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Category > Management Posted 17 Feb 2018 My Price 7.00

Bill plc

Bill plc acquired 80% of the common shares and 10% of the preferred shares in Ben plc on 31 December three years ago when Ben"s accumulated retained profits were £45,000. During the year Bill sold Ben goods for £8,000 plus a mark-up of 50%. Half of these goods were still in stock at the end of the year. There was goodwill impairment loss of £3,000. Non-controlling interests are measured using method 1.

The statements of comprehensive income of the two companies for the year ended 31 December 20X1 were as follows:

 

 

Bill

Ben
 

£

£

Revenue

300,000

180,000

Cost of sales

90,000

90,000

Gross profit

210,000

90,000

Expenses

88,623

60,000
 

121,377

30,000

Dividends received – common shares

6,000

—

Dividends received – preferred shares

450

—

Profit before tax

127,827

30,000

Income tax expense

21,006

9,000

Profit for the period

106,821

21,000

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 7.00

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