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Exercise: Oracle

Following are the statement of profit or loss for Oracle and Java for the year ending 31 March 2016. 

  Oracle Java
Revenue 53564 24688
COGS -35435 -8912
    _________   _________
Gross profit 18129 15776
Distribution cost -6253 -3542
Admin expense -8923 -7656
  _________ _________
Profit before interest and tax    2953 4578
Interest expense -568 -245
Tax  -155 -1554
  _________ _________
Profit for the period 2230 2779

 

(i) Oracle acquired 80% of Java on 1 July 2015 for $47,000 when the net asset of the company was $50,000 and the fair value of NCI was $8,000. Goodwill arising on acquisition of Java is impaired by 20%.

(ii) During the post acquisition period Java sold goods to Oracle for $700, which had cost of $500. Oracle has sold 70% of the goods to 3rd parties. 

Requirements:

Prepare the consolidated statement of profit or loss for Oracle group for the year ending 31 March 2016.

Answer
Marks: 8

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