Question
Ashbourne plc: consolidate the profit or loss of an 80%-owned subsidiary — eliminate intragroup sales and unrealised profit, and split profit between owners and the NCI.
Statements in this challenge
- Unrealised ProfitNumeric Answer
- Group RevenueNumeric Answer
- NCI Share of ProfitNumeric Answer
- Consolidated StatementIncome Statement
Scoring
- 40% Account naming / line matching
- 40% Amount correctness
- 20% Structure / section placement
How to approach this
IAS 1 — Presentation of Financial Statements
A composite challenge links several statements built from one set of data, so figures flow between them: profit reaches retained earnings, and the closing balances feed the position statement. Complete them in the order the statements depend on each other rather than the order of the tabs.
Common mistakes
- Preparing each statement independently, so the linking figures disagree.
- Carrying a figure forward before finishing the adjustments that change it.
- Reworking a linked figure in one statement without updating it in the others.
Further readingIAS 1: what goes where in a full set of statements