=+Smith Limited bought 80% of the share capital of Jones Limited for 324, 000 on 1 October

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=+Smith Limited bought 80% of the share capital of Jones Limited for €324, 000 on 1 October 20X5. At that date Jones Limited’s retained earnings stood at €180,000. The statement of financial position at 30 September 20X8 and the summarised statements of comprehensive income to that date are given below.

Smith Limited Jones Limited

€000 €’000 Assets Tangible non-current assets 360 270 Investment in Jones Limited 324 “

Net current assets 270 270 954 540 Equity

€1 ordinary shares 540 180 Statement of comprehensive income 414 360 954 540 Profit before tax 5 126 Income tax expense 1G) (36)

Retained profit 108 90 Retained profit b/f 306 270 Retained profit c/f 414 360

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