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Consolidated worksheet of Sisters Ltd Assignment

   

Added on  2021-05-31

3 Pages822 Words104 Views
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Consolidated worksheet of Sisters Ltd and its controlled entity (Brothers Ltd) for the year ended 30 June 2017 ($ '000) SistersLtd BrothersLtd Eliminations Consolidated Debit Credit Reconciliation of opening and closing retained earningsSales revenue30,0002,20032,200less Cost of goods sold(14,000)(550)(14,550)Gross profit 16,0001,65017,650Other incomeGain on sale of fixed asset6,000100(b)1006,000ExpensesDepreciation(2,000)(400)(d)20(2,380)Other expenses(3,800)(200)(f)10(4,010)Profit before tax16,2001,15017,260Tax expense (30 % Tax Rate)(4,860)(345)(e)6(c)30(5,181)Profit after tax 11,34080512,079Retained earnings-1 July 20166,000150(a)1506,000Retained earnings-30 June 201717,34095518,079Statement of financial position Shareholders' equity Retained earnings - 30 June 201717,34095518,079Share capital 10,000600(a)60010,000Reserves-120(a)120-Current liabilities Tax payable 5,600205,620Non-current liabilities Loans 4,0007504,75036,9402,44538,449Current assets Cash5,0008005,800Accounts receivable 7,5003357,835Inventory/stock 6,2005206,720Non-current assets Land 14,29032014,610Vehicles, at cost 3,450500(b)6004,550Vehicle-accumulated depreciation(450)(30)(d)20(b)700(1,160)Investment in Brothers Ltd 950-(a)950-Goodwill(a)8080Accumulated impairment loss - Goodwill(f)10(10)Deferred tax asset(c)30(e)62436,9402,44538,449WN-1: Calculation of Goodwill on acquisition
Consolidated worksheet of Sisters Ltd Assignment_1

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