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ended 31 December 2017 are belc Poplar £'00 143,000 (65.000)

ended 31 December 2017 are belc Poplar £'00 143,000 (65.000)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On 1 January 2015, Poplar bought 25,000 of the 100,000 shares in Ash for £20,000. The retained earnings of Ash Ltd at 1 January 2015 were £12,000. The financial statements for the year ended 31 December 2017 are below: Poplar Ash 000.3 00.7 (16,000) 13,000 Revenue 143,000 29,000 Cost of Sales (65,000) 78,000 (34,000) 44,000 500 Gross Profit Operating expenses Operating profit Dividend from Ash (5,800) 7,200 Profit before tax 44,500 7,200 (200) 7,000 Тах (6,200) 38,300 Profit for the year Poplar £'000 160,800 Ash £°000 94,000 Property plant & equipment Investment in A at cost 20,000 52,000 Current assets 41,600 232,800 180,000 45,800 225,800 135,600 100,000 30,000 130,000 Share capital Retained earnings Liabilities 7,000 232,800 5,600 135,600 Required: Prepare the consolidated accounts for the year to 31 Dec. 2017.
Transcribed Image Text:On 1 January 2015, Poplar bought 25,000 of the 100,000 shares in Ash for £20,000. The retained earnings of Ash Ltd at 1 January 2015 were £12,000. The financial statements for the year ended 31 December 2017 are below: Poplar Ash 000.3 00.7 (16,000) 13,000 Revenue 143,000 29,000 Cost of Sales (65,000) 78,000 (34,000) 44,000 500 Gross Profit Operating expenses Operating profit Dividend from Ash (5,800) 7,200 Profit before tax 44,500 7,200 (200) 7,000 Тах (6,200) 38,300 Profit for the year Poplar £'000 160,800 Ash £°000 94,000 Property plant & equipment Investment in A at cost 20,000 52,000 Current assets 41,600 232,800 180,000 45,800 225,800 135,600 100,000 30,000 130,000 Share capital Retained earnings Liabilities 7,000 232,800 5,600 135,600 Required: Prepare the consolidated accounts for the year to 31 Dec. 2017.
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