Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In May 20x5, P Ltd acquired 80% of S Ltd and 40% of A Ltd. During 20x7, P Ltd sold goods to S Ltd and

In May 20x5, P Ltd acquired 80% of S Ltd and 40% of A Ltd. During 20x7, P Ltd sold goods to S Ltd and A Ltd. As at 31 December 20x7, there were unrealized profits of $20 million arising from sales from P Ltd to S Ltd and unrealized profits of $10 million arising from sales from P Ltd to A Ltd. These unrealized profits were realized during 20x8. For the year ended 31 December 20x8, the profit after tax of P Ltd, S Ltd, and A Ltd were $300 million, $200 million and $100 million respectively. The Profit attributable to the shareholders of the parent in the 20x8 consolidated statement of profit or loss and other comprehensive income should be:
Group of answer choices
$530 million.
None of the listed choices.
$570 million.
$524 million.
$600 million.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Government Audit An Effective Tool For The Anti Corruption Struggle In The New Era Of Chinas Governance

Authors: Bowen Zou, Yanzhe Dr. Zhang, Yang Dr. ZHAO, Jian Dr. Zhang

1st Edition

1844646068, 978-1844646067

More Books

Students also viewed these Accounting questions