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  • Tutorial 4 Belt Group Consolidated Statement of Comprehensive Income For The Year Ended 31 December 2015

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    The Belt Group reported total revenue of $4,050,000 for the year ended 31 December 2015. Gross profit was $1,470,000 after accounting for cost of sales of $2,580,000. Operating costs of $753,000 and a loss on disposal of a subsidiary of $50,000 resulted in a profit before tax of $681,000. After paying taxes of $288,000, profit after tax was $393,000. Of this, $364,000 was attributable to owners of the parent and $29,000 to non-controlling interests. As of 31 December 2015, Belt Group had total assets of $1,616,000 including property, plant and equipment of $

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    Original Title

    CRCI T4 Q3

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    The Belt Group reported total revenue of $4,050,000 for the year ended 31 December 2015. Gross profit was $1,470,000 after accounting for cost of sales of $2,580,000. Operating costs of $753,000 and a loss on disposal of a subsidiary of $50,000 resulted in a profit before tax of $681,000. After paying taxes of $288,000, profit after tax was $393,000. Of this, $364,000 was attributable to owners of the parent and $29,000 to non-controlling interests. As of 31 December 2015, Belt Group had total assets of $1,616,000 including property, plant and equipment of $

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    4 views3 pages

    Tutorial 4 Belt Group Consolidated Statement of Comprehensive Income For The Year Ended 31 December 2015

    Uploaded by

    blazemouse
    The Belt Group reported total revenue of $4,050,000 for the year ended 31 December 2015. Gross profit was $1,470,000 after accounting for cost of sales of $2,580,000. Operating costs of $753,000 and a loss on disposal of a subsidiary of $50,000 resulted in a profit before tax of $681,000. After paying taxes of $288,000, profit after tax was $393,000. Of this, $364,000 was attributable to owners of the parent and $29,000 to non-controlling interests. As of 31 December 2015, Belt Group had total assets of $1,616,000 including property, plant and equipment of $

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    of 3

    Tutorial 4

    Question 3

    Belt Group
    Consolidated Statement of Comprehensive Income for the year ended 31 Decembe
    Revenue [3,000 + (1,400 * 9/12)]
    Cost of sales [1,980 + (800*9/12)]
    Gross Profit
    W2 Operating costs [528 + (300*9/12)]
    Loss on disposal of subsidiary
    Share of profit of associate (190*3/12*30%)
    Profit before tax
    Tax [205 + (110*9/12)]
    Profit after tax
    Profit attributable to:
    Owners of the parent [287 + (190*9/12*80%) - 50 + 14]
    NCI (190*9/12*20)
    Belt Group
    Consolidated Statement of Financial Position as at 31 December 2015
    Property plant and equipment
    W4 Investment in associate
    Inventory
    Receivables
    Cash (141 + 206)

    $1 ordinary shares
    W3 Retained Earnings
    Payables
    Proceeds of sale of shares

    W1

    year ended 31 December 2015


    $000
    4,050
    (2,580)
    1,470
    (753)
    (50)
    14
    681
    W2
    (288)
    393

    364
    29
    393

    Less Net Assets acquired


    Ordinary share capital
    Pre Acquisition Reserves
    Goodwill
    Disposal of subsidiary

    $000

    100
    70

    Gain/(loss) on disposal
    $000
    FV of consideration received
    FV of investment retained

    Less Share of consolidated CV when control lost


    Net Asset [100 + 450 - (190*3/12)]
    503
    Goodwill
    24
    NCI (503*20%)
    (101)
    Gain/(loss) on disposal

    mber 2015
    $000
    580
    184
    215
    290
    347
    1,616

    Goodwill
    Consideration transferred
    NCI (20%*170)

    W3

    Retained Earnings

    Per question/At date of disposal

    Belt
    $000
    690

    Less: Pre Acquisition Reserves


    250
    920
    240
    206
    1,616

    690
    Share of post acquisition RE of Braces
    up to date of disposal (333*80%)
    Share of PAT (47*30%)
    Loss on disposal of subsidiary (W2)

    W4

    Investment in Associate
    FV of retained interest
    Share of PAT (190*3/12*30%)

    266
    14
    (50)
    920
    $000
    170
    14
    184

    $000
    160
    34
    194

    (170)
    24
    (24)
    0

    $000
    206
    170
    376

    (426)
    (50)
    80%
    30%
    Braces
    Braces
    $000
    $000
    403
    450
    [450-(190*3/12)]
    (70)
    333

    (403)
    47

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