Question
The following are the extracts from the financial statements of Berkley and one of its wholly owned subsidiaries Sanders, the shares which were acquired on
The following are the extracts from the financial statements of Berkley and one of its wholly owned subsidiaries Sanders, the shares which were acquired on 31 October 2017.
Consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2017 | |
000 | |
Profit before interest and taxes | 546 |
Finance cost | - |
Share of profit of associate | 120 |
Profit before taxes | 666 |
Income tax expense | 120 |
Total Comprehensive income for the year | 540 |
Attributable to: | |
Owners of the parent | 540 |
Non-controlling interest | - |
The following information is also given:
(a) The consolidated figures for 31 December 2017 included Sanders.(b) The amount for depreciation of property, plant and equipment during the year was $78,000. There were no disposals . (c) The cost on 31 October 2017 of the shares of Sanders was $1.086,000, comprising the issue of $695,000 unsecured loan stock at par, 120,000 ordinary shares at $1.00 each at a value of $2.80 each and $55,000 in cash (d) No write down of goodwill was required during the year. (e) Total dividend paid by Berkely (parent) during the period, amounted to $63,000
Required Prepare a statement of cash flow for Berkely and subsidiaries for the year ended 31 December 2017, using the indirect method.
IT'S A CONSOLIDATED STATEMENT OF CASH FLOWS THAT IS REQUIRED.
Berkely 31 December 2017 Berkely 31 December 2016 Sanders 31st October 2016 4,764 3 ,685 Non current Asset Property, Pant and equipment Good W Investment in associate 2,195 2 1,005 ,175 ,880 3 Current Assets inveniones Receivables Bank and cash 2 2,435 755 ,658 43 45,436 11,437 TI 3,901 9,761 438 192 4 10 Equity Share capita Share premium Retained Earnings ,0964,776 216- 2,540 2,055 7,652 6,839 14 Non-current liabilities Loans Deemed tax 1,348 653 1459 633 Current Liabilities Payables Bank overdraft Current tax payables 1,915 176 255 2,326 1,546 343 200 2,089 148 11 437 9,761 2,192 Berkely 31 December 2017 Berkely 31 December 2016 Sanders 31st October 2016 4,764 3 ,685 Non current Asset Property, Pant and equipment Good W Investment in associate 2,195 2 1,005 ,175 ,880 3 Current Assets inveniones Receivables Bank and cash 2 2,435 755 ,658 43 45,436 11,437 TI 3,901 9,761 438 192 4 10 Equity Share capita Share premium Retained Earnings ,0964,776 216- 2,540 2,055 7,652 6,839 14 Non-current liabilities Loans Deemed tax 1,348 653 1459 633 Current Liabilities Payables Bank overdraft Current tax payables 1,915 176 255 2,326 1,546 343 200 2,089 148 11 437 9,761 2,192Step by Step Solution
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