Credits Ordinary share capital Retained earnings: 1 March 2023 Other liabilities (non-current) Trade payables Sales Other income 1 120 000 672 000 896 000 560 000 418 600 252 000 175 000 84 000 1 380 000 339 200 4 328 800 1 190 000 30 800 2 788 800 The following are the abridged trial balances of County Street Ltd and Trilogy Ltd for the financial year ended 29 February 2024: Debits County Street Ltd Trilogy Ltd R R Property, plant and equipment 1 589 000 1 148 000 Investment in Trilogy Ltd 896 000 Inventory Trade receivables 161 000 210 000 554 400 89 600 Bank 82 600 9 072 Other assets (non-current) 210 000 102 340 Cost of sales 630 000 448 000 Operating expense 210 350 154 304 Finance cost 3 850 2 646 Income tax expense Dividends paid 245 000 130 438 91 000 150 000 4 328 800 2 788 800 Credits
1.County Street Ltd acquired 60% of the shares of Trilogy Ltd in 2021 for R896 000 when Trilogy Ltd had
2.Non - controlling interest is measured at their share of net identifiable assets.
3.At the beginning of the current financial year, County Street Ltd became the sole supplier of inventory for Trilogy Ltd, selling inventory to Trilogy Ltd at a mark — up of 10% on cost. Trilogy Ltd held closing inventory of R89 600 at year end.
4.on 1 March 2023 Trilogy Ltd purchased a machine with a carrying amount of R400 000 from County Street Ltd for R700 000. It is the policy of the group to
5.SA normal tax rate is 27% .
6.
Prepare the pro-forma consolidation journal entries of the County Street Ltd Group for the financial year ended 29 February 2024.
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