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Please help me . Please help me . urgent needed Question 3 On 1 April 2017 Parellel plc acquired 80% of the shares of Secondary
Please help me . Please help me . urgent needed
Question 3 On 1 April 2017 Parellel plc acquired 80% of the shares of Secondary Ltd. The following information has been extracted from the financial statements. Summarised statements of profit or loss for the year ended 31 March 2018 Parellel plc Seconmary Ltd (RM 000) (RM 000) Revenue 150,000 60,000 Cost of sales (75,000) (30,000) Gross profit 75,000 30,000 Operating expenses (40.000) (15,000) Profit from operations 35,000 15,000 Dividend received from Secondary Ltd 1,000 Nil Profit before tax 36,000 15,000 Tax expenses (12,000) (5,000) Profit for the year 24,000 10,000 During the year Secondary Ltd sold goods costing RM 250,000 to Parellel plc for RM 350.000 All the goods were sold by Parellel plc at the year end. Required: a) Prepare the consolidated statement of profit or loss for the year ended 31 March 2018. Summarised Statement of financial position as at 31 March 2018 Parellel plc Seconmary Ltd (RM 000) (RM 000) Investment in Seconmary Ltd 13,000 Total Assets 54,000 28.000 Share capital (Ordinary shares of RM 1 each) 20,000 10.000 Retained earnings 34.000 13,000 Total liabilities 13,000 5,000 At 1 April 2017 the fair value of the non-current assets of Seconmary Ltd was RM 2,000,000 more than the carrying value. This revaluation has not been recorded in the books of Seconmary Ltd. During the year ended 31 March 2018 there were no changes in the share capital of either company Required: b) Calculate the consolidated retained earnings c) Calculate the non-controlling interest d) Calculate the consolidated goodwillStep by Step Solution
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