On 1 May 2002, Hun Ltd. acquired 75% of the issued ordinary shares of Lyk Ltd. On that date, Lyk Ltd. had revenue reserves ofSh.300 million. On 1 May…

(12 marks)

The financial statements above should comply with the requirements of:

IFRS 3 – Business Combinations

IAS 28 – Accounting for Investments in Associates

(a) HUN LTDConsolidated profit and loss a/c for year ended 30 April 2005Sales [(2,680 + 1,160 + 750) – 500]Cost of sales [balancing]Gross profit [(808+350+225) + 6 – 10 – 6]Operating…

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