Page 398 - FR Integrated Workbook 2018-19
P. 398
Chapter 24
Chapter 18
Example 1
Statement of profit or loss
On 1 April 20X3 Prince purchased 75% of the equity shares in Sheena. The
summarised statements of profit or loss and other comprehensive income for
the two entities for the year ended 31 March 20X4 are:
Prince Sheena
$ $
Revenue 450,000 240,000
Cost of sales (260,000) (110,000)
––––––– –––––––
Gross profit 190,000 130,000
Distribution costs (23,600) (12,000)
Administrative expenses (27,000) (23,000)
Investment income 4,500
Finance costs (1,500) (1,200)
––––––– –––––––
Profit before tax 142,400 93,800
Income tax expense (48,000) (27,800)
––––––– –––––––
Profit for the year 94,400 66,000
Other comprehensive income
Gain on revaluation of land 2,500 1,000
––––––– –––––––
Total comprehensive income 96,900 67,000
––––––– –––––––
392
