onsider the following:

On 1st July 20X6 P Ltd acquired all the share capital of S Ltd

At that date the equity of S Ltd was:

Share Capital ????$150,000

Retained earnings ???$12,000

Additional information:

During the current year P Ltd received a dividend of $15,000 declared by S Ltd at 30 June 20X7.

Consolidation worksheet 30 June 20X8	P Ltd	S Ltd	Elimination		Consolidated Statement
			Dr	Cr
Gross profit	300,000	150,000
Dividend received from S Ltd	22,000
	322,000	150,000
Expenses	102,000	50,000
Profit before tax	220,000	100,000
Less: Income tax expenses	60,000	30,000
Profit	160,000	70,000
Retained earnings 01-07-20X7	25,000	20,000
Available for appropriation	185,000	90,000
Appropriation
Interim dividend paid	20,000	7,000
Declared dividend	20,000	13,000
Total appropriation	40,000	20,000
Retained earnings 30-06-20X8	145,000	70,000
Share capital	300,000	150,000
Dividend payable	20,000	13,000
Other liabilities	140,000	67,000
	605,000	300,000
Share in S Ltd	170,000	-
Other assets	435,000	300,000
Goodwill in acquisition	-	-
	605,000	605,000

Requirement:

Complete the worksheet.