P acquired 75 % of the ordinary shares in S company incorporated in 2013.The summarized income statement is as follows ; P Ltd S Co. Ltd • Sales 75000 3800 • Cost of sales 30000 20000 • Gross profit 45000 18000 • Admin Expenses 14000 8000 • Profit before tax 31000 10000 • Income Tax 10000 2000 • Profit for the year 21000 8000 • Note on the retained Earnings: • Retained earnings bought forward 87000 17000 • Profit for the year 21000 8000 • Retained profit carried forward 108000 25000 Prepare the consolidated income statement for the group
P acquired 75 % of the ordinary shares in S company incorporated in 2013.The summarized income statement is as follows ;
P Ltd S Co. Ltd
• Sales 75000 3800
• Cost of sales 30000 20000
• Gross profit 45000 18000
• Admin Expenses 14000 8000
• Profit before tax 31000 10000
• Income Tax 10000 2000
• Profit for the year 21000 8000
• Note on the
• Retained earnings bought forward 87000 17000
• Profit for the year 21000 8000
• Retained profit carried forward 108000 25000
Prepare the consolidated income statement for the group
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