Consolidation worksheet for financial year ended $30$ June $2021$

Joey

Chandler

Adjustments

Consolidated

Ltd

Ltd

Debit

Ref

Credit

Entity

$$\text{'}000$

$$\text{'}000$

$$\text{'}000$

$$\text{'}000$

$$\text{'}000$

Sales revenue

$4,360$

$1,570$

$500$

f

$5,430$

Less cost of goods sold

Opening inventories

$375$

$256$

i

$30$

$601$

Add purchases

$3,080$

$1,104$

f

$500$

$3,684$

Less closing inventories

$425$

$279$

$40$

g

$664$

Cost of goods sold

$3,030$

$1,081$

$?$

Gross profit

$1,330$

$489$

$?$

Dividend revenue

$70$

$0$

$70$

j

$-$

Management fee revenue

$25$

$0$

$25$

d

$-$

Interest revenue

$0$

$15$

$15$

e

$-$

Depreciation expense

$245$

$187$

l

$20$

$412$

Finance costs

$105$

$98$

e

$15$

$188$

Other expenses

$325$

$79$

$20$

c$/$d

$25$

$399$

Profit before tax

$750$

$140$

$?$

Tax expense

$265$

$45$

$15\mathrm{.}00$

i$/$g$/$l

$12\mathrm{.}00$

$313$

Profit after tax for the year

$485$

$95$

$?$

Retained earnings $1$ July $2020$

$849$

$394$

$233$

b$/$i$/$l

$64$

$1,074$

Dividends paid

$(53)$

$(28)$

j

$28$

$(53)$

Dividends declared

$(107)$

$(42)$

j

$42$

$(107)$

Retained earnings $30$ June $2021$

$1,174$

$419$

$1,411$

Issued capital

$750$

$400$

$400$

b

$750$

Revaluation surplus

$190$

$0$

$190$

Fair value adjustment

$84$

b$/$a

$84$

$-$

Shareholders$$ equity

$2,114$

$819$

$?$

Assets

Cash

$190$

$170$

$360$

Accounts receivable

$173$

$109$

h

$40$

$242$

Dividends receivable

$42$

$0$

k

$42$

$-$

Inventories

$425$

$279$

g

$40$

$664$

Investment in Chandler Ltd

$640$

$0$

b

$640$

$-$

Loan to Joey Ltd

$0$

$250$

e

$250$

$-$

Land

$1,099$

$450$

$120$

a

$1,669$

Buildings

$1,440$

$968$

$2,408$

Accumulated depreciation

$(475)$

$(525)$

$(1,000)$

Plant and equipment

$1,025$

$690$

$10$

l

$1,725$

Accumulated depreciation

$(275)$

$(290)$

$60$

l

$90$

$(595)$

Goodwill $($net$)$

$36$

b$/$c

$20$

$16$

Deferred tax asset

$35$

$25$

$36\mathrm{.}00$

g$/$l

$18\mathrm{.}00$

$78$

Total assets

$4,319$

$2,126$

$5,567$

Less liabilities

Current taxes payable

$111$

$87$

$198$

Accounts payable

$292$

$50$

$40$

h

$302$

Dividend payable

$107$

$42$

$42$

k

$107$

Loan from Chandler Ltd

$250$

$0$

$250$

e

$-$