PART B.

AT 30 JUNE 2014

GREAT LTD

WALL LTD

INCOME STATEMENTS
Sales revenue
Cost of goods sold

Gross profit
Other income
Management fee revenue
Dividend revenue
Gain on sale of asset
Expenses
Depreciation expense
Management fee expense
Other expenses
Profit before tax
Income tax expense

1653400
711600

1061900
681200

941800

380700

75500
-

12000
2450

(153800)
(12000)
(556100)
295400
(65970)

(62900)
(163400)
168850
(50655)

Profit for the year after tax

NCI interest in earnings after tax

229430

118195

Retained earnings at start of year

114990

12590

Dividend paid/declared
Retained earnings at end of year

(125000)

(100000)

219420

30785

Equity
Share capital

500000

250000

Retained earnings

219420

30785

BALANCE SHEETS

Revaluation surplus

Non-Controlling interest

Current Liabilities
Accounts payable
Income tax payable
Dividends payable
Non-Current Liabilities
Bank loans
Deffered tax liability
Provision for employee benefits
Provision for warranty claims
Current Assets
Accounts receivable
Allowance for doubtful debts
Dividends receivable
Inventory
Non-Current Assets
Land and buildings
Plant at cost
Accumulated depreciation plant
Deferred tax asset

Shares in Sichuan Pty Ltd

Investment in Wall Ltd

109460
65970
62500

64660
70555
50000

550000

620000

27100
80000
1614450

13400
1099400

144400
(14300)
37700
102700

101100
(9900)
98800

775000
522200

741800
302100

(205500)

(154400)

12000
240250
1614450

19900

1099400

ELIMINATION/ADJUSTMENT ENTRIES

300000
5
24150 6a

3
5

26900
300000

500
12000

12000
8
75000 9a

14500 1f

2c

150 2d 1g
8070
3 6b

4350
7245

21996 10c
47500 1e 1g
19333 1f
2b
3750 2a 2c
75 2d 10b
18830
3
15833 10a
9a
10d

187500 1e
62500 10a

5800
1125
250
17848

75000
25000

7000 1a 1c
10500 1d
1750 10a
25000 10d 10c
17848 10b 10a

24500

21996
80083

5250 1e

37500 9b

3000 1a
10150 1g

35000 1c
37650 2a
113000 1b
750 2c
4500 1d
1125 2b
7245 6b
0
1128455

1c

10500

1d

15000

9b
6a

37500
24150

1a
1b

10000
113000

1f
2a
2d

33833
41400
225

1e

240250
1128455