Question
a.Complete the consolidation worksheet. Consolidation Worksheet South Ltd West Ltd Eliminations Consolidated 30 June 2017 Dr Cr Statements Sales 900,000 500,000 110,000 =900,000+500,000-110,000=1,290,000 Inventory 01/07/2016
a.Complete the consolidation worksheet.
Consolidation Worksheet
South Ltd
West Ltd
Eliminations
Consolidated
30 June 2017
Dr
Cr
Statements
Sales
900,000
500,000
110,000
=900,000+500,000-110,000=1,290,000
Inventory 01/07/2016
70,000
60,000
5,000
125,000
Purchases
510,000
400,000
110,000
800,000
580,000
460,000
Inventory 30/06/2017
90,000
80,000
3,000
=90000+80000-3000=167,000
Less Cost of Goods Sold
490,000
380,000
758,000
Gross Profit
410,000
120,000
532,000
750
Expenses
210,000
40,000
2,000
1,000
250,250
200,000
80,000
281,750
Add Other Income
Profit on Sale of Plant
10,000
0
10,000
0
Interest Income
750
0
750
0
Dividends from West Ltd
30,000
0
30000
0
Profit before Tax
240,750
80,000
160,750
Less Income Tax expense
90,000
30,000
60,000
Profit
150,750
50,000
100,750
Retained Earnings 01/07/2016
80,000
40,000
40,000
Available
230,750
90,000
140,750
Appropriations:
Dividend - Paid
40,000
30,000
10,000
Dividend - Declared
50,000
20,000
30,000
Total Appropriations
90,000
50,000
40,000
Retained Earnings 30/06/2017
140,750
40,000
100,750
General Reserve
100,000
50,000
50,000
Share Capital
200,000
100,000
100,000
Dividend Payable
50,000
20,000
30,000
Other Current Liabilities
110,000
60,000
Non-Current Liabilities
60,000
20,000
660,750
290,000
Shares in West Ltd
160,000
0
160,000
0
Plant and Equipment (net)
260,000
120,000
Inventory
90,000
80,000
Other Assets
150,750
90,000
Goodwill on Consolidation
0
Accum Impairment - Goodwill
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Practicing Financial Planning
Authors: Sid Mittra, Anandi P Sahu, Brian Fischer
12th Edition
9386042851, 9789386042859
