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Problem - The summarised statements of profit or loss of two companies, Petkim LLC and Sinam LLC, for the year ended 31 May 2006 are provided below. Petkim acquired 3,000,000 shares in Sinam on 1 June 2004. Sinam's total share capital consists of 4,000,000 ordinary shares of 1$ each.
Petkim $
Sinam $
Sales revenue
6,400
2,600
Cost of sales
(3,700)
(1,450)
Gross profit
2,700
1,150
Distribution costs
(1,100)
(490)
Administrative expenses
(700)
(320)
Profit from operations
900
340
Dividends received from Sinam
150
-
Profit before tax
1,050
Income tax expense
(400)
(80)
Profit for the year
650
260
Required - Prepare the consolidated income statement.
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