Al Tamim Group, a large Omani group of company, bought 80 percentage of the ordinary shares...

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Al Tamim Group, a large Omani group of company, bought 80 percentage of the ordinary shares of Manara an UAE based company, for AED 190 million on 31st December 2020. The retained earnings of Manara at this date were AED 75 million. The fair value of the non- controlling interest at the acquisition date was AED 15 million. The financial statements of Al Tamim Group and Manara for the year ended 31st December 2021 are presented helmus"- Statement of profit and loss account for the year ended 31st December 2021 Revenue Cost Profit Al Tamim Manara Group OMR (m) AED (m) 1300 700 -1100 -450 200 250 Statement of financial position as at 31st December 2021 Property, plant and equipment Investments Current assets Share capital Retained earnings Liabilities Al Tamim Manara Group OMR (m) AED (m) 390 270 60 50 130 500 400 10 5 290 215 200 180 500 400 There has been no intra group trading. Goodwill arising on the acquisition of Manara is not Exchange rates are as follows:- 31st December 2020 31st December 2021 Average rate for the year to 31st December 2021 AED/OMR 10.5 9.5 10.00 (a) For inclusion in the consolidated statement of profit and loss account and other comprehensive income for the year ended 31st December 2021 calculate Revenue and cost and for inclusion in the consolidated statement of financial position as at 31st December 2021, calculate; property plant equipment, investments current assets, Share capital and liabilities. Explain and justify the basis of your calculation with reference to the current and temporal methods for translating the books of foreign subsidiary. Al Tamim Group, a large Omani group of company, bought 80 percentage of the ordinary shares of Manara an UAE based company, for AED 190 million on 31st December 2020. The retained earnings of Manara at this date were AED 75 million. The fair value of the non- controlling interest at the acquisition date was AED 15 million. The financial statements of Al Tamim Group and Manara for the year ended 31st December 2021 are presented helmus"- Statement of profit and loss account for the year ended 31st December 2021 Revenue Cost Profit Al Tamim Manara Group OMR (m) AED (m) 1300 700 -1100 -450 200 250 Statement of financial position as at 31st December 2021 Property, plant and equipment Investments Current assets Share capital Retained earnings Liabilities Al Tamim Manara Group OMR (m) AED (m) 390 270 60 50 130 500 400 10 5 290 215 200 180 500 400 There has been no intra group trading. Goodwill arising on the acquisition of Manara is not Exchange rates are as follows:- 31st December 2020 31st December 2021 Average rate for the year to 31st December 2021 AED/OMR 10.5 9.5 10.00 (a) For inclusion in the consolidated statement of profit and loss account and other comprehensive income for the year ended 31st December 2021 calculate Revenue and cost and for inclusion in the consolidated statement of financial position as at 31st December 2021, calculate; property plant equipment, investments current assets, Share capital and liabilities. Explain and justify the basis of your calculation with reference to the current and temporal methods for translating the books of foreign subsidiary.