Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

19.1 PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2019. There are no preference shares. The statements of

image text in transcribed

19.1 PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2019. There are no preference shares. The statements of comprehensive income of the two companies for the year to 31 December 2019 are as follows: PP Ltd 345,450 125,700 QQ Ltd 186,350 71,990 Sales revenue Cost of sales Gross profit Operating expenses 219,750 56,330 114,360 37,800 Profit before tax Taxation 163,420 32,000 76,560 14,660 Profit for the year 131,420 61,900 Required: Prepare a consolidated statement of comprehensive income 2019. the year to 31 December

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Payroll Accounting 2020

Authors: Jeanette Landin

6th Edition

1260943895, 9781260943894

More Books

Students also viewed these Accounting questions