The following figures for the year to 30 April 20X6 have been extracted from the books and records of three
The following figures for the year to 30 April 20X6 have been extracted from the books and records of three companies which form a group:
Profits are deemed to accrue evenly throughout the year.
(a) Corporation tax of the following amounts is to be provided on the profits of the year:
(b) Final dividends proposed are:
(c) Field Ltd sells goods for resale to both Old plc and Lodge Ltd. At 30 April 20X6, stocks of goods purchased from Field Ltd are:
The net profit percentage for Field Ltd on sales of these goods is 25 per cent.
Old plc has £36,000 of these goods in stock at 1 May 20X5.
Total sales in the year by Field Ltd to Old plc were £150,000 and to Lodge Ltd £120,000.
(d) Old plc acquired the whole of the ordinary shares in Field Ltd many years ago. 50,000 of the preference shares were acquired on 1 August 20X5. Old plc acquired 120,000 shares in Lodge Ltd on 1 August 20X5.
A consolidated profit and loss account for Old plc and its subsidiaries for the year ended 30 April 20X6, together with any relevant notes.
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