FAC3704 Exam pack

OCTOBER –
NOVEMBER
2020

, SOLUTION 1: CONSOLIDATION OF A GROUP OF
ENTITIES
(a) Consolidated statement of profit or loss & other comprehensive income of
Chippie Ltd Group for the year ended 29 February 2020

R
𝟔 4 590 500
Revenue [𝟑 𝟎𝟖𝟎 𝟎𝟎𝟎 + 𝟏 𝟐𝟏𝟎 𝟎𝟎𝟎 − 𝟏𝟎𝟎 𝟎𝟎𝟎 + (𝟖𝟎𝟏 𝟎𝟎𝟎 ∗ )]
𝟏𝟐
20 20
Cost of sales [1 092 000 + 484 000 − 100 000 − (14 250 ∗ ) + (17 700 ∗ )+
120 120
6
(455 400 ∗ ] (1 704 275)
12
Gross profit 2 886 225
6
Other Income [332 500 + 95 700 + [113 130 − (85 000 − 52 000)] ∗ ] − 26 325 −
12
421 780
20 160]]
100 160
Share of profit of associate
6 (85 000−52 000) 3
Other expenses [306 250 + 106 700 + (58 950 ∗ 12) − [ ∗ ] + 17 750] (458 525)
5 12
Profit before tax 2 949 640
20 20
Income tax expense [563 990 + 200 200 + (14 250 ∗ ∗ 28%) − (17 700 ∗ 120 ∗ 28%) −
120
(85 000−52 000) 3
(85 000 − 52 000) ∗ 28% + [ ∗ ∗ 28%]] (755 251)
5 12
Profit for the year 2 194 389
Other Comprehensive Income -
Total Comprehensive Income 2 194 389

Profit for the year and total comprehensive income attributable to:
Owners of the parent (2 194 389 − 148 634) 2 045 755
NCI (99 410 + 49 224) 148 634
2 194 389