328,000

_______2. The consolidation journal entry for the depreciation of the fair value adjustment on December 31, 20x2 includes
a. debit to accumulated depreciation for ₱128,000
b. credit to accumulated depreciation for ₱128,000
c. debit to depreciation expense for ₱64,000
d. debit to retained earnings of Popo Co. for ₱51,200
Fair value increment

_______3. On January 1, 20x1, Donkey Co. acquired 75% of Monkey Co. At that time, Monkey’s equipment has a carrying
amount of ₱400,000 and a fair value of ₱480,000. The equipment has a remaining useful life of 10 years. On December 31,
20x2, Donkey and Monkey reported equipment with carrying amounts of ₱2,000,000 and ₱1,200,000, respectively. How
much is the consolidated “equipment – net” in the December 31, 20x2 financial statements?
a. 3,200,0000 b. 3,384,000 c. 3,264,000 d. 3,124,000

Use the following information for the next six questions:

Owl Co. paid ₱600,000 for its 75% interest in Owlet Co. Owl elected to value NCI at fair value. Owlet’s net identifiable assets
approximated their fair values at acquisition date. The acquisition resulted in a goodwill attributable to NCI of ₱40,000.

Since the acquisition date, Owlet has made accumulated profits of ₱800,000. There have been no changes in Owlet’s share
capital since acquisition date. The group determined that goodwill has been impaired by ₱32,000.

A summary of the individual statements of financial positions of the entities as at the end of reporting period is shown
below:

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MIDTERM EXAMINATION IN ACCOUNTING FOR BUSINESS COMBINATION 2nd Sem.
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Owl Co. Owlet Co.

Total assets 4,000,000 2,000,000
Total liabilities 800,000 480,000
Share capital 1,200,000 400,000
Retained earnings 2,000,000 1,120,000
Total liabilities and equity 4,000,000 2,000,000

_______4. How much is the fair value assigned to NCI at date of acquisition?
a. 220,000 b. 250,000 c. 268,000 d. 224,000
_______5. How much is the goodwill to be presented in the current-year consolidated financial statements?
a. 72,000 b. 64,000 c. 56,000 d. 68,000
_______6. How much is the NCI in net assets?
a. 304,000 b. 380,000 c. 412,000 d. 426,000
_______7. How much is the consolidated retained earnings?
a. 2,600,000 b. 2,480,000 c. 2,576,000 d. 2,276,000
_______8. How much is the consolidated total assets?
a. 5,468,000 b. 6,068,000 c. 5,400,000 d. 5,620,000
_______9. How much is the consolidated total equity?
a. 6,188,000 b. 4,188,000 c. 4,156,000 d. 5,622,000

Use the following information for the next six questions:

On January 1, 20x1, Rooster Co. acquired 75% interest in Cockerel Co. for ₱600,000. At this time, Cockerel's net identifiable
assets have a carrying amount of ₱720,000 which approximates fair value. NCI was assigned a fair value of ₱220,000.

During 20x1, Rooster sold goods to Cockerel for ₱600,000, having bought them for ₱480,000. A quarter of these goods
remain unsold at year-end. Goodwill on acquisition of Cockerel has been tested for impairment and
found to be impaired (in total) by ₱32,000 for the current year.

The individual statements of profit or loss and other comprehensive income of the entities for the year ended December 31,
20x1 are shown below:

Rooster Co. Cockerel Co.

Revenue 4,000,000 2,800,000
Cost of sales (1,600,000) (1,200,000)
Gross profit 2,400,000 1,600,000
Dividend income from Cockerel Co. 40,000
Distribution costs (800,000) (400,000)
Administrative costs (320,000) (200,000)
Profit before tax 1,320,000 1,000,000
Income tax expense (384,000) (300,000)
Profit after tax 936,000 700,000
Other comprehensive income 296,000 100,000
Comprehensive income 1,232,000 800,000

_______10. How much is the consolidated sales?

a. 6,200,000 b. 6,350,000 c. 6,650,000 d. 6,180,000
_______11. How much is the consolidated cost of sales?
a. 2,170,000 b. 2,230,000 c. 2,770,000 d. 2,320,000
_______12. How much is the consolidated profit?
a. 1,574,000 b. 1,566,000 c. 1,564,000 d. 1,534,000
_______13. How much is the consolidated comprehensive income?
a. 1,970,000 b. 1,930,000 c. 1,962,000 d. 1,960,000
_______14. How much is the profit attributable to owners of the parent and NCI, respectively?
Owners of Parent NCI
a. 1,391,000 175,000
b. 1,367,000 167,000
c. 1,391,000 173,000
d. 1,384,000 190,000
_______15. How much is the comprehensive income attributable to owners of the parent and NCI, respectively?
Owners of Parent NCI

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a. 1,663,000 267,000
b. 1,778,000 192,000
c. 1,756,000 206,000
d. 1,738,000 192,000

Use the following information for the next four questions:

On September 1, 20x1, Pig Co. acquired 75% interest in Piglet Co. At this time, Piglet's net identifiable assets have a carrying
amount of ₱720,000 which approximates fair value.

During the last month of the year, Piglet sold goods to Pig for ₱324,000. Piglet had marked up these goods by 50% on cost.
One-third of these goods remain unsold at year-end. The group assessed that there is no impairment loss on goodwill for
the current year.

The individual statements of profit or loss of the entities for the year ended December 31, 20x1 are shown below:
Pig Co. Piglet Co.
Revenue 4,000,000 2,880,000
Cost of sales (1,600,000) (1,200,000)
Gross profit 2,400,000 1,680,000
Distribution costs (800,000)
Administrative costs (320,000) (180,000)
Profit before tax 1,280,000 1,100,000
Income tax expense (384,000) (380,000)
Profit after tax 896,000 720,000
All of Piglet’s income and expenses (including profit from inter-company sale) were earned and incurred evenly during the
year.
_______16. How much is the consolidated sales?
a. 6,556,000 b. 4,852,000 c. 4,786,000 d. 4,636,000
_______17. How much is the consolidated cost of sales?
a. 1,712,000 b. 2,530,000 c. 1,730,000 d. 1,876,000
_______18. How much is the consolidated profit?
a. 1,100,000 b. 1,580,000 c. 1,360,000 d. 1,420,000
_______19. How much is the profit attributable to owners of the parent and NCI, respectively?
Owners of Parent NCI
a. 1,040,000 60,000
b. 1,049,000 51,000
c. 1,036,000 544,000
d. 1,049,000 311,000

_______20. Bear Co. owns 75% of Cub Co.’s ordinary shares. Cub Co. has 12%, ₱400,000 outstanding cumulative preference
shares, none of which are held by Bear Co. The carrying amount of Cub’s net identifiable assets at

acquisition date approximates fair value. Bear and Cub reported individual profits of ₱936,000 and ₱700,000, respectively,
for the year ended December 31, 20x1. Neither company declared dividends. There are 3-year dividends in arrears on the
outstanding cumulative preference shares of Cub Co. It was assessed that goodwill is not impaired.

How much is the profit attributable to owners of the parent and NCI, respectively?
Owners of Parent NCI
a. 1,425,000 163,000
b. 1,377,000 163,000
c. 1,377,000 211,000
d. 1,425,000 211,000

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STUDENT NAME: SCORE RATING

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DATE OF EXAM:
ADVISER:
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