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QUESTION 1 100 MARKS STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020. SANITIZER LTD MASK LTD 2019 2020 2019 2020 ASSETS Investment in M Ltd: 40 000 shares at fair value (R81 000) 81 000 81 000 0 0 Equipment 24 000 48 000 12 000 16 800 Inventories 36 000 48 000 24 000 36 000 Trade receivables 63 000 87 000 72 000 60 000 . TOTAL ASSETS 204 000 264 000 108 000 112800 EQUITY AND LIABILITIES EQUITY Share capital (100000/50000 shares) Retained earnings 100 000 100 000 92 000 152 000 50 000 46 000 50 000 50 800 LIABILITIES Deferred tax 12 000 12 000 12 000 12 000 TOTAL EQUITY AND LIABILITIES 204 000 264 000 108 000 112 800 EXTRACT FROM THE STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2020 Retained Earnings SANITIZER LTD MASK LTD 2019 2020 2019 2020 40 Balance at 01 January 74 000 92 000 000 46 000 Changes in equity Total comprehensive income for the year Profit for the year 18 000 60 000 6 000 4 800 46 Balance at 31 December 92 000 152 000 000 50 800 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE ENDED 31 DECEMBER 2020 SANITIZER LTD MASK LTD 2019 2020 2019 2020 Revenue Cost of sales Gross profit 84 000 (42 000) 42 000 202 800 (101 400) 101 400 60 000 (30 000) 30 000 72 000 (36 000) 36 000 Other Expenses Profit before tax Income tax expense Profit for the year other comprehensive income Total comprehensive income for the year (17 040) 24 960 (6 960) 18 000 0 18 000 (18 000) 83 400 (23 400) 60 000 0 60 000 (21 660) 8 340 (2 340) 6 000 0 6 000 (29 400) 6 600 (1 800) 4 800 0 4 800 Revenue Cost of sales Gross profit 84 000 (42 000) 42 000 202 800 (101 400) 101 400 60 000 (30 000) 30 000 72 000 (36 000) 36 000 Other Expenses Profit before tax Income tax expense Profit for the year other comprehensive income Total comprehensive income for the year (17 040) 24 960 (6 960) 18 000 0 18 000 (18 000) 83 400 (23 400) 60 000 0 60 000 (21 660) 8 340 (2 340) 6 000 0 6 000 (29 400) 6 600 (1 800) 4 800 0 4 800 Additional Information . Sanitizer Ltd obtained its interest in Mask Ltd on 1 January 20.18 at R81 000. Sanitizer Ltd recognised the equity investment in Mask Ltd in its separate financial records using the cost price method. Intragroup sales (Mask Ltd to Sanitizer Ltd at cost price plus 25%) were as follows . 20.18 R36 000 . 20.19 R60 000 Sanitizer Ltd had the following items, which were bought from Mask Ltd, on hand at: 31 December 20.18 R12 000 31 December 20.19 R18 000 . . The items are inventories in the records of Mask Ltd (seller). The items are inventories in the records of Sanitizer Ltd (buyer). Sanitizer Ltd elected to measure any non-controlling interests in an acquiree at its proportional share of the acquiree's identifiable net assets at acquisition date. Assume that the identifiable assets acquired, and the liabilities assumed at acquisition date are shown at their acquisition-date fair values, as determined in terms of IFRS 3. . . The cost price of the investment in Mask Ltd equals the fair value of the investment. . Assume a company tax rate of 28%. Assume that SARS accepts the buyer's cost price as the new tax cost. Required Prepare the consolidated financial statements of Sanitizer Ltd Group for the year ended 31 December 2019 and 31 December 2020 (include Analysis of owners' equity for the subsidiary and Journal entries). (100 Marks)