Statements of Profit or Loss and Other Comprehensive Income for the Year Ended 30 September 2013

Cork Ltd Kerry Ltd Louth Ltd Meath Ltd

000 000 000 000

Revenue 15,460 12,300 7.700 6,180

Cost of sales (10,820) (8,680) (5,400) (4,420)

Gross profit 4,640 3,690 2,300 1,860

Other income 300 - - -

Distribution costs (930) (740) (400) (370)

Administrative expenses (1,110) (840) (500) (440)

Finance costs (390) (310) (100) (170)

Profit before tax 2,510 1,760 1,300 880

Income tax expense (750) (530) (400) (260)

Profit for the year 1,760 1,230 900 620

Other comprehensive income:

Property revaluation surplus 1,000 800 - 500

Total comprehensive income

For the year 2,760 2,030 900 1,120

The following additional information is available:

1. Cork Ltd acquired 90% of the ordinary shares of Kerry Ltd on 1 October 2010 when the retained earnings of Kerry Ltd were 900,000, and its share capital 5 million.

2. During August 2013 Kerry Ltd sold goods to Cork Ltd at invoice value 120,000 on which Kerry Ltd made a mark-up of one-third. All the goods were in inventory of Cork Ltd at the reporting date. Total sales from Kerry Ltd to Cork Ltd during the year amounted to 600,000.

3. Cork Ltd received a management fee of 300,000 from Kerry Ltd for the year under review.

4. Cork Ltd and Limerick jointly control Louth Ltd, each having rights to 50% of its net assets since 1st July 2013.

5. Cork Ltd acquired 25% of the voting rights of Meath Ltd on 1st October 2012.

6. Goodwill on acquisition of Kerry Ltd was impaired in the amount of 40,000 during the year ended 30th September 2012, while the carrying value of the investment in Meath Ltd was impaired by 20,000 during the year under review.

7. Retained earnings at 1st October 2012: 000

Cork Ltd 8,460

Kerry Ltd 3,500

Louth Ltd 1,500

Meath Ltd 1,940

8. Non-controlling interests in Kerry Ltd was measured at their share of the net assets at acquisition date.

Requirement:

Prepare the Consolidated statement of Profit and Loss and other comprehensive income for the year ended 30 September 2013.