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Please use formulas where required and show all workings On 1July 2017, Pull Ltd acquired 75% of the ordinary capital of Sun Ltd. There are
Please use formulas where required and show all workings
On 1July 2017, Pull Ltd acquired 75% of the ordinary capital of Sun Ltd. There are no preference shares. The outline income statements of the two companies for the year ended 30 June 2018 are as follows: Pull Itd Sun Itd Rs.000 Rs'000 Sales 150 75 Cost of sales (50) (25) Gross profit 100 50 Admin expenses (25) (15) Distribution expenses (20) (10) Dividend received from Sun Ltd 5 Dividend received from listed co. 6 Finance cost (16) (5) Profit before tax 50 20 Taxation (10) (5) Profit for the year 40 15 Other comprehensive income: Revaluation gain 10 5 20 50 The following information is also available: (i) During the year, Sun Ltd sold goods Rs33,000 to Pull Ltd at a mark-up of 10%. At the year-end, half of the goods were still held as inventory by Pull Ltd. (ii) Goodwill arising on consolidation has suffered no impairment loss. REQUIRED: Prepare the consolidated statement of comprehensive income for the year ended 30 June 2018Step by Step Solution
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