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Financial Accounting - Essay Example
Finance & Accounting
Pages 5 (1255 words)
Instructor Date: Financial Reporting and Accounting: Part 1 The following represents Chamber’s Consolidated Income Statement showing the profit made by the consolidated entity and the amount relating to minority interest. Chamber plc and Subsidiary Consolidated Income Statement For the Year Ended 30 June 2012 ?…
Turnover 21,134 Cost of sales 15,345 Gross profit 5,735 Distribution costs 2,520 Administrative expenses 1,417 Operating profit 1,798 Investment income 80 Finance costs 11 Profit before taxation 1,867 Taxation 581 Profit after taxation 1,286 Profit attributable to: Parent 1,206 Non-controlling interest 80 1,286 A consolidation schedule is provided Appendix 1. It shows how the figures for turnover, cost of sales and gross profit were arrived at. The Statement below represents the Consolidated Statement of Financial Position of Chambers and Subsidiary for the period ending 2012. The relevant calculations are shown. ...
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