Question
Backbeach Ltd acquired a 70 per cent interest in another entity, Frontbeach Ltd, in 2011 for a cost of $5 million. There was no goodwill
Backbeach Ltd acquired a 70 per cent interest in another entity, Frontbeach Ltd, in 2011 for a cost of $5 million. There was no goodwill or bargain gain on purchase. The consolidated worksheet for Backbeach Ltd and its controlled entity as at 30 June 2015 included the following: |
Parent ($000) | Consolidated ($000) | |
Revenue | 2000 | 5000 |
Cost of goods sold | 400 | 1500 |
Dividend revenue | 1000 | 200 |
Interest expense | 50 | 100 |
Depreciation expense | 100 | 50 |
Other expenses | 50 | 10 |
REQUIRED |
Prepare a consolidated statement of comprehensive income for Backbeach Ltd and its controlled entities that conforms with the disclosure requirements of AASB 101Presentation of Financial Statements.(Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign.) |
Consolidated statement of comprehensive income for Backbeach Limited and its controlled entities for the year ended 30 June 2015 |
The Group | Backbeach Ltd | ||
2015 | 2015 | ||
($000) | ($000) | ||
Revenue | |||
Cost of goods sold | |||
Gross profit | |||
Dividend revenue | |||
Interest expense | |||
Depreciation expense | |||
Other expenses | |||
Profit before income tax | |||
Income tax expense | |||
Profit for the period | |||
Other comprehensive income | |||
Total comprehensive income | |||
Profit attributable to: | |||
Owners of the parent (Backbeach Ltd) | |||
Non-controlling interest | |||
Total comprehensive income attributable to: | |||
Owners of the parent (Backbeach Ltd) | |||
Non-controlling interest | |||
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