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financial statements 1 task 6 how to calculate retrained earning?

titititi Registered Posts: 8
in AAT Level 4 (Level 8 in Scotland)
I have parent 370
250_190=
60x70% = 42
412 but the answer is 408
Please anyone can help me

Comments

  • titititi Registered Posts: 8
    Financial statment assessments 1 task 6
  • titititi Registered Posts: 8
    Financial statements level 4 assesment 1 task 5 b and c . Can you text to me the working please
  • beckydownes1beckydownes1 Registered Posts: 8
    retained earnings is calculated as:
    Parent 370
    250-190=60*70%=42
    inter-company transaction = -4 this is from 60,000-40,000/5
    Answer = 408
  • beckydownes1beckydownes1 Registered Posts: 8
    task 5 part c.
    inventories have decreased from 4700 to 4200 so a difference of 500 which added onto 7300
    trade receivables have increased from 3400 to 3600 so a difference of 200 which is deducted from 7300
    trade payables have decreased from 1600 to 1500 so a difference of 100 which is deducted to 7300

    therefore 7300+500-200-100 = 7500
  • titititi Registered Posts: 8
    Thank a lot
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