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Illustrations of retained profits brought forward
H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two companies for the year ending 31 December
20X2 is as follows:
H Ltd
S Ltd
£
Sales revenue
75,000.00
38,000.00
Cost of sales
(30,000.00)
(20,000.00)
Gross profit
45,000.00
18,000.00
Operating expenses
(14,000.00)
(8,000.00)
Profit before tax
31,000.00
10,000.00
Taxation
(10,000.00)
(2,000.00)
Profit after tax
21,000.00
8,000.00
Retained profit b/f
87,000.00
17,000.00
Retained profit c/f
108,000.00
25,000.00
Required:
Prepare the consolidated income statement for the year ended 31 December 20X2.
H Ltd. And Its Subsidiary
Consolidated Income Statement for year ended 31/12/2002
£ ‘000’
Revenue(75+38)
113
Cost of sales(30+20)
(50)
63
Operating expenses(14+8)
22
41
Income tax expense(10+2)
(12)
29
Profit attributable to minority interest
(2)
Profit attributable to holding company
27
Retained profits b/f
99.75
126.75
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