The following are the statements of comprehensive income and statements of financial position of Wood plc and
Question:
The following are the statements of comprehensive income and statements of financial position of Wood plc and Stone plc for the year ended 30 April 20X1:
Other information
Wood plc paid a dividend of £1,500,000 during the year and Stone plc paid a dividend of £200,000 during the year.
Required
Prepare a consolidated statement of comprehensive income for the year and a consolidated statement of financial position as at 30 April 20X1. Goodwill has not diminished in value.
Statements of comprehensive income Turnover Cost of sales Gross profit Distribution costs Administrative expenses Dividends from Stone plc Wood ple £'000 15,680 (9,840) 5,840 (725) (875) 160 Stone ple £'000 3,400 (2,300) 1,100 (225) (275)
Step by Step Answer:
ANSWER To prepare a consolidated statement of comprehensive income and a consolidated statement of f...View the full answer
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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Financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term \"consolidated\" in financial statement reporting. Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries.
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