P Ltd owns 75% of the ordinary shares of S Ltd (a subsidiary). The sales,...
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Accounting
P Ltd owns of the ordinary shares of S Ltd a subsidiary The sales, cost of sales and gross profit of the two companies are as follows:
P Ltd S Ltd
Sales
Cost of sales
Gross profit
During the year P Ltd sold goods to S Ltd for and onefourth of these goods remain unsold with S Ltd by the yearend. P Ltd invoices goods to S Ltd at a markup of
The consolidated gross profit equals to:
Question Answer
a
b
c
d
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