Tin Co acquired 90% of the equity share capital of Drum Co on 1 April 20X3. The following information relates to the financial year to 31 December 20X3 for each company.
Tin Co $’000???????????????????????????????????????????????????????????????????????????????? Drum Co $’000
Retained earnings at 1 January 20X3????????????????????????? 840????????? 170
Profit for the year????????????????????????????????????????????????????????? ?70??????????? 60
Retained earnings at 31 December 20X3????????????????? ?910??????????? 230
Neither company paid any dividends during the year
What profit is attributable to the parent company in the consolidated statement of profit or loss of the Tin Group for the year to 31 December 20x3?
