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