Group Accounts - North East & West The following information has been extracted from the draft financial statements of North plc and its subsidiaries for the year ended 31 March 2020 Draft statements of financial position at 31 March 2020 Northple ww ASSETS Noncrete Land and building Machinery and at pland Westplat L0.000 670.000 0.000 05.000 1545.000 Current assets 16.00 85 400 30.000 22.00 Current Espand West Cash Bank Total 310.00 50.210 300 EQUITY AND LIABILITIES Equity Oinay hom Rutalnederinge 500.000 2.700.000 16 1.300.000 22:30 125.000 Current Current contratti One pie Totally and is 135.000 48.50 78.500 15.00 Draft statements of comprehensive income for the year anded 31 March 2020 North West 2002.770 104.70 STO Carlos 18:40 970.900 310 Geom pro Operating expenses 361,370 Tampere 7.000 18.000 Profe for the ye TO Extract from dra statement of changes in retained camnings for the year anded 31 March 2020 Castle | Balance 1 Apr 2010 30 09 200 Profile Balance 1 March 2020 946.00 27.00 The following information is available Draft statements of comprehensive income for the year ended 31 March 2020 North plc Eastple West ple C Revenue 2383.770 1.824.750 581,970 Cost of sales 1.532.440 979.860 389,180 Gross profit 851,330 844.790 192,790 Operating expenses 468.900 603.420 102.960 Profit before tax 382.430 241.370 89 830 Tax expense 76,000 48.000 18.000 Profit for the year 306.430 193.370 75.830 Extract from draft statement of changes in retained earnings for the year ended 31 March 2020 North plc Eastpic West plc { Balance at 1 April 2019 640,130 438.930 208,050 Profit for the year 306,430 193.370 71.830 Balance at 31 March 2020 946,560 632 300 279,880 The following information is also available: 1) On 1 April 2019 North plc acquired 975,000 ordinary shares in East plc for 1,200,000. At that date the retained earnings and revaluation reserve in East plc amounted to 438,930 and 125,000 respectively. There have been no changes in East ple's ordinary shares since that date. 2) North plc acquired 450,000 ordinary shares in West plc on 1 April 2017 when the retained earnings in West plc amounted to 64,380. There have been no changes in West ple's ordinary shares since then. 3) On 30 March 2020 East plc sent a cheque for 85,000 to North pic. The cheque was received by North pic and recorded in its accounting records on 4 April 2020. 4) During the year ended 31 March 2020, total sales made by West plc to North plc amounted to 480,000. West plc prices its goods at cost plus a mark-up of 30%. At the year end, North ple's closing inventory included goods purchased from West plc for 65,000. 5) At 31 March 2019, the cumulative amount previously written off due to impairment of goodwill arising on the acquisition of West plc amounted to 21.058. There has been no additional impairment of goodwill during the year ended 31 March 2020 Required: (0) Prepare the consolidated statement of comprehensive income for the North Group for the year ended 31 March 2020, in accordance with International Financial Reporting Standards. (8 marks) Group Accounts - North, East & West The following information has been extracted from the draft financial statements of North plc and its subsidiaries for the year ended 31 March 2020. Draft statements of financial position at 31 March 2020 North plc East plc West plc ASSETS Non-current assets Land and buildings Machinery and equipment Investments in East plc and West plc at cost 940,000 605,000 670,000 286,300 1,050,000 590,800 1,800,000 3,440,800 1,545,000 956,300 300.350 85,400 Current assets Inventories Trade receivables Current accounts: East plc and West plc Cash at bank Total assets 305,000 29,200 196,600 179,570 319.580 50.210 4,186,760 75,630 2,225,980 36,300 1,107,200 EQUITY AND LIABILITIES Equity Ordinary 1 shares Retained earnings Revaluation reserve 2,700,000 946,560 500,000 279,880 1,300,000 632,300 125,000 2,057,300 3,646,560 779,880 445,000 Current liabilities Trade payables Current accounts: North plc Other payables Total equity and liabilities 40,600 49,580 78,500 2,225,980 109,600 185,000 32.720 1.107.200 95,200 4,186,760 Draft statements of comprehensive Income for the year ended 31 March 2020 North plc East plc Westple Revenue 2,383,770 1.824750 581,970 Cost of sales 1,532,440 979.860 389.180 Gross profit 851,330 344.790 192,790 Operating expenses 468,900 603,420 102.960 Profit before tax 382430 241,370 89,830 Tax expense 76,000 48.000 18.000 Profit for the year 306 430 193,370 71.830 Extract from draft statement of changes in retained earnings for the year ended 31 March 2020 North plc East plc West pic Balance at 1 April 2019 640.130 208,050 Profit for the year 306.430 193,370 71.830 946.560 Balance at 31 March 2020 632.300 279,880 438,950 The following information is also available: 1) On 1 April 2019 North plc acquired 975,000 ordinary shares in East plc for 1,200,000. At that date the retained earnings and revaluation reserve in East plc amounted to 438,930 and 125.000 respectively. There have been no changes in East plc's ordinary shares since that date. 2) North plc acquired 450,000 ordinary shares in West plc on 1 April 2017 when the retained earnings in West plc amounted to 64,380. There have been no changes in West plc's ordinary shares since then 3) On 30 March 2020 East pic sent a cheque for 85,000 to North pic. The cheque was received by North plc and recorded in its accounting records on 4 April 2020. 4) During the year ended 31 March 2020, total sales made by West pic to North pic amounted to 480,000. West plc prices its goods at cost plus a mark-up of 30% At the year end, North ple's closing inventory included goods purchased from West plc for 65,000 5) At 31 March 2019, the cumulative amount previously written off due to impairment of goodwill arising on the acquisition of West plc amounted to 21.058. There has been no additional impairment of goodwill during the year ended 31 March 2020 Group Accounts - North East & West The following information has been extracted from the draft financial statements of North plc and its subsidiaries for the year ended 31 March 2020 Draft statements of financial position at 31 March 2020 Northple ww ASSETS Noncrete Land and building Machinery and at pland Westplat L0.000 670.000 0.000 05.000 1545.000 Current assets 16.00 85 400 30.000 22.00 Current Espand West Cash Bank Total 310.00 50.210 300 EQUITY AND LIABILITIES Equity Oinay hom Rutalnederinge 500.000 2.700.000 16 1.300.000 22:30 125.000 Current Current contratti One pie Totally and is 135.000 48.50 78.500 15.00 Draft statements of comprehensive income for the year anded 31 March 2020 North West 2002.770 104.70 STO Carlos 18:40 970.900 310 Geom pro Operating expenses 361,370 Tampere 7.000 18.000 Profe for the ye TO Extract from dra statement of changes in retained camnings for the year anded 31 March 2020 Castle | Balance 1 Apr 2010 30 09 200 Profile Balance 1 March 2020 946.00 27.00 The following information is available Draft statements of comprehensive income for the year ended 31 March 2020 North plc Eastple West ple C Revenue 2383.770 1.824.750 581,970 Cost of sales 1.532.440 979.860 389,180 Gross profit 851,330 844.790 192,790 Operating expenses 468.900 603.420 102.960 Profit before tax 382.430 241.370 89 830 Tax expense 76,000 48.000 18.000 Profit for the year 306.430 193.370 75.830 Extract from draft statement of changes in retained earnings for the year ended 31 March 2020 North plc Eastpic West plc { Balance at 1 April 2019 640,130 438.930 208,050 Profit for the year 306,430 193.370 71.830 Balance at 31 March 2020 946,560 632 300 279,880 The following information is also available: 1) On 1 April 2019 North plc acquired 975,000 ordinary shares in East plc for 1,200,000. At that date the retained earnings and revaluation reserve in East plc amounted to 438,930 and 125,000 respectively. There have been no changes in East ple's ordinary shares since that date. 2) North plc acquired 450,000 ordinary shares in West plc on 1 April 2017 when the retained earnings in West plc amounted to 64,380. There have been no changes in West ple's ordinary shares since then. 3) On 30 March 2020 East plc sent a cheque for 85,000 to North pic. The cheque was received by North pic and recorded in its accounting records on 4 April 2020. 4) During the year ended 31 March 2020, total sales made by West plc to North plc amounted to 480,000. West plc prices its goods at cost plus a mark-up of 30%. At the year end, North ple's closing inventory included goods purchased from West plc for 65,000. 5) At 31 March 2019, the cumulative amount previously written off due to impairment of goodwill arising on the acquisition of West plc amounted to 21.058. There has been no additional impairment of goodwill during the year ended 31 March 2020 Required: (0) Prepare the consolidated statement of comprehensive income for the North Group for the year ended 31 March 2020, in accordance with International Financial Reporting Standards. (8 marks) Group Accounts - North, East & West The following information has been extracted from the draft financial statements of North plc and its subsidiaries for the year ended 31 March 2020. Draft statements of financial position at 31 March 2020 North plc East plc West plc ASSETS Non-current assets Land and buildings Machinery and equipment Investments in East plc and West plc at cost 940,000 605,000 670,000 286,300 1,050,000 590,800 1,800,000 3,440,800 1,545,000 956,300 300.350 85,400 Current assets Inventories Trade receivables Current accounts: East plc and West plc Cash at bank Total assets 305,000 29,200 196,600 179,570 319.580 50.210 4,186,760 75,630 2,225,980 36,300 1,107,200 EQUITY AND LIABILITIES Equity Ordinary 1 shares Retained earnings Revaluation reserve 2,700,000 946,560 500,000 279,880 1,300,000 632,300 125,000 2,057,300 3,646,560 779,880 445,000 Current liabilities Trade payables Current accounts: North plc Other payables Total equity and liabilities 40,600 49,580 78,500 2,225,980 109,600 185,000 32.720 1.107.200 95,200 4,186,760 Draft statements of comprehensive Income for the year ended 31 March 2020 North plc East plc Westple Revenue 2,383,770 1.824750 581,970 Cost of sales 1,532,440 979.860 389.180 Gross profit 851,330 344.790 192,790 Operating expenses 468,900 603,420 102.960 Profit before tax 382430 241,370 89,830 Tax expense 76,000 48.000 18.000 Profit for the year 306 430 193,370 71.830 Extract from draft statement of changes in retained earnings for the year ended 31 March 2020 North plc East plc West pic Balance at 1 April 2019 640.130 208,050 Profit for the year 306.430 193,370 71.830 946.560 Balance at 31 March 2020 632.300 279,880 438,950 The following information is also available: 1) On 1 April 2019 North plc acquired 975,000 ordinary shares in East plc for 1,200,000. At that date the retained earnings and revaluation reserve in East plc amounted to 438,930 and 125.000 respectively. There have been no changes in East plc's ordinary shares since that date. 2) North plc acquired 450,000 ordinary shares in West plc on 1 April 2017 when the retained earnings in West plc amounted to 64,380. There have been no changes in West plc's ordinary shares since then 3) On 30 March 2020 East pic sent a cheque for 85,000 to North pic. The cheque was received by North plc and recorded in its accounting records on 4 April 2020. 4) During the year ended 31 March 2020, total sales made by West pic to North pic amounted to 480,000. West plc prices its goods at cost plus a mark-up of 30% At the year end, North ple's closing inventory included goods purchased from West plc for 65,000 5) At 31 March 2019, the cumulative amount previously written off due to impairment of goodwill arising on the acquisition of West plc amounted to 21.058. There has been no additional impairment of goodwill during the year ended 31 March 2020