Given below are the statements of profit or loss and other comprehensive income of Golden Bhd,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given below are the statements of profit or loss and other comprehensive income of Golden Bhd, Brownish Bhd and Greyish Bhd for the year ended 30 June 2019. Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2019 Golden Bhd Brownish Bhd RM '000 RM '000 Sales Cost of Sales Gross profit Dividend income Income from quoted investments Other income Operating expenses Finance costs Profit before taxation Taxation Profit after taxation Other comprehensive income Revaluation surplus Total comprehensive income Ordinary dividend payable Retained profit brought forward 209,000 (139,000) 70,000 560 290 (7,000) (3,800) 60,050 (14,420) 45,630 400 46,030 1,000 160,000 55,000 (25,000) 30,000 100 (4,800) (2,500) 22,800 (6,000) 16,800 150 16,950 700 65,000 Greyish Bhd RM '000 44,000 (23,000) 21,000 (4,100) (2,200) 14,700 (2,500) 12,200 500 12,700 100 25,000 Additional information: 1. Golden Bhd acquired 70% of the 70 million issued ordinary shares of Brownish Bhd on 1 July 2015 for RM55 million. On this date, the retained profit of Brownish Bhd was RM10 million. 2. As the business is expanding, Golden Bhd acquired another company, Greyish Bhd on 1 July 2017. A total of 7 million out of the 10 million issued ordinary shares of Greyish Bhd was acquired at a cost of RM15 million. At that date, the retained profit of Greyish Bhd was RM12 million. 3. During the year, Golden Bhd sold goods to Greyish Bhd for RM5 million. Another RM1.5 million of the goods are remained in the inventory of Greyish Bhd at the end of the year. All sales are invoiced at a profit of 20% on sales. 4. Golden Bhd also found to have an interest of 25% in another company, Skinny Bhd since 1 July 2018. Skinny Bhd reported a profit after tax in the year ended 2019 amounting to RM 5 million. 5. Dividend income of Golden Bhd was received from its investee, Brownish Bhd and Greyish Bhd. 6. All expenses and revenue are deemed to accrue evenly throughout the year. 7. Policy of the group is to measure non-controlling interests at their proportionate interest in the value of the net assets of the subsidiary. Required: a. b. Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2019. (24 marks) Determine the group retained profit balance as at 30 June 2019. (6 marks) Given below are the statements of profit or loss and other comprehensive income of Golden Bhd, Brownish Bhd and Greyish Bhd for the year ended 30 June 2019. Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2019 Golden Bhd Brownish Bhd RM '000 RM '000 Sales Cost of Sales Gross profit Dividend income Income from quoted investments Other income Operating expenses Finance costs Profit before taxation Taxation Profit after taxation Other comprehensive income Revaluation surplus Total comprehensive income Ordinary dividend payable Retained profit brought forward 209,000 (139,000) 70,000 560 290 (7,000) (3,800) 60,050 (14,420) 45,630 400 46,030 1,000 160,000 55,000 (25,000) 30,000 100 (4,800) (2,500) 22,800 (6,000) 16,800 150 16,950 700 65,000 Greyish Bhd RM '000 44,000 (23,000) 21,000 (4,100) (2,200) 14,700 (2,500) 12,200 500 12,700 100 25,000 Additional information: 1. Golden Bhd acquired 70% of the 70 million issued ordinary shares of Brownish Bhd on 1 July 2015 for RM55 million. On this date, the retained profit of Brownish Bhd was RM10 million. 2. As the business is expanding, Golden Bhd acquired another company, Greyish Bhd on 1 July 2017. A total of 7 million out of the 10 million issued ordinary shares of Greyish Bhd was acquired at a cost of RM15 million. At that date, the retained profit of Greyish Bhd was RM12 million. 3. During the year, Golden Bhd sold goods to Greyish Bhd for RM5 million. Another RM1.5 million of the goods are remained in the inventory of Greyish Bhd at the end of the year. All sales are invoiced at a profit of 20% on sales. 4. Golden Bhd also found to have an interest of 25% in another company, Skinny Bhd since 1 July 2018. Skinny Bhd reported a profit after tax in the year ended 2019 amounting to RM 5 million. 5. Dividend income of Golden Bhd was received from its investee, Brownish Bhd and Greyish Bhd. 6. All expenses and revenue are deemed to accrue evenly throughout the year. 7. Policy of the group is to measure non-controlling interests at their proportionate interest in the value of the net assets of the subsidiary. Required: a. b. Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2019. (24 marks) Determine the group retained profit balance as at 30 June 2019. (6 marks)
Expert Answer:
Answer rating: 100% (QA)
a Consolidated statement of Profit loss Consolidated statement of Profit Loss and Other Comprehensiv... View the full answer
Related Book For
International Financial Reporting And Analysis
ISBN: 9781473766853
8th Edition
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
Posted Date:
Students also viewed these accounting questions
-
Below are the Statements of Profit or Loss and Statements of Changes in Equity of Jupiter Bha and Mars Bhd for the year ended 31 December 2018. Statement of Pront or Loss for the year ended 31...
-
Given below are the Statements of Profit or Loss of Sea Berhad and River Berhad for the year ended 31 December 2020. Turnover Cost of sales Gross profit Operating expenses Operating profit before...
-
The following are the statements of ï¬nancial position at September 30, 2013, of Chrapaty Ltd. and Squid Ltd. Additional information: 1. During September, the shares of the companies were...
-
Caine Bottling Corporation is considering the purchase of a new bottling machine. The machine would cost $200,000 and has an estimated useful life of 8 years with zero salvage value . Management...
-
Computing Taxable Income. Thomas Franklin arrived at the following tax information: Gross salary .....................................$46,910 Interest earnings ...................................$225...
-
Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah...
-
Link the following environmental transactions and events with the relevant environmental accounting system: 1 A tax on emissions of carbon dioxide 2 Capital expenditure on a water-recycling plant 3 A...
-
Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6789 and 111-11-1112, respectively. Alice's birthday is September 21, 1969, and...
-
TRD Company is expected to generate free cash flow to equity holders of $2.0 million, 2.5 Million, and 3.0 million in 2021,2022,2023. Beyond 2023, TRD expects to grow free cash flows to equity...
-
Consider the 2013 declined loan data from LendingClub titled RejectStatsB2013 from the Connect website. Similar to the analysis done in the chapter, lets scrub the risk score data. First, because our...
-
In the workplace it is necessary to develop and maintain trust based relationships, and to ensure that clients have confidence in you and the service you provide. Explain how you might go about doing...
-
A lot is in the shape of a right triangle. The shorter leg measures 90m. The hypotenuse is 30m longer than the length of the longer leg. How long is the longer leg?
-
The width of a rectangle is the length minus 2 units. The area of the rectangle is 35 units. What is the length, in units, of the rectangle?
-
Discuss Pelvic Inflammatory Disease. Discuss its common causes as well as its correlation with Ectopic Pregnancies.?
-
Find equations of the lines that pass through the given point and are parallel to and perpendicular to the given line. 6x-2y=3,(9,1) (a) parallel to the given line (b) perpendicular to the given line
-
How to write book review in not less than five thousands words? The name of book is "THE FIRST 90 DAYS" AUTHOR: Michael D. Watkins. Requirements: -APA 7 -Atleast 15 references -critical thinking...
-
Conduct a comprehensive assessment of JPMorgan Chase & Co organization's current state regarding the preparation and practice of International Financial Reporting Standards (IFRS/IAS). Alternatively...
-
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
-
Minco often sponsors professional tennis players in an attempt to improve its brand image. At the moment, it has a three-year agreement with a tennis player who is currently ranked in the worlds top...
-
The IASB assumes that financial information that helps investors and other users of general purpose financial reporting make their investment decisions is useful for all other information users. Do...
-
Extracts from the financial statements of A and its subsidiary B are presented below. Additional information: 1. A acquired 80 per cent of the equity share capital of B on 1 January 20X0 for...
-
a. Nonlinearity in mass b. Nonlinearity in damping c. Linear equation d. Nonlinearity in spring \(\ddot{x}+f \frac{\dot{x}}{|\dot{x}|}+\omega_{n}^{2} x=0\)
-
The equation of motion of a nonlinear system is given by \[\ddot{x}+c \dot{x}+k_{1} x+k_{2} x^{2}=a \cos 2 \omega t\] Investigate the subharmonic solution of order 2 for this system.
-
Prove that, for the system considered in Section 13.5.1, the minimum value of \(\omega^{2}\) for which the amplitude of subharmonic oscillations \(A\) will have a real value is given by...
Study smarter with the SolutionInn App