ARTICLE ON CONSOLIDATION PROCESS PART TWO Victory Ltd has investment in two companies, Happy Ltd and Comfort Ltd. The separate financial statements of the three entities for 2012
areas below Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December, 2012 Victory Ltd Happy Ltd Comfort Ltd
GH¢
GH¢
GH¢
Sales Revenue 400,000 150,000 250,000 Cost of sales
300,000 100,000 180,000
Gross Profit 100,000 50,000 70,000 Operating expenses
60,000 47,000 65,000
Investment income 1,000 Net Profit before tax
41,000 3,000 5,000
Taxation 13,000 1,000 1,500 Net Profit for the period
28,000 2,000 3,500 Other Comprehensive Income
Total Comprehensive Income 28,000 2,000 3,500
