Create the consolidated statement of comprehensive income, Cost Accounting

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Question

The statements of comprehensive income for three entities for the year ended 30 September 2009 are presented below: SOT

PB

UV

$000

$000

$000

Revenue

6,720

6,240

5,280

Cost of sales

(3,600)

(3,360)

(2,880)

Gross profit

3,120

2,880

2,400

Administrative expenses

(760)

(740)

(650)

Distribution costs

(800)

(700)

(550)

Investment income

80

-

-

Finance costs

(360)

(240)

(216)

Profit before tax

1,280

1,200

984

Income tax expense

(400)

(360)

(300)

Profit for the year

880

840

684

Other comprehensive income

Actuarial gains on defined benefit pension plan

110

-

40

Tax effect of other comprehensive income

(30)

-

(15)

Other comprehensive income for the year, net of tax

80

-

25

Total comprehensive income for the year

960

840

709







1.  On 1 September 2009 PB paid a dividend of $100,000 and SOT has recorded its share in investment income.

2. SOT holds numerous available for sale investments, and accounts for these in accordance with IAS 39 Financial Instruments: recognition and measurement. Gains on succeeding measurement of $46,000 occurred in the year. The financial controller however is unsure how this should be obtainable within the statement of comprehensive income and so has yet to include it.

3. SOT also liable to an available for sale investment during the year to 30 September 2009 for $630,000, when the carrying value of the investment was $580,000. The gain on disposal of $50,000 is included in administrative payment. Formerly recognised gains associated with this investment of $40,000 still remain in other reserves.

Suppose that all income and gains for the three entities accumulate evenly throughout the year.

Ignore any further tax impact of accessible for sale investments.

Round all figures to the nearest $000.

Required:

Create the consolidated statement of comprehensive income for the SOT group for the year ended 30 September 2009.


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