Prepare a conoldiated income statement and balance sheet for Demos Group for year ending $31\mathrm{.}3\mathrm{.}20$X$8$

The following information is available in respect of Demos plc and its

related entities for the

year ending $31$ March $20$X$8.$

$$ Veta is a joint venture entity in which Demos has an equal interest and joint control with

X company. On $31\mathrm{.}3\mathrm{.}20$X$7,$ Veta was stated as $2,500,000$ in the consolidated balance

sheet of Demos plc$.$

$$ Alpha is an associate in which Demos plc has a $30\%$ interest. Demos purchased $30\%$ of Alpha

on $31\mathrm{.}3\mathrm{.}20$X$4$ for $5,700,000.$ On that date, the retained profit of Alpha was $14,000,000.$

$$ Sigma is a subsidiary company in which Demos plc has a $70\%$ interest. Demos purchased $70\%$

of Sigma on $31\mathrm{.}3\mathrm{.}20$X$4$ for $12,000,000,$ when the net assets of Sigma were $15,000,000.$

$$ Demos plc has one held for trading investment, in Brum, the value of which has not changed

from the previous year.

Income Statement for the year ending $31$ March $20$X$8(000)$

Demos Veta Alpha Sigma

Revenue $900060001500010000$

Cost of sales $3900220080005000$

Gross profit $5100380070005000$

Admin$/$distrib expenses $900120021001100$

Operating profit $4200260049003900$

Dividends received $50$

Interest payable $1501701100$

Profit before tax $4100243049002800$

Taxation $1750110021001100$

Profit after tax $2350133028001700$

Balance sheets as at $31$ March $20$X$8(000)$

Demos Veta Alpha Sigma

Fixed assets $165001013003000027500$

Inv in Sigma $12000$

Inv in Veta $2500$

Inv in Alpha $5700$

Inv in Brum $5000$

Total fixed assets $41700101303000027500$

Current assets $3200100040002500$

Total assets $44,90011,13034,00030,000$

Share capital $10000500040008000$

Retained profits $2980013301980012100$

Total equity $3980063302380020100$

Non$-$current liabilities $2200400075009000$

Current liabilities $29008002700900$

Total liabilities $51004800102009900$

Total equity and liabilities $44,90011,13034,00030\mathrm{.}000$

$2$

REQUIRED: Prepare the consolidated income statement and balance sheet for the Demos

Group for the year ending $31\mathrm{.}3\mathrm{.}20$X$8\mathrm{.}5$SSMN$2352023-24$

Q$1.$ The following information is available in respect of Demos plc and its related entities for the

year ending $31$ March $20$X$8.$

Veta is a joint venture entity in which Demos has an equal interest and joint control with

$x$ company. On $31\mathrm{.}3\mathrm{.}20x7,$ Veta was stated as $2,500,000$ in the consolidated balance

sheet of Demos plc$.$

Alpha is an associate in which Demos plc has a $30\%$ interest. Demos purchased $30\%$ of Alpha

on $31\mathrm{.}3\mathrm{.}20$X$4$ for $5,700,000.$ On that date, the retained profit of Alpha was $14,000,000.$

Sigma is a subsidiary company in which Demos plc has a $70\%$ interest. Demos purchased $70\%$

of Sigma on $31\mathrm{.}3\mathrm{.}20$X$4$ for $12,000,000,$ when the net assets of Sigma were $15,000,000.$

Demos plc has one held for trading investment, in Brum, the value of which has not changed

from the previous year.

Income Statement for the year ending $31$ March $20$X$8(000)$

Balance sheets as at $31$ March $208(000)$