Afar 10

ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY
CPA Review Batch 45  May 2023 CPA Licensure Examination

AFAR-10
ADVANCED FINANCIAL ACCOUNTING & REPORTING (AFAR) A. DAYAG  A. CRUZ
CONSOLIDATED FS - INTERCOMPANY SALES of INVENTORY

Summary of Worksheet Elimination Entries – Intercompany profit in Inventories
(Selling Affiliate is the Parent – (Selling Affiliate is the Subsidiary
Downstream Sales) - Upstream Sales)
To eliminate Intercompany Sales:
Sales xx Sales xx
Purchases (Cost of sales) xx Purchases (Cost of sales) xx
To recognize realized profit in beginning inventory (RPBI):
Cost Model/Method
RE, beg. – P Company xx RE, beg. – P Company xx
Inventory, beg. (C/S– I/S) xx Non-controlling interest xx
Inventory, beg. (C/S– I/S) xx
Equity Method
Investment in S Company xx Investment in subsidiary xx
Inventory, beg. (C/S– I/S) xx Non-controlling interest xx
Inventory, beg. (C/S– I/S) xx
To eliminate unrealized profit in ending inventory (UPEI):
Inventory, end (C/S – I/S ) xx Inventory, end (C/S – I/S ) xx
Inventory, end (B/S) xx Inventory, end (B/S)) xx
I – Downstream and Upstream Sales
Palma Company had 90% ownership interest acquired several years ago in Small Company. The
amortization of allocated excess (identifiable assets) arising from this acquisition amounted to P2,000 per
year (based on the 100% or full fair value of identifiable assets). The inventories acquired from the affiliates
are:
Beginning Inventory P 10,000
Ending Inventory 16,000
An inter-company sale of merchandise was made during the year amounting to P40,000 at a gross profit
rate of 25% based on sales (the same rate consistently applied on previous years inter-company sales of
merchandise) of which 60% are sold to outsiders at P35,000.
The net income from own operations and dividends for 2021 were as follows:
Net Income Dividends Paid
Palma Company P120,000 P 8,000
Small Company 70,000 6,000
Required:
A. Assuming that Palma Company is the seller (Downstream Sale), in the books of Palma Company: Using
Cost Model/Method, assuming the investment balance on January 1, 2021 amounted to P800,000:
1. The investment account on December 31, 2021.
2. The dividend income account on December 31, 2021.
Using Equity Method, assuming the investment balance on January 1, 2021 amounted to P810,000:
3. The investment account balance on December 31, 2021.
4. The equity in subsidiary income or net earnings account on December 31, 2021.
B. Assuming that Palma Company is the seller (Downstream Sale), in the consolidated financial statements
of Palma Company and Small Company:
6. The dividend income account on December 31, 2021, if cost model/method is used.
7. The equity in subsidiary income or net earnings account on December 31, 2021, if equity method is
used.
8. The Profit Attributable to Equity Holders of Parent/Controlling Interest (Parent’s Interests) in
Consolidated Net income for 2021.
9. The Non-controlling interest in net income for 2021.
10. Consolidated/Group Net Income for 2021.
Page 1 of 8 0915-2303213  www.resacpareview.com

ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
CONSOLIDATED FINANCIAL STATEMENTS – INTERCOMPANY SALES of INVENTORY AFAR-10
C. Assuming that Small Company is the seller (Upstream Sale), in the books of Palma Company:
Using Cost Model/Method, assuming the investment balance on January 1, 2019 amounted to P800,000:
12. The dividend income account on December 31, 2021.
Using Equity Method, assuming the investment balance on January 1, 2021 amounted to P810,000:
14. The equity in subsidiary income or net earnings account on December 31, 2021.
D. Assuming that Small Company is the seller (Upstream Sale), in the consolidated financial statements of
Palma Company and Small Company:
16. The dividend income account on December 31, 2021 if cost model/method is used.
17. The equity in subsidiary income or net earnings account on December 31, 2021, if equity method is
used.
Consolidated Net income for 2021
19. The Non-controlling interest in net income for 2021.
20. Consolidated/Group Net Income for 2021.
II – Downstream and Upstream Sales
On January 1, 2019, Par Company purchased 80% of the outstanding shares of Sub Company by paying
P340,000, the Sub Company’s common stock and retained earnings on this date amounted to P150,000
and P230,000 respectively. Also on this date, an equipment is undervalued by P20,000 with a remaining life
of 10 years.
On January 1, 2021, Sub Company had P150,000 of capital stock and P300,000 of retained earnings. Also
on the same date, Par Company had P1,000,000 of capital stock and P700,000 (cost method) and P750,950
(equity method) of retained earnings.
During the year, Par Company sold merchandise to Sub for P60,000 and in turn, purchased P40,000 from
Sub Company. Inter-company sales of merchandise were made at the following gross profit rates:
Sales made by parent……………………………………………… 25% based on cost
Sales made by subsidiary………………………………………….. 20% based on sales
On December 31, 2021, 30% of all inter-company sales remain in the ending inventory of the purchasing
affiliate.
The beginning inventory of Par Company includes P2,500 worth of merchandise acquired from Sub
Company on which Sub Company reported a profit of P1,000. While, the beginning inventory of Sub also
includes P3,000 of merchandise acquired from Par Company at 35% mark-up.
The following selected results of operations were as follows:
Par Company Sub Company
Dividends paid P 60,000 P 10,000
Sales P1,100,000 P 900,000

Cost of sales 880,000 720,000
Gross profit P 220,000 P 180,000
Net income from own operations P 100,000 P 30,000

Determine the following:
1. The dividend income under cost method for 2021 should be:
a. P18,730 c. P 8,000
b. P10,000 d. P 8,200
2. The balance of Investment as of December 31, 2021 under cost method should be:
a. P354,600 c. P401,680
b. P351,960 d. P340,000
3. The equity in subsidiary income or net earnings/income from subsidiary under equity method for
2021 should be:
a. P18,730 c. P 8,000
b. P10,000 d. P 8,200

4. The balance of Investment as of December 31, 2021 under equity method assuming the investment
balance on January 1, 2021 amounted to P390,950 should be:
a. P354,600 c. P401,680
b. P351,960 d. P340,000
5. The Non-controlling Interest in Net Income for 2021, should be:
a. P6,280 c. P 5,720
b. P6,120 d. P 5,320
6. The Profit Attributable to Equity Holders of Parent/Controlling Interest in Net Income for 2021 should
be:
a. P122,600 c. P118,570
b. P118,730 d. P118,330
7. The Consolidated Net Income for 2021 should be:
a. P124,050 c. P118,570
b. P122,600 d. P118,330
8. The stockholders’ equity of subsidiary on December 31, 2021 should be:
a. P450,000 c. P481,600
b. P470,000 d. P484,000
9. The Non-controlling Interest (in Net Assets) on December 31, 2021 using proportionate basis (or partial
goodwill approach) should be:
a. P97,120 c. P 96,320
b. P96,920 d. P 73,520
10. The Non-controlling Interest (in Net Assets) on December 31, 2021 using full fair value basis (or full-
a. P101,320 c. P 96,320
b. P 96,920 d. P 73,520
11. The parent’s portion of consolidated retained (or controlling interest / equity holders of parent –
retained earnings) on December 31, 2021:
a. P700,000 c. P753,600
b. P752,000 d. P809,680
12. The consolidated retained earnings on December 31, 2021:
a. P700,000 c. P753,600
b. P752,000 d. P809,680
13. The consolidated stockholders’ equity on December 31, 2021 using proportionate basis (or partial
goodwill approach):
a. P1,911,000 c. P1,905,920
b. P1,906,000 d. P1,740,000
14. The consolidated stockholders’ equity on December 31, 2021 using full fair value basis (or full-
a. P1,911,000 c. P1,905,920
b. P1,906,000 d. P1,740,000
15. The Consolidated Sales for 2021 should be:
a. P2,000,000 c. P1,960,000
b. P1,900,000 d. P1,940,000
16. The Consolidated Cost of Sales for 2021 should be:
a. P1,503,950 c. P1,597,450
b. P1,598,600 d. P1,596,050
III – Downstream and Upstream Sales

Pepper Company acquired 80% of the voting stock of Salt Company on January 1, 2018, when Salt
Company’s retained earnings amounted to P150,000. The difference between the implied and book value
on the date of acquisition was allocated as follows:
Land…………………………………………………………………………………………P 50,000
Equipment (10-year life)…………………………………………………....................... 20,000
Goodwill…………………………………………………………………………………… 40,000
Salt Company reported retained earnings of P260,000 on January 1, 2021, and P320,000 on December 31,
2021.

Salt Company reported net income of P90,000 and declared dividends of P30,000 in 2021. Also, Pepper
reported net income using cost method in 2021 in the amount of P724,000 with a dividends paid of P25,000
and retained earnings on December 31, 2021, of P3,500,000. The sales cost of sales and intercompany sales
made during 2021 are as follows:
Pepper Co. Salt Co.
Sales…………………………………………………………………………........... P 2,500,000 P1,200,000
Cost of sales………………………………………………………………............ 1,250,000 875,000
Intercompany sales:
Pepper to Salt……………….………………………………………..... 320,000
Salt to Pepper………………………………………………………….. 290,000
There were no intercompany sales prior to 2020 and unrealized profits on January 1 and on December 31,
2021, resulting from intercompany sales are as summarized below:
Unrealized Intercompany Profit on

Resulting from: 1/1/21 12/31/21
Sales by Salt Company to Pepper Company.............................. P 10,000 P 5,000
Sales by Pepper Company to Salt Company.............................. 15,000 20,000
Required: Determine:
Consolidated Net income for 2021 – P769,400
2. The Non-controlling interest in net income for 2021 – P18,600
3. The Consolidated/Group Net Income for 2021 – P788,000
4. The Consolidated Retained Earnings, December 31, 2021 –P3,605,600
5. The Consolidated sales for 2021 – P3,090,000
6. The Consolidated cost of sales for 2021 – P1,515,000
7. The Consolidated gross profit for 2021 – P1,575,000
IV – Multiple Choice
Lorn Corporation purchased inventory from Dresser Corporation for P120,000 on September 20, 2021, and
resold 80% of the purchased inventory to unaffiliated companies prior to December 31, 2021, for P140,000.
Dresser produced the inventory sold to Lorn for P75,000. Lorn owns 70% of Dresser’s voting common stock.
The companies had no other transactions during 2021.
1. What amount of sales will be reported in the 2021 consolidated income statement? C
A. P 98,000 C. P140,000
B. P120,000 D. P260,000
2. What amount of cost of goods sold will be reported in the 2021 consolidated income statement?
A. P 60,000 C. P 96,000 E. P171,000
B. P 75,000 D. P120,000
3. What amount of consolidated net income will be assigned to the controlling interest for 2021?
A. P 20,000 C. P44,000 E. P 69,200
B. P 30,800 D. P 45,000 F. P 80,000
4. What inventory balance will be provided by the consolidated entity on December 31, 2021?
A. P15,000 C. P 24,000
B. P 16,800 D. P 39,000
Those comes from the heart goes to the heart.

No one ever finds life worth living – he has to make it worth living.
You can handle people more successfully by enlisting their feelings than by convincing their reason.
***The journey of a thousand miles begins with one step.***
*** I ask not for a larger garden, but for a finer seeds. ***
*** I ask not for a lighter burden, but for a broader shoulder. ***
*** I swear to you there are divine things more beautiful than words can tell. ***
***Wisdom is the quality that keeps you from getting into situations where you need it.***
***Every man is the architect of his own character.**
***Patience is bitter but its fruit is sweet.***
***Great passions, can elevate us to the things that we want to deliver.***
**When we quit thinking primarily about ourselves and our own self-preservation, we undergo a truly heroic
transformation of consciousness.**

Solutions: Problem II
Date of Acquisition (1/1/2019) Partial Full
Fair value of consideration given…………………………P 340,000
Less: Book value of SHE - Subsidiary):
(P150,000 + P230,000) x 80%............... 304,000
Allocated Excess.……………………………………………….P 36,000
Less: Over/Undervaluation of Assets & Liabilities
(P20,000 x 80%)………………………………… 16,000
Goodwill ………….……………………………………………….P 20,000 / 80% P 25,000
Amortization of equipment: P20,000 / 10 years = P2,000
RPBI of S (downstream sales): P3,000 x 35%..................................................... P1,050
RPBI of P (upstream sales): P2,500 (given)…..................................................... 1,000
UPEI of S (downstream sales):
Sales of Parent EI % EI of S GP% of Parent
P60,000 x 30% = P18,000 x 25/125………………………………………. 3,600
UPEI of P (upstream sales):
Sales of Subsidiary EI % EI of P GP% of Subsidiary
P60,000 x 30% = P18,000 x 20%……………………………………. 2,400
Par Sub
(CI-CNI) (NCI-CNI) CNI
Net Income from own operations:
Par P100,000
Sub 24,000 P 6,000
RPBI of S (down) 1,050
RPBI of P (up) 800 200
UPEI of S (down) ( 3,600)
UPEI of P (up) ( 1,920) (480)
Amortization ( 1,600) (400)
Impairment of goodwill ( 0) ____(0)__
P 118,730 P 5,320 P124,050
Profit Attributable to Equity NC Interest

Holders of Parent in Net Income
Non-controlling Interests (in net assets):
Common stock - S, 12/31/2021.…………..….…………………………….. P 150,000
Retained earnings - S, 12/31/2021:
RE- S, 1/1/2021…………….……………………………………………….P300,000
+: NI-S………………………………………………………………………… 30,000
-: Div – S…………………………………………………………………….. 10,000 320,000
Book value of Stockholders’ equity, 12/31/2021……..……………….. P 470,000
Adjustments to reflect fair value of net assets
Increase in equipment, 1/1/2019..……..………………………… 20,000
Accumulated amortization (P2,000 x 3 years)…………………………… ( 6,000)
Fair Value of Net Assets/SHE, 12/31/2021………………………………… P 484,000
UPEI of P (up)……………………………………………………………………….. ( 2,400)
Realized SHE – S,12/31/2021………………………………………………….. P 481,600
x: NCI %.................................................................................... ___ 20%
Non-controlling Interest (in net assets) - partial……………………….. P 96,320
+: NCI on full goodwill (25,000 – 20,000)………………………………….. 5,000
Non-controlling Interest (in net assets) – full…………………………….. P 101,320
*****************
To live your life on your own way
To reach for the goals you have set for yourself
To be YOURSELF as what you want to be….
That is SUCCESS.
Trust yourself for you know more than you think you do.
To achieve all that is possible, we must attempt the impossible.
No one but HIMSELF can fill the emptiness of our soul.
GOD’s LOVE is like a river that keeps on flowing…

Cost Model
Note: Preferred solution - since what is given is the RE – P, 1/1/2021 (beginning
balance of the current year) -
Retained earnings – Parent, 1/1/2021(cost)…………………………… P 700,000
-: UPEI of S (down) – 2020 or RPBI of S (down) – 2021..…………. 1,050
Adjusted Retained earnings – Parent, 1/1/2021 (cost)……………… P 698,950
Retroactive Adjustments to convert Cost to “Equity” for
purposes of consolidation / Parent’s share of adjusted
net increase in subsidiary’s retained earnings:
Retained earnings – Subsidiary, 1/1/2019……………………….P 230,000
Less: Retained earnings – Subsidiary, 1/1/2021……………… 300,000
Increase in Retained earnings since acquisition
(cumulative net income – cumulative dividends)…………P 70,000
Accumulated amortization (1/1/2019 – 1/1/2021):
P 2,000 x 2 years……………………………………………….( 4,000)
UPEI of P (up) – 2020 or RPBI of P (up) – 2021…………….. ( 1,000)
P 65,000
X: Controlling Interests………………………………………………… 80% 52,000
RE – P, 1/1/2021 (equity method) = CRE, 1/1/2021…………………. P750,950
+: CI – CNI or Profit Attributable to Equity Holders of Parent…….. 118,730
-: Dividends – P…………………………………………………………………… 60,000
RE – P, 12/31/2021 (equity method) = CRE, 12/31/2021………….. P809,680
Or, if RE – P is not given on January 1, 2021, then RE – P on December 31, 2021 should be use:
Retained earnings – Parent, 12/31/2021 (cost):
(P700,000 + P108,000 – P60,000)………..…………………………… P 748,000
Adjusted Retained earnings – Parent, 12/31/2021 (cost)…………… P 744,400
Less: Retained earnings – Subsidiary, 12/31/2021
(P300,000 + P30,000 – P10,000)……………………….. . 320,000
(cumulative net income – cumulative dividends)………… P 90,000
P 2,000 x 3 years……………………………………………… ( 6,000)
UPEI of P (up) – 2021 or RPBI of P (up) – 2022…..…………( 2,400)
P 81,600
X: Controlling Interests…………………………………………………. 80% 65,280
RE – P, 12/31/2021 (equity method) = CRE, 12/31/2021…………. P809,680
Consolidated Stockholders’ Equity, 12/31/2021:
Controlling Interest / Parent’s Interest / Parent’s Portion /
Equity Holders of Parent – SHE, 12/31/2021:
Common stock – P (P only)…………………………………………….. P1,000,000
Retained Earnings – P (equity method), 12/31/2021………….. 809,680
Controlling Interest / Parent’s Stockholders’ Equity……………. P1,809,680
Non-controlling interest, 12/31/2021 (partial)…………………………. 96,320
Consolidated Stockholders’ Equity, 12/31/2021………………………… P1,906,000
Consolidated Stockholders’ Equity, 12/31/2021:

Controlling Interest / Parent’s Interest / Parent’s Portion /
Equity Holders of Parent – SHE, 12/31/2021:
Common stock – P (P only)…………………………………………….. P1,000,000
Retained Earnings – P (equity method), 12/31/2021………….. 809,680
Controlling Interest / Parent’s Stockholders’ Equity……………. P1,809,680
Non-controlling interest, 12/31/2021 (full)……..………………………. 101,320
Consolidated Stockholders’ Equity, 12/31/2021………………………… P1,911,000
*Growth means change and change involves risks, stepping from the known to the unknown.*
*The only certain measure of success is to render more and better service than what is expected of you.*
It's not that I'm so smart; it's just that I stay with problems longer. - -Albert Einstein
A failure is not always a mistake. It may simply be the best one can do under the circumstances. The real mistake is to stop
trying. - -B.F. Skinner

Problem III
Amortization of equipment: P20,000 / 10 years = P2,000
RPBI of S (downstream sales):…………………....................................................... P15,000
RPBI of P (upstream sales)………………………....................................................... 10,000
UPEI of S (downstream sales)………………………………………………………………………. 20,000
UPEI of P (upstream sales)…………………………………………………………………………… 5,000
Pepper Salt
(CI-CNI) (NCI-CNI) CNI
Pepper [P724,000 – (PP30,000 x 80%)] P700,000
Salt 72,000 P 18,000
RPBI of S (down) 15,000
RPBI of P (up) 8,000 2,000
UPEI of S (down) ( 20,000)
UPEI of P (up) ( 4,000) (1,000)
Amortization ( 1,600) ( 400)
Impairment of goodwill ( 0) ____( 0)__
P769,400 P18,600 P788,000
Profit Attributable to Equity NC Interest

Holders of Parent in Net Income
Note: Preferred Solution - since what is given is the RE – P, 12/31/2021 (ending
balance of the current year) -
Retained earnings – Parent, 12/31/2021 (cost)……………………….. P 3,500,000
Adjusted Retained earnings – Parent, 12/31/2021 (cost)………….. P 3,480,000
Less: Retained earnings – Subsidiary, 12/31/2021…………... 320,000
(cumulative net income – cumulative dividends)…………P 170,000
P 2,000 x 4 years………………………………………………..( 8,000)
UPEI of P (up) – 2021 or RPBI of P (up) – 2022……………….( 5,000)
P 157,000
RE – P, 12/31/2021 (equity method) = CRE, 12/31/2021…………. P 3,605,600
Or, compute first the RE – P on January 1, 2021 (use work back approach),
Retained earnings – Parent, 1/1/2021 (cost)
(P3,500,000 plus P25,000 Div of P less P724,000 NI of P)…. P2,801,000
Adjusted Retained earnings – Parent, 1/1/2021 (cost)……………… P2,786.000
Retained earnings – Subsidiary, 1/1/2018………………………P 150,000
Less: Retained earnings – Subsidiary, 1/1/2021……………… 260,000
(cumulative net income – cumulative dividends)…………P110,000
P 2,000 x 3 years…………………………………………………( 6,000)
UPEI of P (up) – 2020 or RPBI of P (up) – 2021………………( 10,000)
P 94,000
RE – P, 1/1/2021 (equity method) = CRE, 1/1/2021…………………. P2,861,200
+: CI – CNI or Profit Attributable to Equity Holders of Parent…….. 769,400
-: Dividends – P…………………………………………………………………… 25,000
RE – P, 12/31/2021 (equity method) = CRE, 12/31/2021………….. P3,605,600

Sales Cost of Sales
Pepper P2,500,000 P1,250,000
Salt 1,200,000 875,000
Intercompany sales - downstream ( 320,000) ( 320,000)
Intercompany sales - upstream ( 290,000) ( 290,000)
RPBI of S (downstream sales)* ( 15,000)
RPBI of P (upstream sales)*** ( 10,000)
UPEI of S (downstream sales)** 20,000
UPEI of P (upstream sales)**** _________ 5,000
Consolidated P3,090,000 P1,515,000
Working Paper Eliminating Entries:
1. Intercompany Sales and Purchases:
Downstream Sales:
Sales…………………………………………………………………………………….. 320,000
Cost of Sales (or Purchases)……………………………………………… 320,000
Upstream Sales:
Sales…………………………………………………………………………………….. 290,000
Cost of Sales (or Purchases)………………………………………………. 290,000
2. Intercompany Profit:
(COST Model)
Downstream Sales:
*100% RPBI of S:
Retained Earnings – P, beginning……………………………………………….. 15,000
Cost of Sales (Beginning Inventory in Income Statement)……….. 15,000
**100% UPEI of S:
Cost of Sales (Ending Inventory in Income Statement)………………… 20,000
Inventory (Ending Inventory in Balance Sheet)…………………….. 20,000
Upstream Sales:
***100% RPBI of P: (if equity method Investment in S instead of RE – P, beg.)
Retained Earnings – P, beginning……………………………………………….. 16,000
NCI ……………………………………………….………………………………………. 4,000
Cost of Sales (Beginning Inventory in Income Statement)………. 20,000
****100% UPEI of P:
Cost of Sales (Ending Inventory in Income Statement)………………… 5,000
Inventory (Ending Inventory in Balance Sheet)…………………….. 5,000
Problem IV
1. C – in the CFS only transactions to outsiders or unrelated parties should be presented, therefore sales to
outsiders of P140,000.
2. A - in the CFS the CGS should be based on the original cost of the merchandise (since intercompany should be
eliminated),
Original cost (from Subsidiary)……………………………………………..P 75,000
X: Sold……………………………………………………………………………… 80%
CGS at cost………………………………………………………………………..P 60,000
3. E
Parent Subsidiary
Sales 140,000 120,000
CGS (P – 120,000 x 80%); (S – refer to the problem) 96,000 75,000
Net Income 44,000 45,000
EI of Parent: P120,000 x 20% 24,000
Penny Sesi
(CNI) (MINI)
Parent – Lorn P 44,000
Subsidiary – Dresser (80%: 20%) 31,500 P 13,500
UPEI of Parent (upstream sales – 80%: 20%)
P 24,000 x 45,000/120,000 = P9,000 ( 6,300) ( 2,700)
Amortization ( 0) ( 0)
P 69,200 P 10,300
4. A - in the CFS the Inventory account should be based on the original cost of the merchandise (since
intercompany should be eliminated),
Original cost (from Subsidiary)……………………………………………..P 75,000
X: EI………………………………………………………………………………… 20%
Inventory at cost………………………………………………………………..P 15,000
GOD bless as ALWAYS

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ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

CPA Review Batch 45  May 2023 CPA Licensure Examination

CONSOLIDATED FS - INTERCOMPANY SALES of INVENTORY

Page 1 of 8 0915-2303213  www.resacpareview.com

Sales P1,100,000 P 900,000

Net income from own operations P 100,000 P 30,000

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III – Downstream and Upstream Sales

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Unrealized Intercompany Profit on

Those comes from the heart goes to the heart.

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Profit Attributable to Equity NC Interest

GOD’s LOVE is like a river that keeps on flowing…

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Consolidated Stockholders’ Equity, 12/31/2021:

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Profit Attributable to Equity NC Interest

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GOD bless as ALWAYS

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