The income statements for Papa and Jones for the year ended 31 August 20X4 are shown below.
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Question:
The income statements for Papa and Jones for the year ended 31 August 20X4 are shown below. Papa acquired 75% of the ordinary share capital of Jones several years ago.
Papa Jones
Sales revenue 2,400,000 800,000
Cost of sales and expenses (2,160,000) (720,000)
Trading profit 240,000 80,000
Dividend received from Jones 15,000
Profit before tax 241,500 80,000
Tax (115,000) (38,000)
Profit for the year 126,500 42,000
Retained Earnings brought forward 200,000 81,000
Dividend paid 50,000 20,000
Retained earnings carried forward 276,500 103,000
Prepare the consolidated income statement and statement of changes of equity for the year
Expert Answer:
Consolidated statement of profit or loss for the year ended 31 August 2014 Partic... View the full answer
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