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PINGCO
PONGCO
$
Salesrevenue
75,000
38,000
Costofsales
(30,000)
(20,000)
Grossprofit
45,000
18,000
Administrativeexpenses
(14,000)
(8,000)
Profitbeforetax
31,000
10,000
Incometaxexpense
(10,000)
(2,000)
Profitfortheyear
21,000
8,000
Note:
Movementonretainedearnins
Retainedearningsbroughtforward
87,000
17,000
Retainedearningscarriedforward
108,000
25,000
Solution
PCO
CONSOLIDATEDSTATEMENTOFPROFITORLOSSFORTHEYEARENDED31DECEMBER20*6
Salesrevenue(75+38)
113,000
Costofsales(30+20)
(50,000)
63,000
Administrativeexpenses(14+8)
(22,000)
41,000
(12,000)
29,000
Profitattributableto:
27,000
Ownersoftheparent
2,000
Non-controllinginterest($8000*25%)
STATEMENTOFCHANGESINEQUITY(EXTRACT)
RetainedEarnings
Non-controllingInterest
TotalEquity
Balanceat1January20*6
99,750
4,250
104,000
Totalcomprehensiveincomefortheyear
Balanceat31December20*6
126,750
6,250
133,000
Noticehowthenon-controllinginterestisdealtwith
(a)Downtotheline‘profitfortheyear’thewholeofSCo’sresultsisincludedwithoutreferencetogroupshareornon-controllingshare.Aone-lineadjustmentistheninsertedtodeductthenon-controllingshareofSCo’sprofit.
(b)Thenon-controllingshare($4250)ofSCo’sretainedearningsbroughtforward(17000*25%)isexcludedfromgroupretainedearnings.Thismeansthatthecarriedforwardfigureof$126750isthefigurewhichwouldappearinthestatementoffinancialpositionforgroupretainedearnings.
Thislastpointmaybeclearerifweconstructtheworkingforgroupretainedearnings
PCo
SCo
Atyearend
Lesspre-acquisitionretainedearnings
0
SCo-shareofpostacquisitionretainedearnings(25000*75%)
18,750
Thenon-controllingshareofSCo’sretainedearningscomprisesthenon-controllinginterestinthe$17000profitsbroughtforwardplusthenon-controllinginterest($2000)in$8000retainedprofitfortheyear.
Wewillnowlookatthecomplicationsintroducedbyintra-grouptrading,intra-groupdividendsandpre-acquisitionprofitsinthesubsidiary.
1.1Intra-grouptrading
Intra-groupsalesandpurchasesareeliminatedfromtheconsolidatedstatementofprofitorloss
Theconsolidatedfiguresforsalesrevenueandcostofsalesshouldrepresentsalesto,andpurchasesfrom,outsiders.Anadjustmentisthereforenecessarytoreducethesalesrevenueandcostofsalesfiguresbythevalueofintra-groupsalesduringtheyear.
Wehavealsoseeninanearlierchapterthatanyunrealizedprofitsonintra-grouptradingshouldbeexcludedfromthefigureforgroupprofits.Thiswilloccurwhenevergoodssoldataprofitwithinthegroupremainintheinventoryofthepurchasingcompanyattheyearend.Thebestwaytodealwiththisistocalculatetheunrealizedprofitonunsoldinventoriesattheyearendandreduceconsolidatedgrossprofitbythisamount.Costofsaleswillbethebalancingfigure.
SupposeinourearlierexamplethatSCohadrecordedsalesof$5000toPCoduring20*6.SCohadpurchasedthesegoodsfromoutsidesuppliersatacostof$3000.OnehalfofthegoodsremainedinPCo’sinventoryat31December20*6
Preparetherevisedconsolidatedstatementofprofitorloss
Solution
Theconsolidatedstatementofprofitorlossfortheyearended31December20*6wouldnowbeasfollows.
Salesrevenue(75+38-5)
Costofsales(30+20-5+1*)
(46,000)
Grossprofit(45+18-1*)
62,000
Profitbeforetaxation
40,000
28,000
26,250
Non-controllinginterest($8000-1000)*25%)
1,750