Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer with complete calculation The following are the summarised financial statements of Canary Berhad, Dove Berhad, and Robin Berhad as at 31 December 2018:

image text in transcribedimage text in transcribed

please answer with complete calculation

The following are the summarised financial statements of Canary Berhad, Dove Berhad, and Robin Berhad as at 31 December 2018: Canary Dove Robin Statements of financial position RM RM RM Assets Sundry assets 110,600 95,100 126,300 Investments at cost: Dove 50,000 Robin 70,000 Total assets 230,600 95, 100 126,300 100,000 40,000 40,000 Equity RM1 ordinary shares Retained earnings: at 31 December 2016 profit yle 31 December 2017 profit yle 31 December 2018 Liabilities Current liabilities 93,330 12,400 5,200 19,100 10,300 3,100 36,000 7,200 9,400 19,670 22,600 33,700 Total equity and liabilities 230,600 95,100 126,300 Statements of comprehensive income year to 31 December 2018 Revenue Cost of sales Gross profit Operating expenses Profit before tax Tax expense Profit for the year Canary RM 172,000 155,000 17,000 10,500 6,500 1,300 5,200 Dove RM 16,500 11,000 5,500 1,625 3,875 775 3,100 Robin RM 27,000 12,250 14,750 3,000 11,750 2,350 9,400 Statements of comprehensive income year to 31 December 2018 Revenue Cost of sales Gross profit Operating expenses Profit before tax Tax expense Profit for the year Canary RM 172,000 155,000 17,000 10,500 6,500 1,300 5,200 Dove RM 16,500 11,000 5,500 1,625 3,875 775 3,100 Robin RM 27,000 12,250 14,750 3,000 11,750 2,350 9,400 Canary acquired its shareholdings in Dove and Robin as follows: 31 December 2016 30,000 shares in Dove 31 December 2017 32,000 shares in Robin No dividends were paid or proposed by any the companies in the relevant years. There has been no impairment of goodwill arising on consolidation. Required: Prepare the consolidated financial statements of Canary Group as at 31 December 2018

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

People Centric Skills Interpersonal And Communication Skills For Financial Professionals

Authors: Danny M. Goldberg

2nd Edition

1119669308, 978-1119669302

More Books

Students also viewed these Accounting questions