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Given below are the statements of profit or loss of Alice and Jambu for the year ended 31 December x7. Alice Jambu $’000 $’000 Sales 4.000 3.000 Cost…

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Given below are the statements of profit or loss of Alice and Jambu for the year ended 31 December x7. Alice Jambu $’000 $’000 Sales 4.000 3.000 Cost…

Additional information:

a.      The paid-up capital of Jambu is made up of 5 million ordinary shares.

b.     Alice bought 80% of the issued ordinary share capital of Jambu on 1 January x5 when the retained profit of Alice was $100,000. On that date, a building of Jambu was revalued to $2 million and the carrying amount was $1.5 million. The remaining useful life was 40 years. Jambu did not incorporate the fair value in its accounts. Straight-line method of depreciation is used.

c.      During the current year, Jambu sold inventory costing $500,000 for $600,000 to Alice. Fifty percent of the inventory remains unsold.

d.     Alice deals in furniture and sold inventory costing $100,000 for $150,000 to Jambu this year. Jambu treats this inventory as a non-current asset. The useful life of the furniture is ten years. This sale is included in the turnover of Alice for the year.

e.      Alice has not recognized its share of dividend from Jambu.

f.      The depreciation charge for buildings and furniture is included in administrative expenses.

g.     Goodwill on consolidation of $80,000 is impaired by 31 December x6 and a further $40,000 was impaired as at 31 December x7. The group recognizes non-controlling interest on the date of acquisition at fair value.

Required:

Prepare the consolidated statement of profit or loss for the year ended 31 December x7.

Given below are the statements of profit or loss of Alice and Jambu for the year ended 31December x7.AliceJambu$’000$’000Sales4.0003.000Cost of sales(1,500)(1,000)Administrative expenses(300)(500)Selling expenses(200)(500)Operating profit2,0001,000taxation(600)(300)1.400700Retained profit b/f700400Dividends – proposed ordinary on 15 December x7100100

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