Goldfish acquired a 25% interest in Starfish on 1 August 2019 for R22 000. On 1...

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Goldfish acquired a 25% interest in Starfish on 1 August 2019 for R22 000. On 1 August 2019, the share capital of Starfish amounted to R80 000. Since 1 August 2019, Goldfish has participated in managing Starfish. Since 1 August 2019, Starfish 's profit forecasts have seemed optimistic However, during 2020 Starfish suffered substantial operating losses due to a big oil tanker leakage killing a material number of fish in the ocean. The balance of the retained earnings was as follows on the various dates: 1 August 2019 31 December 2019 31 December 2020 31 December 2021 R20 000 R25 000 (R100 000) R38 000 Starfish revalued its fish plant on 31 December 2021 and recorded a revaluation surplus of R18 000 in other comprehensive income. Except for the revaluation above, the Goldfish group did not have any other other comprehensive income Ignore any tax consequences on the transactions above. REQUIRED : 2.1) Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income of the Goldfish Group for the year ended 31 December 2021. Your answer should comply with IFRS. No notes or comparative figures are required. Clearly show all calculations and work to the nearest Rand . Goldfish acquired a 25% interest in Starfish on 1 August 2019 for R22 000. On 1 August 2019, the share capital of Starfish amounted to R80 000. Since 1 August 2019, Goldfish has participated in managing Starfish. Since 1 August 2019, Starfish 's profit forecasts have seemed optimistic However, during 2020 Starfish suffered substantial operating losses due to a big oil tanker leakage killing a material number of fish in the ocean. The balance of the retained earnings was as follows on the various dates: 1 August 2019 31 December 2019 31 December 2020 31 December 2021 R20 000 R25 000 (R100 000) R38 000 Starfish revalued its fish plant on 31 December 2021 and recorded a revaluation surplus of R18 000 in other comprehensive income. Except for the revaluation above, the Goldfish group did not have any other other comprehensive income Ignore any tax consequences on the transactions above. REQUIRED : 2.1) Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income of the Goldfish Group for the year ended 31 December 2021. Your answer should comply with IFRS. No notes or comparative figures are required. Clearly show all calculations and work to the nearest Rand .

Answer rating: 100% (QA)

To prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Income of the Goldfish Group for the year ended 31 December 2021 we ne... View the full answer