# Financial statements Green light test

Registered Posts: 26 Regular contributor ⭐ ? ⭐
Who knows what and how they have calculated the answers?

https://www.aatgreenlight.org.uk/Tests/test-results-view.aspx?AttemptID=3064877&QuestionNo=6

Thank you.

• MAAT, AATQB Posts: 226
Hi there,

Unfortunately, the questions in the Green Light test change every time you re-sit the test (so you can't just memorise the answers).

Could you reproduce the question and the answer they gave?
Accounts Executive, ғɪᴀʙ ᴍᴀᴀᴛ

AAT
Level 2 Certificate in Accounting - 17 Jun 2015
Level 3 Diploma in Accounting - 22 Jan 2016
Level 4 Diploma in Accounting - 19 Dec 2017
MAAT - 27 Mar 2018

ACCA
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• Registered Posts: 26 Regular contributor ⭐ ? ⭐
I just get the calculations/formula out of it...
Could you help?
• Registered Posts: 26 Regular contributor ⭐ ? ⭐
Hello again. Just now got time to continue green light tests.
So here is the thing:

Yak Plc acquired 80% of the issued share capital of Zubu Ltd on 1 April 20X0.
Extracts from their statements of comprehensive income for the year ended 31 March 20X1 are shown below:

Yak Plc Zubu Ltd
Revenue 74,543 20,680

Cost of sales (39,285) (10,524)

Gross profit 35,258 10,156

During the year Zubu Ltd sold goods which had cost £3,200,000 to Yak Plc for £4,100,000. A third of these goods still remain in inventory at the end of the year.
Complete the table below.
Group consolidated statement of comprehensive income for the year ended 31 March 20X1

£000
Sales ..............
Cost of sales ...............
Gross profit ..............

• Registered Posts: 26 Regular contributor ⭐ ? ⭐
91,123
46,009
45,114

Just in case.. )
• MAAT, AATQB Posts: 65
edited September 2017
I'm assuming the extracts above on the Statement of Comprehensive Income are in thousands so £000.

Consolidated Sales/Revenue:
Yak plc: 74,543
Zubu ltd: 20,680
Adjustment: (4,100) (This is the inter company sale)
Total: 91,123 (74,543 + 20680 - 4,100)

Consolidated Costs:
Yak plc: 39,285
Zubu ltd: 10,524
Adjustment: (3,800) (Workings: 4,100 - ((4,100 - 3,200) x 1/3)) <---- this is the unrealised profit adjustment
Total: 46,009 (39,285 + 10,524 - 3,800)

Consolidate Gross Profits:
45,114 (91,123 - 46,009)

Hope this helps
• Registered Posts: 26 Regular contributor ⭐ ? ⭐
Thank you!!!!
Somehow I got the answers but I did not like it.
Thank you again! Best wishes.