the consolidated income statement for ab group

Question

The consolidated income statement for AB Group for the year ended 30 June 2010: (all amounts in the workings are in $000, unless stated otherwise)	$000
Revenue (2,000 + 1,500)	3,500
Cost of sales (1,200 + 1,000)	(2,200)
Gross profit	1,300
Distribution costs (400 + 120)	(520)
Administration expenses (240 + 250 + 30 (W1) + 20 (W2))	(540)
Share of profit of associate (W3)	13
Profit before tax	253
Income tax expense (50 + 40)	(90)
Profit for the year	163
Attributable to:
Equity holders of the parent	155
Non-controlling interest (W5)	8

 

W3 Share of profit of associate		$000
Profit after tax of EF		100
Pro-rata from date of acquisition - 9 months		75
Less unrealised profit on sales to AB (W4)		(10)
65
20% group share		13
W4 Unrealised profit on inventories		$000
Sales value of goods in inventories at year end (80 x ½ )		40
Unrealised profit at 25% margin		10
W5 Non-controlling interest		$000
Profit for the year for CD (as reported)		90
Additional depreciation on fair value uplift		(20)
Goodwill impairment		(30)
40
20% NCI share	8