rofit after tax

Additional information:

Clouds Ltd

$q,$

$274000$

$104300$

REQUIRED acquired $90000$ shares in Rain Ltd on $1$ March $2022.$

At the acquisition date, the assets and liabilities of Rain Ltd were considered fairly valued according to IFRS $3.$

From $1$ June $2022,$ Clouds Ltd purchased inventory from Rain Ltd$.$ For the period $1$ June $2022$ to $31$ December $2022,$ Rain Ltd recorded sales to the value of $($R$190000)$ relating to sales made to Clouds Ltd$.$ Rain Ltd sells the inventory at a markup of $25\%$ on cost$.$ At year$-$end, $31$ December $2022,$ Rain Ltd still had $30\%$ of the inventory purchased from Cloud Ltd on hand included in Rain Ltd$\text{'}$s inventory balance.

On $30$ November $2022,$ Clouds Ltd sold equipment to Rain Ltd$.$ The equipment had a carrying amount of R$168200,$ and Clouds Ltd sold it for R$190000.$ On the date of sale, the equipment had an estimated remaining usefullife of $3$ years with no residual value.

Clouds Ltd declared and paid a dividend of R$122000$ on $30$ November $2022.$

Rain Ltd declared and paid a dividend of R$28500$ on $30$ September $2022.$

Except for the revenue and related cost of sales on the inventory sales made to Clouds Ltd$,$ yol can assume that Rain Ltd$\text{'}$s income and expenses accrued evenly throughout the year,

Clouds Ltd accounts for investments in subsidiaries at cost in its separate financial statements. Clouds Ltd elected to measure the non$-$controlling interest at its proportionate share of subsidiary's identifiable net assets.

Assume a tax rate of $28\%$ and a capital gains tax inclusion rate of $80\%.$

QUIRED

Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive Incom Clouds Ltd Group for the year ended $31$ December $2022.$ Show all calculations and $r$ answers to the nearest Rand.

$(2)$ Prepare

Consolidated

stotement

of

Changes

Coon

HFAC$302-1-$Jul$-$Dec$2022-$SA$1-$Exam Revision$-$LM$-$V$\mathrm{.}1-24102022$