the following represent the condensed financial statements of profit or loss and other comprehensive income and the statement of changes in equity of Gogo ltd and its subsidairy , casper ltd , for the year ended 28 february 20.23

gogo ltd group

statement of profit or loss and other comprehensive income for the year ended 28 february 20.23

	gogo ltd	casper ltd
	R	R
gross profit	484 680	326 200
other income	59 750	24 500
interest received	35 750	12 500
administration fees received	24 000	12 000
expenses	270 000	221 650
depreciation	158 000	134 400
staff cost	60 000	48 000
interest paid	28 500	24 650
auditors' remuneration	12 400	8 600
profit before tax	273 530	129 140
income tax expense	141 412	64 460
profit for the year	132 118	64 690
other comprehensive income for the year	-	-
total comprehensive income for the year	132 118	64 690

gogo ltd group

statement of changes in equity for the year ended 28 frebruary 20.23

	gogo	casper	gogo	casper	gogo	casper	gogo	casper
balance at 1 March 20.22	200 000	100 000	80 000	120 000	224 690	44 000	504 690	264 000
changes in equity for 2023
profit for the year					132 118	64 690	132 118	64 690
balance at 28 feb 2023	200 000	100 000	80 000	120 000	356 808	108 690	636 808	328 690

additional information:

gogo ltd acquired 80 % of the voting rights in casper ltd on march 20.20 for R250 000 at which point Casper ltd owners interest consisted of the following:

	R
share capital	100 000
retained capital	64 000
revaluation surplus	120 000

considering the carrying amount of the assets and liabilities of Casper ltd to be equal to the fair value thereof at the date of acquisition

on 1 December 20.21 Casper ltd sold a machine with a carrying amount of 200 000 to Gogo ltd at a profit of R50 000. it is the policy of the group to depreciate plant and machinery at 20% per anum on the straight line method.

Gogo ltd sold some of its inventory to casper at a profit of 50% on cost price. Casper ltd had the following inentories on hand which they purchased from gogo

	R
28 february 20.22	210 000
28 february 20.23	315 000

gogo ltd lent the sum of R150 000 to casper ltd at an interest rate of 18% per annum, payable annually inarrears on 1 aug 20.22. gogo ltd recieved and banked the cheque for interest for the month of february on 28 february 2023. the interst did not qualify for capitalization and was accounted for by both companies.

question:

draft the consolidated statement of profit or loss and other comprehensive income of the group for the year ended 28 February 20.23(23) and draft the relevant pro forma consolidation journals for gogo ltd group (23)

calculations (19)