morn ltd acquired 90 of the shares in eve ltd on 1 january 20×1 for 90 000 when eve 535052
Morn Ltd acquired 90% of the shares in Eve Ltd on 1 January 20X1 for £90,000 when Eve Ltd”s accumulated profits were £50,000. On 10 January 20X1 Morn Ltd received a dividend of £10,800 from Eve Ltd out of the profits for the year ended 31/12/20X0. On 31/12/20X1 Morn increased its non-current assets by £30,000 on revaluation. The summarized statements of comprehensive income for the year ended 31/12/20X1 were as follows:
Don't use plagiarized sources. Get Your Custom Essay on
morn ltd acquired 90 of the shares in eve ltd on 1 january 20×1 for 90 000 when eve 535052
For $10/Page 0nly
|
Morn |
Eve |
|
|
£ |
£ |
|
|
Gross profit |
360,000 |
180,000 |
|
Expenses |
120,000 |
110,000 |
|
240,000 |
70,000 |
|
|
Dividends received from Eve Ltd |
10,800 |
— |
|
Profit before tax |
250,800 |
70,000 |
|
Income tax expense |
69,000 |
18,000 |
|
Profit for the period |
181,800 |
52,000 |
There were no inter-company transactions, other than the dividend. There was no goodwill.
Required:
Prepare a consolidated statement of comprehensive income for the year ended 31 December 20X1.
Calculator
Our features
We've got everything to become your favourite writing service
Money back guarantee
Your money is safe. Even if we fail to satisfy your expectations, you can always request a refund and get your money back.
Confidentiality
We don’t share your private information with anyone. What happens on our website stays on our website.
Our service is legit
We provide you with a sample paper on the topic you need, and this kind of academic assistance is perfectly legitimate.
Get a plagiarism-free paper
We check every paper with our plagiarism-detection software, so you get a unique paper written for your particular purposes.
We can help with urgent tasks
Need a paper tomorrow? We can write it even while you’re sleeping. Place an order now and get your paper in 8 hours.
Pay a fair price
Our prices depend on urgency. If you want a cheap essay, place your order in advance. Our prices start from $11 per page.