Page 348 - F3 -FA Integrated Workbook STUDENT 2018-19

Chapter 22

Example 2 cont.

Solution
Lobster Group statement of profit or loss for the year ended
31 December 20X5

$
Revenue (150 + (9/12 × 80) – 10 (W2)) 200,000
Cost of sales (60 + (9/12 × 52) – 10 (W2) + 1.8 (W3)) (90,800)

–––––––
Gross profit 109,200
Operating expenses (30 + (9/12 × 10) (37,500)

Finance costs (6 + (9/12 × 1.8) (7,350)
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Profit before tax 64,350

Income tax expense (12 + (9/12 × 3.2) (14,400)
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Profit for the year 49,950
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Profit for the year is attributable to:

Owners of parent (balancing figure) 47,962.50
Non-controlling interest (W4) 1,987.50
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49,950.00
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