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Can you solve this question? 520 Financial Accounting and Reporting 3 (v) All expenses and revenue are deemed to accrue evenly throughout the year. (VI)
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520 Financial Accounting and Reporting 3 (v) All expenses and revenue are deemed to accrue evenly throughout the year. (VI) It is the group's policy to measure non-controlling interests at fair value. Required: (a) Prepare the consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 20x8. (b) Prepare an extract of the consolidated statement of changes in equity for the year ended 31 December 20x8 showing the group's retained profit and non-controlling interests only. of the gain or loss on the disposal of the shares in Peach Bhd. APPLICATION EXERCISES Given below are the st year ended 31 December 20x8. ne statements of profit or loss for Joy Bhd, Shine Bhd and Glow Bhd for the Statement of Profit or Loss for the Year Ended 31 December 20x8 RM'000 Joy Bhd Shine Bhd Glow Bhd RM'000 RM 000 Sales 80,000 30,000 40,000 Cost of sales (40,000) (10,000) (20,000) Gross profit 40,000 20,000 20,000 Operating expenses (12,000) (8,000) (8,000) Profit before taxation 28,000 12,000 12,000 Taxation (7,000) (3,000) (3,000) Profit after taxation 21,000 9,000 9,000 Profit b/f 150,000 26,000 30,000 Additional information: (i) On 1 January 20x5, Joy Bhd acquired 30% of the 80 million issued ordinary shares of Glow Bhd for RM1.30 per share. The retained profit of Glow Bhd on this date was RM20 million. Glow has no reserves other than the retained profit. (ii) On 1 April 20x8, Joy Bhd acquired another 30% of the ordinary shares of Glow Bhd for RM1.60 per share. (iii) On 1 January 20x8, Joy Bhd acquired 70% of the 90 million ordinary shares of Shine Bhd for RM1.40 per share. The goodwill on consolidation was impaired by RM200,000 as at 31 December 20x8. (iv) Sales of Joy Bhd included sales to Shine Bhd for RM1 million. A total of 30% of the goods sold remained in the inventories of Shine Bhd as at 31 December 20x8.Joy Bhd invoiced its sales at cost plus 25%Step by Step Solution
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