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A direct ownership or equity interest arises when the parent entity itself has equity ownership
in another entity. An indirect interest, on the other hand, may be held by a parent entity over a
particular entity when an interest in that particular entity is held by another subsidiary of the
parent entity, rather than the parent entity itself. For example, in the diagram below, the
Parent Entity has a direct ownership interest in A Ltd. The parent entity also has an interest in
(and control of) B Ltd through its control of A Ltd. The interest in B Ltd is indirect. By
controlling A (which controls B Ltd), the parent entity consequently also controls B Ltd
even in the absence of any direct equity interests. The Parent Entitys indirect interest in B
Ltd would be 80% of 90%, or 72%.
31.2
We need to know which part of minority interest is direct, and which part is indirect as some
calculations of minority interests only take into account the direct interests, whereas other
calculations for minority interest require knowledge of both direct and indirect minority
interests. The general rules are that:
Current period profits are allocated to minority interests using the sum of direct and
indirect ownership interests.
Pre-acquisition balances of reserves (for example, retained earnings and revaluation
reserve) are allocated to minority interests on the basis of direct ownership interests
only.
Post-acquisition movements in reserves are allocated on the basis of the sum of direct
and indirect ownership interests.
Dividends are allocated on the basis of direct ownership interests only.
31.3
Minority interests must be disclosed separately within the financial statements. Paragraph 33
of AASB 127 states:
31-1
A sequential acquisition is deemed to occur when the parent entity acquires its interest in
the intermediate subsidiary before the intermediate subsidiary acquires its interest in the
other subsidiary. By contrast, a non-sequential acquisition occurs when the parent entity
acquires its interest in the intermediate subsidiary after the intermediate subsidiary acquires
its interest in the other subsidiary
In a sequential acquisition, the consolidated financial statements will be accounted for in the
same manner as when acquisitions occur simultaneously. For example the parent entitys
interest in the intermediate subsidiary will be eliminated first (against pre-acquisition capital
and reserves with resultant goodwill or discount being recognised), and then the
intermediate subsidiarys interest in the other subsidiary will be eliminated.
In a non-sequential acquisition, the situation where the parent entity acquires its control of
the intermediate subsidiary (which we will refer to as Organisation B) after the intermediate
subsidiary acquired its interest in another subsidiary (which we will refer to as Organisation
C), we need to consider the value of both Organisation B and Organisation C. The value of
Organisation Bs investment in Organisation C will be affected by post-acquisition profits
and reserve movements in Organisation C. Therefore, Organisation As investment in
Organisation B must also be eliminated against Organisation As share of the owners equity
of the B Group (Organisation B plus Organisation C) as at the date of Organisation As
investment. The profits earned by Organisation C, after Organisation B acquired its interest
in Organisation C, but prior to Organisation As acquisition of the B Group are treated as
part of the pre-acquisition reserves of Organisation B, and therefore eliminated on
consolidation.
31-2
31.6
The ownership structure can be summarised as follows (the broken arrow represents the
indirect ownership interest of the parent entity):
The consolidated financial statements would show the dividends that are flowing away from
the economic entity. In this case this would represent the dividends paid by the parent entity
($300 000), plus the dividends paid to the direct minority interests of B Ltd ($80 000), and
the dividends paid to the direct minority interests of C Ltd ($20 000), giving total dividends
to be shown in the consolidated financial statements of $400 000.
31.7
31.8
(i)
A Ltd, as the ultimate parent entity, would be part of the economic entity.
(ii)
B Ltd is controlled by A Ltd through A Ltds direct ownership interest. B Ltd would
be part of the economic entity.
(iii)
C Ltd is controlled by A Ltd through A Ltds direct ownership interest. C Ltd would
be part of the economic entity.
(iv)
(v)
(vi)
Although E Ltd would arguably have significant influence over F Ltd (F Ltd would be
considered to be an associate), it is not clear that E Ltd would be able to control F
Ltd. Hence, F Ltd would not be considered to be part of the economic entity.
31-3
The investments in the subsidiaries are eliminated against the subsidiaries pre-acquisition
capital and reserves using only the direct ownership interests held in the subsidiaries. Direct
and indirect ownership interests are used to allocate interests in post-acquisition movements
in the shareholders funds of the subsidiaries.
31.10
A Ltds interest
Direct
Indirect
Minority interest
B Ltd
C Ltd
D Ltd
E Ltd
60%
70%
48%
35.8%*
40%
100%
30%
100%
20%
32%**
100%
30%
34.2%***
100%
Dr
Dr
Dr
Cr
Share capital
Retained earnings
Goodwill
Investment in B Ltd
1 200 000
360 000
440 000
2 000 000
31-4
Dr
Dr
Dr
Cr
Share capital
Retained earnings
Goodwill
Investment in C Ltd
960 000
480 000
160 000
1 600 000
Dr
Cr
88 000
88 000
Dr
Cr
32 000
32 000
Dr
Cr
Dividend income
Dividend proposed
60 000
60 000
Dr
Cr
Dividend income
Dividend proposed
36 000
36 000
Dr
Cr
Dividend payable
Dividend receivable
60 000
60 000
Dr
Cr
Dividend payable
Dividend receivable
36 000
36 000
31-5
Income statement
Profit before tax
A Ltd
$000
B Ltd
$000
C Ltd
$000
1 000
160
200
Tax
Profit after tax
Retained earnings
30 June 2008
540
460
50
110
80
120
2 000
600
800
Dividends proposed
2 460
400
710
100
920
60
Balance sheet
Shareholders equity
Retained earnings
30 June 2009
Share capital
2 060
8 000
610
2 000
860
1 600
Current liabilities
Accounts payable
Dividends payable
Non-current liabilities
Loans
Current assets
Cash
Accounts receivable
Dividends receivable
Inventory
Non-current assets
Land
Plant
Investment in B Ltd
Investment in C Ltd
Goodwill
Accumulated
goodwill
amort.
Eliminations and
adjustments
Dr
Cr
$000
$000
605, 366
883, 324
Consolidated
statement
$000
1144
670
474
3601
4802
605, 366
2 560
3034
464
2 570
1 200
9602
9 440
607, 368
420
464
340
400
80
100
60
800
11 600
500
3 290
2 520
1 300
14 194
590
250
60
1 000
74
350
36
600
200
400
800
864
1 000
2 400
4 700
3 000
2 000
400
720
630
1 600
_____
_____
_____
11 600
3 290
2 520
607, 368
2 0001
1 6002
4401
1602
3 852
883
324
3 852
5 100
4 350
600
(120)
14 194
We need to determine total minority interests. Minority interests are determined as follows:
B Ltd
C Ltd
Parent entity interest
Direct
Indirect [.70 x .80]
60%
36%
31-6
Minority interest
Direct
40%
Indirect [.30 x .80]
40%
.
100%
24%
100%
B Ltd
C Ltd
$
120 000
_____-_
120 000
36%
43 200
66 000
800 000
40%
320 000
560 000
60 000
40%
(24 000)
2 000 000
40%
640 000
Minority
Interests
$
$
1 144 000
670 000
474 000
66 000
408 000
31-7
(64 000)
562 000
1 600 000
1 440 000
2 002 000
Consolidated
Assets
Cash
Accounts receivable
Inventory
Land
Plant and equipment (net)
Goodwill
less Accumulated impairment losses
Total assets
864 000
1 000 000
2 400 000
5 100 000
4 350 000
600 000
(120 000)
14 194 000
Liabilities
Accounts payable
Dividends payable
Loans
Total liabilities
Net assets
420 000
464 000
1 300 000
2 184 000
12 010 000
Represented by:
Shareholder's equity
Parent entity
interest
Share capital
Retained earnings - 30 July 2009 (x)
Minority
interest
8 000 000
2 008 000
10 008 000
1 440 000
562 000
2 002 000
9 440 000
2 570 000
12 010 000
2 000 000
408 000
(400 000)
2 008 000
Minority
interest
$
560 000
66 000
(64 000)
562 000
Consolidated
$
2 560 000
474 000
(464 000)
2 570 000
31-8
31.12
Calculation of direct and indirect interests in Bells Ltd and Torquay Ltd
Bells Ltd
Torquay Ltd
Parent entity interest
Direct
70%
Indirect [.70 x .80]
56%
Minority interest
Direct
Indirect [.30 x .80]
30%
.
100%
20%
24%
100%
Bells Ltd
Anglesea Ltd
70% interest
$
350 000
175 000
105 000
630 000
1 000 000
370 000
250 000
120 000
15 000
105 000
$
500 000
250 000
150 000
Bells Ltd
80% interest
$
320 000
80 000
80 000
480 000
750 000
270 000
150 000
120 000
10 000
110 000
$
400 000
100 000
100 000
130 000
100 000
20%
20 000
30 000
______
30 000
44%
13 200
30 000
30%
(9 000)
10 000
20%
(2 000)
31-9
Total MI
$
66 000
95 000
(10 800)
(11 000)
139 200
31.13 As we know from Chapter 31, there are a number of steps to take. We need to:
Accumulated depreciation
Machinery
Machinery
Revaluation reserve
288 000
(b) Dr
Cr
Revaluation reserve
Deferred tax liability [512 000 x .3]
153 600
288 000
512 000
512 000
153 600
Adjusting the carrying amount of the buildings will have implications for depreciation
expense. The depreciation expense will be based on the revised measure. Because the
subsidiary was acquired four years ago, and the fair value adjustment was initially made four
years ago, then four years adjustment to depreciation must be made. Three years
depreciation will be adjusted against opening retained earnings.
(c) Dr Depreciation expense ($512 000/16 for
the current year)
32 000
Dr Retained profits - 1 July 2008 ($512 000/16
x 3 for the previous 3 years)
96 000
Cr Accumulated depreciation ($512 000/16 x 4 years)
(d) Dr Deferred tax liability ($128 000 x 0.3)
Cr Income tax expense ($32 000 x 0.3 for the
current year)
Cr Retained profits - 1 July 2008 ($96 000 x
0.3 for the previous 3 years)
128 000
38 400
9 600
28 800
Eliminate investment in Bronte Ltd against Clovelly Ltds share of Bronte Ltds
owners equity at investment date
Bronte Ltd
Clovelly Ltd
60% interest
$
$
Solutions Manual t/a Australian Financial Accounting 5/e by Craig Deegan
31-10
Revaluation reserve
640 000
1 280 000
358 400
384 000
768 000
215 040
1 367 040
1 680 000
312 960
Share capital
Retained profits - 1 July 2008
Revaluation reserve
Goodwill
Investment in Bronte Ltd
384 000
768 000
215 040
312 960
1 680 000
20000
Eliminate investment in Clovelly Ltd against Maroubra Ltds share of Bronte Ltds
owners equity at investment date
Clovelly Ltd
Maroubra Ltd
70% interest
$
$
Share capital at acquisition date - 1 July 2005
2 240 000
1 568 000
Retained earnings at acquisition date - 1 July 2005 960 000
672 000
2 240 000
Investment in Clovelly Ltd
2 640 000
Goodwill on consolidation
400 000
(h) Dr
Dr
Dr
Cr
Share capital
Retained profits - 1 July 2008
Goodwill
Investment in Clovelly Ltd
1 568 000
672 000
400 000
2 640 000
31-11
(j) Dr Sales
8 000 000
Cr Cost of goods sold
8 000 000
Under the periodic inventory system, the above credit entry would be to purchases, which
would ultimately lead to a reduction in cost of goods sold. (Cost of goods sold equals
opening inventory plus purchases less closing inventory, hence any reduction in purchases
leads to a reduction in cost of goods sold.)
Elimination of unrealised profit in closing inventory
In this case, the unrealised profit in closing inventory amounts to $480 000, which represents
the profit on the total sales multiplied by the proportion of sales still on hand, that is ($8 000
000 - $6 400 000) x 30 per cent. In accordance with AASB 102 Inventories, we must value
the inventory at the lower of cost and net realisable value. Hence on consolidation we must
reduce the value of recorded inventory, as the amount shown in the accounts of Maroubra
Ltd exceeds what the inventory cost the economic entity.
(k) Dr Cost of goods sold
480 000
Cr Inventory
480 000
Under the periodic inventory system, the above debit entry would be to closing inventory profit and loss. We increase cost of goods sold by the unrealised profit in closing inventory
because reducing closing inventory effectively increases cost of goods sold. The effect of the
above entries is to adjust the value of inventory so that it reflects the cost of the inventory to
the group.
Consideration of the tax paid or payable on the sale of inventory that is still held within
the group
From the groups perspective, $480 000 has not been earned. However, from Bronte Ltds
individual perspective (as a separate legal entity), the full amount of the sale has been earned.
This will attract a tax liability in Bronte Ltds accounts of $144 000 (30% of $480 000).
However, from the groups perspective, some of this will represent a prepayment of tax, as
the full amount has not been earned by the group even if Bronte Ltd is obliged to pay the tax.
(l) Dr Deferred tax asset
144 000
Cr Income tax expense
144 000
($480 000 x 30 per cent)
Consideration of opening inventory
We are told that Bronte Ltds opening inventory included goods purchased from Clovelly Ltd
for $1 280 000. These goods originally cost Clovelly Ltd $1 960 000. Hence, unlike the
situation where opening inventory might include unrealised profit, in this case opening
inventory was acquired at less that the cost incurred by the selling entity, the loss on sale
being $680 000. At issue is whether we need to make an adjustment. To the extent that this
inventory was sold at less than cost, and if this sales price reflected a reduction in the net
realisable value of the inventory, then this loss could be considered to be realised within the
economic entity and no adjustment on consolidation would be required. This can be
contrasted with the situation where opening inventory includes unrealised profit. In such a
case an adjustment would be necessary, as the chapter indicates. For example, if it was
assumed that Bronte Ltds opening inventory include goods purchased from Clovelly for, say,
$2 280 000 (instead of $1 280 000), then the adjusting entry would be:
Dr Retained earnings - 1 July 2008
224 000
Dr Income tax expense
96 000
Cr Cost of sales
320 000
Again, it is emphasised that this adjustment is not required in this example and this additional
journal entry is provided merely for the purposes of illustration
Solutions Manual t/a Australian Financial Accounting 5/e by Craig Deegan
31-12
680 000
400 000
1 080 000
The result of this entry is that the intragroup profit is removed and the asset and accumulated
depreciation account reverts to reflecting no sales transaction. The profit of $680 000 will be
recognised progressively in the consolidated financial report of the economic entity by
adjustments to the amounts of depreciation charged by Clovelly Ltd in its accounts. As the
service potential or economic benefits embodied in the asset are consumed, the $680 000
profit will be progressively recognised from the economic entitys perspective.
Impact of tax on profit on sale of factory building
From Maroubra Ltds individual perspective it would have made a profit of $680 000 on the
sale of the building and this gain would have been taxable. At a tax rate of 30 per cent, $204
000 would be payable by Maroubra Ltd. However, from the economic entitys perspective,
no gain has been made, which means that the related tax expense must be reversed and a
related deferred tax benefit be recognised. A deferred tax asset is recognised because, from
the economic entitys perspective, the amount paid to the Tax Office represents a prepayment
of tax.
(o) Dr
Cr
204 000
204 000
As the sale of the factory building occurred on consolidation date, there are no consolidation
worksheet journal entries required to adjust the depreciation of the factory building.
Dividends paid and proposed
We eliminate the dividends paid within the group. Only the dividends paid to parties outside
the entity (to the investors in the parent entity and to the direct minority interests) are to be
shown in the consolidated accounts.
Elimination of interim dividend (paid by Bronte Ltd to Clovelly Ltd)
(p) DR Dividend revenue ($440 000 x 0.6)
264 000
Solutions Manual t/a Australian Financial Accounting 5/e by Craig Deegan
31-13
CR
Interim dividend
264 000
31-14
Calculation of direct and indirect interests in Clovelly Ltd and Bronte Ltd
Clovelly Ltd
Bronte Ltd
Parent entity interest
Direct
70%
Indirect [.70 x .60]
Minority interest
Direct
Indirect [.30 x .60]
30%
.
100%
42%
40%
18%
100%
31-15
(152 960)
807 040
30%
242 112
28 800
________
1 332 800
58%
773 024
Total MI
$
353 968
800,000
1 015 136
640 000
40%
256 000
928,000
Current period profits are allocated using the sum of direct and indirect ownership interests.
Pre-acquisition balances of reserves (in this example retained earnings and revaluation reserve) are allocated on the basis
of direct ownership interests only.
Post-acquisition movements in reserves are allocated on the basis of the sum of direct and indirect ownership interests.
31-16
Cost of
goods sold
Maroubr
a Ltd
30 000
000
24 400
000
Clovelly
Ltd
16 000
000
13 040
000
Gross profit
5 600 000
Sales
(1048
000)
-
Other
expenses
Dividend
revenue
(2 972
000)
252 000
(1 904
000)
264 000
Gain on sale
of factory
Profit before
tax
Income tax
expense
680 000
Profit after
tax
Retained
profit - 1 July
2008
3 040 000
1 280
000
(512
000)
1 824 000
672 000
768 000
2 880 000
(1 216
000)
Dr
8 000
000(j)
480
000(k)
Minorit
y
41 520 000
32 000(c)
(824 000)
20 000(g)
180
000(i)
(200 000)
264
000(0)
252
000(p)
680
000(m)
3 532 000
9 600(d)
144 000(l)
204 000(n)
96 000(c)
768
000(e)
152
960(f)
672
000(h)
640 000
353 968
(1 818 400)
1 713 600
(360
000)
2 232 000 3 008
000
8 000
000(j)
Consolidat
ed
52 000 000
10 480 000
(440
000)
2 240
000
Cr
(5 924 000)
1 120
000
(448 000)
Interim
(500 000)
dividend
Final dividend (1 040
000)
Retained
3 164 000
profit - 30
June 2009
Share capital 13 200
000
Revaluation
reserve
Bronte
Ltd
14 000
000
11 600
000
28 800(d)
5 819 840
1 815
136
264 000(o)
(676 000)
252 000(p)
(1 148 000)
(176
000)
(108
000)
1 885
104
5 709 440
384
000(e)
1 568
000(h)
153
600(b)
215
512 000(a)
14 128 000
928 000
143 360
143 360
31-17
040(e)
Total share
equity
Liabilities
Accounts
payable
Dividends
payable
Deferred tax
liability
Total
equities
Assets
Cash
Accounts
receivable
Dividends
receivable
Inventory
16 364
000
4 472
000
3 640 000
Land
Plant and
equip
2 880 000
10 400
000
Accum.
depreciation
(520 000)
(3 600
000)
(576
000)
Investment in
Clovelly Ltd
Investment in
Bronte Ltd
Goodwill
2 640 000
1 680
000
-
Accum.
impairment
loss
Deferred tax
asset
Total assets
1 040 000
-
3648
000
19 980 800
7 776 000
252
000(q)
38 400(d)
1 148 000
153 600(b)
115 200
21 044
000
29 020 000
304 000
688 000
24 000
208 000
148 000
272 000
476 000
1 168 000
252 000
4 400 000
512
000(a)
400
000(m)
288
000(a)
252 000(q)
480 000(k)
8 480 000
288 000(a)
4 140 000
19 664 000
128 000(c)
1 080
000(m)
2 640
000(h)
1 680
000(e)
312
960(e)
400
000(h)
21 044
000
144
000(l)
204
000(n)
16 788
960
712 960
152 960(f)
20 000(g)
180 000(i)
-
(5 616 000)
(352 960)
348 000
31-18
2 956
464
Sales
Cost of goods sold
Gross profit
Depreciation expense
Impairment loss - goodwill
Other expenses
Profit before income tax expense
Income tax expense
Profit after income tax expense
Profit after income tax attributable to minority interest
Profit after income tax attributable to parent entity interest
Consolidated balance sheet of Maroubra Ltd and its subsidiaries
as at 30 June 2009
$
$
Consolidated
Assets
Cash
Accounts receivable
Inventory
Land
Plant and equipment
less Accumulated depreciation
Goodwill
less Accumulated impairment losses
Deferred tax asset
Total assets
476 000
1 168 000
8 480 000
4 140 000
19 664 000
(5 616 000)
712 960
(352 960)
348 000
29 020 000
Liabilities
Accounts payable
Dividends payable
Deferred tax liability
Total liabilities
Net assets
7 776 000
1 148 000
115 200
9 039 200
19 980 800
Represented by:
Shareholder's equity
Parent entity
interest
Share capital
Revaluation reserve
Retained earnings - 30 July 2009 (x)
Minority
interest
13 200 000
3 824 336
17 024 336
928 000
143 360
1 885 104
2 956 464
14 128 000
143 360
5 709 440
19 980 800
3 780 704
1 583 632
(500 000)
(1 040 000)
3 824 336
Minority
interest
$
Consolidated
$
1 815 136
353 968
(176 000)
(108 000)
1 885 104
5 595 840
1 937 600
(676 000)
(1 148 000)
5 709 440
The consolidation journal entries required to revalue the building of Bronte Ltd as at the date
of Clovelly Ltds acquisition (the same date as that used in Question 31.13), to eliminate
31-19
Clovelly Ltds investment in Bronte Ltd and to recognise the impairment loss will be the same
as those provided at entries (a) to (g) in the solution to Question 31.13 and therefore they
will not be repeated here. However, changes will be required in relation to the elimination of
Maroubra Ltds investment in Clovelly Ltd.
Eliminate investment in Clovelly Ltd against Maroubra Limited s share of Clovelly
Ltds owners equity at investment date
Clovelly Ltd
Maroubra Ltd
70% interest
$
$
Share capital at acquisition date - 1 July 2006
2 240 000
1 568 000
Retained earnings at acquisition date - 1 July 2006 1 360 000
952 000
Share of post-acquisition retained earnings of
Bronte Ltd attributable to Clovelly Ltd prior to
Maroubra Ltds acquisition of Clovelly Ltd
Increase in retained earnings of Bronte Ltd from 30
June 2005 to 30 June 2006 = ($1 480 000
$1 280 000) x 60 per cent
120 000
Goodwill impairment in Bronte Ltd to 30 June 2006 (183 680)
84 000
(128 576)
2 475 424
2 640 000
164 576
Share capital
Retained earnings - 1 July 2008
Goodwill
Investment in Clovelly Ltd
1 568 000
907 424
164 576
2 640 000
In the previous worked example we recognised an impairment loss on the goodwill acquired
in Clovelly Ltd because the carrying amount of goodwill was greater than its recoverable
amount. However, in this example, because the recoverable amount of goodwill as at 30 June
2009 is deemed to be $220 000, which is greater than its carrying amount, no consolidation
entry is required to recognise an impairment loss.
The balance of the journal entries (j) to (r) are the same as in the previous worked example
and therefore will not be repeated here.
As we know, we need to calculate the minority interests share in profits and capital and
reserves. The calculations undertaken in Question 31.13 for the minority interests share of
current periods profits, share capital, and dividends apply equally here. However, we will
need to recalculate the minority interests share of retained earnings as at 30 June 2008 (that
is, opening retained earnings).
31-20
Total
MI
40%
512 000 864 896
Post-investment portion
560 000 1 400 000
Adjustments
Depreciation adjustment due to revaluing factory buildings
to fair value (in relation to the previous 3 years)
(96 000)
Tax effect of depreciation adjustment due to revaluing
factory buildings
28 800
Unrealised profit in opening inventory (last years closing
inventory)
(320 000)
Tax effect of unrealised profit in opening inventory
96 000
Adjusted post-investment retained profit<em>1 July 2008 336 000 1 332 800
Minority interest in adjusted post-investment retained
earnings - 1 July 2008 (direct and indirect)
30%
58%
Minority interest in adjusted post-investment retained
earnings - 1 July 2008
100 800 773 024 873 824
Total minority interest in adjusted retained profit - 1 July 2008
1 738 720
31-21
Cost of
goods sold
Maroubr
a Ltd
30 000
000
24 400
000
Clovelly
Ltd
16 000
000
13 040
000
Gross profit
5 600 000
Depreciation
Expense
Impairment
loss Goodwill
Other
expenses
Dividend
revenue
(520 000)
32 000(c)
(824 000)
20 000(g)
(20 000)
(2 972
000)
252 000
(1 904
000)
264 000
(1048
000)
-
Gain on sale
of factory
Profit before
tax
Income tax
expense
680 000
Profit after
tax
Retained
earnings - 1
July 2008
Sales
3 040 000
Bronte
Ltd
14 000
000
11 600
000
1 280
000
(512
000)
1 824 000
672 000
768 000
2 880 000
Interim
(500 000)
dividend
Final dividend (1 040
000)
Retained
3 164 000
earnings - 30
June 2009
8 000
000(j)
480
000(k)
Cr
Consolidat
ed
52 000 000
8 000
000(j)
320
000(m)
41 200 000
Minorit
y
10 800 000
(5 924 000)
1 120
000
(448 000)
(1 216
000)
Dr
(440
000)
(360
000)
2 232 000 3 008
000
264
000(p)
252
000(q)
680
000(n)
4 032 000
96
000(m)
9 600(d)
144 000(l)
204 000(o)
421 168
(1 914 400)
2 117 600
96 000(c)
768
000(e)
152
960(f)
907
424(h)
224
000(m)
28 800(d)
5 360 416
1 738
720
264 000(p)
(676 000)
252 000(q)
(1 148 000)
(176
000)
(108
000)
1 875
888
5 654 016
31-22
Share capital
13 200
000
Revaluation
reserve
2 240
000
-
640 000
Total share
equity
Liabilities
Accounts
payable
Dividends
payable
Deferred tax
liability
Total
equities
Assets
Cash
Accounts
receivable
Dividends
receivable
Inventory
16 364
000
4 472
000
3 640 000
Land
Plant and
equip
2 880 000
10 400
000
Accum.
depreciation
(520 000)
(3 600
000)
(576
000)
Investment in
Clovelly Ltd
Investment in
Bronte Ltd
Goodwill
2 640 000
1 680
000
-
Accum.
impairment
loss
Deferred tax
asset
Total assets
1 040 000
-
384
000(e)
1 568
000(h)
153
600(b)
215
040(e)
512 000(a)
3648
000
14 128 000
928 000
143 360
143 360
19 925 376
7 776 000
252
000(r)
38 400(d)
1 148 000
153 600(b)
115 200
21 044
000
28 964 576
304 000
688 000
24 000
208 000
148 000
272 000
476 000
1 168 000
252 000
4 400 000
512
000(a)
400
000(n)
288
000(a)
252 000(r)
480 000(k)
8 480 000
288 000(a)
4 140 000
19 664 000
128 000(c)
1 080
000(n)
2 640
000(h)
1 680
000(e)
312
960(e)
164
576(h)
______
______
21 044
000
144
000(l)
204
000(o)
16 788
960
477 536
152 960(f)
20 000(g)
_______
(5 616 000)
_______
(172 960)
348 000
_______
31-23
______
2 947
248
Sales
Cost of goods sold
Gross profit
Depreciation expense
Impairment loss - goodwill
Other expenses
Profit before income tax expense
Income tax expense
Profit after income tax expense
Profit after income tax attributable to minority interest
Profit after income tax attributable to parent entity interest
Consolidated balance sheet of Maroubra Ltd and its subsidiaries
as at 30 June 2009
$
$
Consolidated
Assets
Cash
Accounts receivable
Inventory
Land
Plant and equipment
less Accumulated depreciation
Goodwill
less Accumulated impairment losses
Deferred tax asset
Total assets
476 000
1 168 000
8 480 000
4 140 000
19 664 000
(5 616 000)
477 536
(172 960)
348 000
28 925 376
Liabilities
Accounts payable
Dividends payable
Deferred tax liability
Total liabilities
Net assets
7 776 000
1 148 000
115 200
9 039 200
19 925 376
Represented by:
Shareholder's equity
Parent entity
interest
Share capital
Revaluation reserve
Retained earnings - 30 July 2009 (x)
Minority
interest
13 200 000
3 778 128
16 978 128
928 000
143 360
1 875 888
2 947 248
14 128 000
143 360
5 654 016
19 925 376
3 621 696
1 696 432
(500 000)
(1 040 000)
3 778 128
Minority
interest
$
Consolidated
$
1 738 720
421 168
(176 000)
(108 000)
1 875 888
5 360 416
2 117 600
(676 000)
(1 148 000)
5 654 016
31-24