Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started