The following are the statements of comprehensive income and statements of financial position of Gold plc and
Question:
The following are the statements of comprehensive income and statements of financial position of Gold plc and Silver plc for the year ended 31 December 20X9:
Other information
Gold plc paid a dividend of £1,300,000 during the year and Silver plc paid a dividend of £300,000 during the year.
Required
Prepare a consolidated statement of comprehensive income for the year and a consolidated statement of financial position as at 31 December 20X9. Goodwill has not diminished in value.
Statements of comprehensive income Turnover Cost of sales Gross profit Distribution costs Administrative expenses Dividends from Silver plc Profit before taxation Income tax Profit for the year Gold ple £'000 20,100 (13,400) 6,700 (1,100) (700) 300 5,200 (2,400) 2,800 Silver ple £'000 6,600 (4,400) 2,200 (550) (250) 1,400 (600) 800
Step by Step Answer:
ANSWER Consolidated Statement of Comprehensive Income for the year ended 31 December 20X9 Gold plc ...View the full answer
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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Financial statements of a business having numerous divisions or subsidiaries are called consolidated financial statements. Companies frequently refer to the aggregated reporting of their entire firm together when using the term \"consolidated\" in financial statement reporting. Consolidated financial statement reporting, on the other hand, is defined by the Financial Accounting Standards Board as the reporting of an entity that is organized with a parent company and subsidiaries.
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