From International Financial Reporting Standards in Depth, Volume 2: Solutions

Solution 9.8: Pulp, Fiction and Truth

a. Consolidated Income Statement for the Year Ended 31 December 2000

Pulp

Fiction

Truth

Adjustments

Total

Subsidiary

Associate

(3/12)

(9/12)

$000

$000

$000

$000

$000

$000

Revenue

30,000

32,000

7,000

(500) ( W1)

68,500

Cost of sales

(15,000)

(16,000)

(3,500)

(34,500)

Gross profit

15,000

16,000

3,500

34,000

Other operating

Expenses

(8,000)

(8,500)

(1,500)

400 ( W1, W2)

(17,600)

Profit from

Operations

7,000

7,500

2,000

(100)

16,400

Share of profit of associate

  • (40% 8,000 9/12)

2,400

(40) G'w

2,360

  • (40/75 75) ( W2)

Investment income

2,850

(2,600) ( W3)

250

Interest payable

(1,000)

(1,200)

(250)

(300) 40%

(2,750)

Profit on disposal

4,400

(2,678) ( W4)

1,722

Profit before tax

13,250

6,300

1,750

2,100

(5,418)

17,982

Income tax expense

(1,900 + *500)

(2,400)

(1,900)

(500)

(600) 40%

(5,400)

Profit after tax

10,850

4,400

1,250

1,500

(5,418)

12,582

Minority interest

(25% 1,250)

( 312)

(312)

Group profit

10,850

4,400

938

1,500

(5,418)

12,270

*Tax on disposal.

b. Consolidated Statement of Changes in Equity...

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