the statements of financial position of mars plc and jupiter plc at 31 december 20×2 535054
The statements of financial position of Mars plc and Jupiter plc at 31 December 20X2 are as follows:
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the statements of financial position of mars plc and jupiter plc at 31 december 20×2 535054
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|
$ |
$ |
|
|
Sales |
200,000 |
120,000 |
|
Cost of sales |
60,000 |
60,000 |
|
Gross profit |
140,000 |
60,000 |
|
Expenses |
59,082 |
40,000 |
|
Dividends received |
3,750 |
NIL |
|
Profit before tax |
84,668 |
20,000 |
|
Income tax expense |
14,004 |
6,000 |
|
70,664 |
14,000 |
|
|
Surplus on revaluation |
25,000 |
— |
|
Total comprehensive income |
95,664 |
14,000 |
Red Ltd acquired 75% of the shares in Pink Ltd on 1 January 20X0 when Pink Ltd”s retained earnings were $30,000 and the balance on Pink”s general reser ve was $8,000. The fair value of the non-controlling interest at the date was £32,000. Non-controlling interests are to be measured using method 2.
On 31 December 20X2 Red revalued its non-current assets. The revaluation surplus of £25,000 was credited to the revaluation reserve.
During the year Pink sold Red goods for $9,000 plus a mark-up of one-third. Half of these goods were still in inventor y at the end of the year. Goodwill suffered an impairment loss of 20%.
Required:
Prepare a consolidated statement of comprehensive income for the year ended 31/12/20X2 and a statement of financial position as at that date.
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