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solidated statement of profit or loss and other comprehensive income for the year ended 28 February 2017 Profit before tax 4 822 500 (3 300 000 + 1 490 000 + 200 000 I5 - 153 000 I6 + 8 000 I10 - 22 500 P5) Income tax expense (924 000 + 417 200) (1 341 200) Profit for the year 3 481 300 Other comprehensive income for the year Revaluation surplus () 70 000 Total comprehensive income for the year 3 551 300 Profit for the year attributable to: Owners of the parent 3 201 350 Non-controlling interest P4 279 950 3 481 300 Other comprehensive income for the year attributable to: Owners of the parent 52 500 Non-controlling interest P3 17 500 70 000 Total comprehensive income for the year attributable to: Owners of the parent 3 253 850 Non-controlling interest 297 450 3 551 300 S - The study-notes marketplace 3 FAC2602 Oct/Nov 2017 Exam Suggested solution ©Edge Business School Downloaded by: reisabrina | Distribution of this document is illegal Clinton Ltd Group Extract: Statement of financial position as at 28 February 2017 Assets Non-current assets Property plant and equipment 5 482 000 (2 800 000 + 2 650 000 + 60 000 Adj1 - 40 000 I8 + 4 000 I9 + 8 000 I10) 5 482 000 Investment 0 ( P1) Goodwill (P1) 42 500 Current assets 5 596 800 Inventory (750 000 + I6 + 15 000 Adj 4) Trade and other receivables (785 000 + I2 - 15 000 I7 + 10 000 Adj 6) 1 512 000 1 481 000 Cash and cash equivalents () 2 603 800 Loan to Trump Ltd ( Adj 6 - 80 000 I1) 0 Total assets Clinton Ltd Group Extract: Statement of changes in equity for the year ended 28 February 2017 P5 Calculations: 1. RE (BOY): 3 500 000 + I4 - 40 000 I8 + 4 000 I9 - 900 000 P1 - 225 000 P2 = 4 139 000 2. Reval surpl: 350 000 + 150 000 + 60 000 Adj 1 - 140 000 P1 - 17 500 P3) 402 500 3. NCI (BOY): 312 500 P1 + 225 000 P2 = 537 500 4. Reval (BOY): 350 000 + 80 000 + 60 000 Adj 1 - 140 000 P1 = 350 000 I1 Loan from Clinton Ltd (FP:L) - Trump Ltd () 80 000 Loan to Trump (FP:A) - Clinton Ltd 80 000 I2 Dividends payable (FP:L) - Trump Ltd (30 000 x 75%) 22 500 Dividends receivable (FP:A) - Clinton Ltd 22 500 I3 Sales (PL:Inc) - Trump Ltd 1 200 000 Cost of sales (PL:Exp) - Clinton Ltd 1 200 000 I4 RE(BOY) (SCE) - Trump Ltd (1 000 000 x 25/125) 200 000 Inventory (FP:A) - Clinton Ltd 200 000 Non- Retained Revaluation controlling earnings surplus interest Balance: 1/3/ Total comprehensive income for the year Profit for the year Other comprehensive income Dividends (40 000) (7 500) Balance: 28/2/