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1、AnswersFundamentalsLevel–SkillsModule,PaperF7(INT)FinancialReporting(International)December2013Answers1(a)PolestarConsolidatedstatementofprofitorlossfortheyearended30September2013$’000Revenue(110,000+(66,000x6/12)–(4,000+9,000intra-groupsales))130,000Costofsales(w(i))(109,
2、300)––––––––Grossprofit20,700Distributioncosts(3,000+(2,000x6/12))(4,000)Administrativeexpenses(5,250+(2,400x6/12)–3,400negativegoodwill(w(iii)))(3,050)Lossonequityinvestments(200)Decreaseincontingentconsideration(1,800–1,500)300Financecosts(250)––––––––Profitbeforetax13,5
3、00Incometaxexpense(3,500–(1,000x6/12))(3,000)––––––––Profitfortheyear10,500––––––––Profitforyearattributableto:Equityholdersoftheparent11,250Non-controllinginterestlosses(seebelow)(750)––––––––10,500––––––––Southstar’sadjustedpost-acquisitionlossesfortheyearended30Septembe
4、r2013are$3million(4,600x6/12+(100additionaldepreciation+600URP)).Thereforethenon-controllinginterestshareofthelossesis$750,000(3,000x25%).Note:IFRS3BusinessCombinationssaysnegativegoodwillshouldbecreditedtotheacquirer,thusnoneofitrelatestothenon-controllinginterests.(b)Con
5、solidatedstatementoffinancialpositionasat30September2013$’000AssetsNon-currentassetsProperty,plantandequipment(w(ii))63,900Financialasset:equityinvestments(16,000–(13,500cashconsideration)–200loss)2,300–––––––66,200Currentassets(16,500+4,800–600URP)20,700–––––––Totalassets
6、86,900–––––––EquityandliabilitiesEquityattributabletoownersoftheparentEquitysharesof50centseach30,000Retainedearnings(w(iv))29,750–––––––59,750Non-controllinginterest(w(v))2,850–––––––Totalequity62,600CurrentliabilitiesContingentconsideration1,500Other(15,000+7,800)22,800–
7、––––––Totalequityandliabilities86,900–––––––Workingsin$’000(i)Costofsales$’000Polestar88,000Southstar(67,200x6/12)33,600Intra-grouppurchases(4,000+9,000)(13,000)URPininventory(seebelow)600Additionaldepreciationonleasedproperty(2,000/10yearsx6/12)100––––––––109,300––––––––1
8、3TheprofitonthesaleofthegoodsbacktoPolestaris$3·6million(9,000–(4,000+1,400)).Thereforeth
