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.
Marks: 8
Answers submitted
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