Given below are the statements of profit or loss of two companies for the year ended...

 

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Given below are the statements of profit or loss of two companies for the year ended 31 December x6. Guess RM 2,000,000 Sure RM 1,600,000 Turnover (600,000) (400,000) Cost of sales 1,400,000 1,200,000 Gross profit (600,000) (600,000) Expenses Operating profit before tax 800,000 600,000 40,000 20,000 Dividends from quoted investments 64,000 Dividends from Sure 904,000 620,000 Taxation (300,000) (240,000) Profit for the year 604,000 380,000 Retained profit as at 1 January x6 140,000 80,000 Dividends paid 80,000 80,000 Additional information: a. Guess acquired 80 percent of the issued ordinary share capital of Sure on 1 January x6. The issued share capital of Sure comprised 800,000 ordinary shares. b. During the current year, Guess sold goods costing RM100,000 for RM120,000 to Sure. One-quarter of these goods remain unsold in Sure. Required: i. Prepare the group statement of profit or loss. ii. Calculate the retained profits of the group as at 31 December x6. Given below are the statements of profit or loss of two companies for the year ended 31 December x6. Guess RM 2,000,000 Sure RM 1,600,000 Turnover (600,000) (400,000) Cost of sales 1,400,000 1,200,000 Gross profit (600,000) (600,000) Expenses Operating profit before tax 800,000 600,000 40,000 20,000 Dividends from quoted investments 64,000 Dividends from Sure 904,000 620,000 Taxation (300,000) (240,000) Profit for the year 604,000 380,000 Retained profit as at 1 January x6 140,000 80,000 Dividends paid 80,000 80,000 Additional information: a. Guess acquired 80 percent of the issued ordinary share capital of Sure on 1 January x6. The issued share capital of Sure comprised 800,000 ordinary shares. b. During the current year, Guess sold goods costing RM100,000 for RM120,000 to Sure. One-quarter of these goods remain unsold in Sure. Required: i. Prepare the group statement of profit or loss. ii. Calculate the retained profits of the group as at 31 December x6.