PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2023. There

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PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2023. There are no preference shares. The statements of comprehensive income of the two companies for the year to 31 December 2023 are as follows:

Required:Prepare a consolidated statement of comprehensive income for the year to 31 December 2023.

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International Financial Reporting a practical guide

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Question Posted: Apr 16, 2023 06:51 AM

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PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2023. There

Question:

Sales revenue Cost of sales Gross profit Operating expenses Profit before tax Taxation expense Profit for the year PP Ltd £ 345,450 125,700 219,750 56,330 163,420 32,000 131,420 QQ Ltd £ 186,350 71,990 114,360 37,800 76,560 14,660 61.900

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Sales revenue 345450 186350 Cost of sales 125700 71990 Gross p...View the full answer

International Financial Reporting a practical guide

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