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Category > Management Posted 17 Feb 2018 My Price 8.00

River plc

River plc acquired 90% of the common shares and 10% of the 5% bonds in Pool Ltd on 31 March 20X1. All income and expenses are deemed to accrue evenly through the year. On 31 January 20X1 River sold Pool goods for £6,000 plus a markup of one-third. 75% of these goods were still in stock at the end of the year. There was a goodwill impairment loss of £4,000. On 31/12/20X1 River increased its non-current assets by £15,000 on revaluation. Non-controlling interests are measured using method 1. Set out below are the individual statements of comprehensive income of River and Pool:

 

Statements of comprehensive income for the year ended 31 December 20X1
 

River

Pool
 

£

£

Net turnover

100,000

60,000

Cost of sales

30,000

30,000

Gross profit

70,000

30,000

Expenses

20,541

15,000

Interest payable on 5% bonds

  

5,000

Interest receivable on Pool Ltd bonds

500

  
 

49,959

10,000

Dividends received

2,160

NIL

Profit before tax

52,119

10,000

Income tax expense

7,002

3,000

Profit for the period

45,117

7,000

Required:

Prepare a consolidated statement of comprehensive income for the year ended 31 December 20X1.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Feb 2018 07:02 PM My Price 8.00

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