Solved: Clovelly ltd owns 25 of bronte ltd find the clovellys share, Accounting Basics

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Clovelly ltd owns 25 of bronte ltd find the clovellys share

Question - Clovelly Ltd, owns 25% of Bronte Ltd. Bronte's profit after tax for the year ended 30 June 20X3 is $30 000. The tax rate is 30%. During the year ended 30 June 20X4, Bronte sold $5000 worth of inventories to Clovelly. These items had previously cost Bronte $3000. All the items remain unsold by the Clovelly at 30 June 20X3. Find the Clovelly's share of Bronte's profit for the year ended 30 June 20X3.

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Accounting Basics: Clovelly ltd owns 25 of bronte ltd find the clovellys share

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