Consolidation worksheet for financial year ended 30 June 2021 Joey Chandler Adjustments Consolidated Ltd Ltd Debit Ref Credit Entity $'000 $'000 $'000 $'000 $'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 Management fee revenue 25 0 25 d Interest revenue 0 15 15 e Depreciation expense 245 187 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 15.00 1/g/1 12.00 313 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) 28 (53) Dividends declared (107) (42) 42 (107) Retained earnings 30 June 1,174 419 1,411 2021 Issued capital Revaluation surplus Fair value adjustment 750 400 400 b 750 190 0 190 84 b/a 84