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Question 1 The following are the financial statements of Tom Ltd and Harry Ltd for the year ended 31 July 2018: Statement of Profit or Loss for the Year Ended 31 July 2018 Tom Ltd Harry Ltd '000 '000 Revenue 67.140 49,800 Cost of sales 50,355 37,350 Gross profit 16,785 12.450 Distribution costs 4,650 3,780 Administrative expenses 7,755 6,270 Finance cost 705 570 Profit/Loss before taxation 3,675 1,830 Income tax expenses 735 Profit/Loss after taxation 2,940 1.470 360 The following information is relevant: (a) Tom Ltd purchased 90% of the ordinary shares of Harry Ltd on 1 August 2015 when Harry Ltd had the following reserves: '000 Revaluation reserve 1,000 Retained earnings 3,800 (b) The fair value of the non-controlling interests in Harry Ltd at the date of acquisition was 1,730,000 and the full-goodwill method is used to measure its non-controlling interest. (e) Total retained earning on the statement of financial position of Tom Ltd and Harry Lid at 31 July 2018 were 23,170,000 and 6,180,000 respectively. (d) During the year ended 31 July 2018, Harry Ltd sold goods to Tom Lad to the value of 600,000 on which Harry Ltd made a gross profit of 25%. At the reporting date, Tom Lad had 200,000 of these goods in its inventory (e) On 15 August 2016, Tom Ltd sold an item of plant to Harry Ltd for 360,000. The asset has cost 400,000 two years carlier. It is group policy to depreciate plant over 10 years on a straight-line basis. Harry Ltd depreciated the plant purchased from Tom Ltd over its remaining life of eight years. ( Goodwill on acquisition of Harry Ltd was impaired as follows: Year ended 31 July 2017 40,000 Year ended 31 July 2018 20,000 Total (40 Marks) Requirement: Prepare the Consolidated Statement of Profit or Loss for the year ended 31 July 2018