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 | ||||||
| 2,400 | (40) G'w | 2,360 | |||
| ||||||
| 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...
Products & Services
Topics of Interest
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