Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please use formulas where necessary and show all w

Please use formulas where necessary and show all workings No other info available...

90.2K

Verified Solution

Question

Accounting

Please use formulas where necessary and show all workings

image

image

No other info available

On July 2019, Pet Ltd acquired 75% of the ordinary capital of Set Ltd. There were no preference shares. The outline income statements of the two companies for the year ended 30 June 2019 are as follows: Pet Itd Set Itd Rs'000 Rs'000 Sales 100 50 Cost of sales (50) (25) Gross profit 50 25 Admin expenses (10) (6) Distribution expenses (5) (4) Dividend received from Set Ltd 3 Dividend received from listed co. 6 Finance cost (4) Profit before tax 40 11 Taxation (15) (5) Profit for the year 25 6 Other comprehensive income: Revaluation gain 10 4 35 10 pencalenta @s a ***** The following information is also available: (1) During the year, Set Ltd sold goods to Pet Ltd for Rs18 million with mark up being 20%. At the year-end, half of the goods were still held as inventory by Pet Ltd. (ii) Goodwill arising on consolidation has suffered no impairment loss. REQUIRED: Prepare the consolidated statement of comprehensive income for the year ended 30 June 2019

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students