The following information relates to the Kris Group for the year to 30 November 2019. Kris...

 

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The following information relates to the Kris Group for the year to 30 November 2019. Kris Group Ltd Rig Shoes Ltd $'000 $'000 Details Revenue Cost of sales Gross Profit Administrative expenses Dividends received from Kris Watches Ltd Dividends received from Kris Shoes Ltd Profit before taxation Taxation Profit for the year i. 39,875 (22,838) 17,037 (3,800) ii. 870 218 14,325 (2,865) 11,460 Kris Watches Ltd $'000 9,788 (5,873) 3,915 (2,936) 979 (196) 783 2,324 (1,251) 1,073 (358) 715 (143) Additional Information: Kris Group Ltd purchased 80% of the issued share capital of Kris Watches Ltd in 2016. At that time, the retained profits of Kris Watches Ltd amounted to $1,060,000. Kris Group Ltd purchased 55% of the issued share capital of Kris Shoes Ltd in 2018. At that time, the retained profits of Kris Shoes Ltd amounted to $400,000. 572 REQUIRED: In so far as the information permits, prepare Rig Group of Companies' Consolidated Income Statement for the year ended 30 November 2019 in accordance with IFRSs. The following information relates to the Kris Group for the year to 30 November 2019. Kris Group Ltd Rig Shoes Ltd $'000 $'000 Details Revenue Cost of sales Gross Profit Administrative expenses Dividends received from Kris Watches Ltd Dividends received from Kris Shoes Ltd Profit before taxation Taxation Profit for the year i. 39,875 (22,838) 17,037 (3,800) ii. 870 218 14,325 (2,865) 11,460 Kris Watches Ltd $'000 9,788 (5,873) 3,915 (2,936) 979 (196) 783 2,324 (1,251) 1,073 (358) 715 (143) Additional Information: Kris Group Ltd purchased 80% of the issued share capital of Kris Watches Ltd in 2016. At that time, the retained profits of Kris Watches Ltd amounted to $1,060,000. Kris Group Ltd purchased 55% of the issued share capital of Kris Shoes Ltd in 2018. At that time, the retained profits of Kris Shoes Ltd amounted to $400,000. 572 REQUIRED: In so far as the information permits, prepare Rig Group of Companies' Consolidated Income Statement for the year ended 30 November 2019 in accordance with IFRSs.

Answer rating: 100% (QA)

As the Shane of the Kris group in the other 2 entities individually is greaten than 50 it is assumed ... View the full answer