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Given below are the financial statements of ABI Int. Group for the year ended 31 December 2013 Penyata pendapatan komprehensif bagi tahun berakhir 31 Disember 2013 Statements of comprehensive Income for the year ended 31 December 2013 ABI Int. Bhd UDA Bhd RM000 RM000 Jualan / Sales 1,800 1,500 (-) Kos Jualan / Cost of sales 800 700 Untung Kasar / Gross profit 1.000 800 Tolak / Less: Perbelanjaan Jualan / Selling expenses 360 270 Perbelanjaan Pentadbiran / Administrative expenses 250 320 Lain-lain perbelanjaan / Other expenses 140 110 Untung sebelum cukai / Profit before tax 250 100 (-) Cukai / Tax 80 30 Untung selepas cukai / Profit after tax 170 70 Penyata kedudukan kewangan pada 31 Disember 2013 Statements of financial position as at 31 December 2013 ABI Int. Bhd UDA Bhd RM000 RM'000 Tanah / Land 500 150 Mesin pada harga kos / Machinery at cost 400 100 Susutnilai terkumpul /Accumulated depreciation (100) (80) Pelaburan di dalam UDA Bhd / Investment in UDA Bhd 200 Inventori / Inventory 200 100 Akaun belum terima / Account receivables 120 100 Bank / Bank 80 30 1400 400 Saham biasa pada RM1 setiap satu 700 100 Ordinary shares of RM1 each Perolehan tertahan / Retained earnings 260 220 Akaun belum bayar / Account payables 240 80 Overdraf / Overdarft 200 1400 400 Statement of changes in equity (partial) for the year ended 31 December 2013 ABI Int. Bhd UDA Bhd RM'000 RM000 Perolehan tertahan awal/Beginning retained earnings 160 (+) Untung tahun semasa / Profit for the year 170 70 (-) Dividen / Dividend 70 Perolehan tertahan akhir / Ending retained eamings 260 220 150 Additional Information: ABI Int. Bhd acquired 80% interest in UDA Bhd on 1 January 2010. At the acquisition date, net assets of UDA Bhd were represented by its share capital of RM100,000 and retained earnings of RM100,000. The market price of UDA's shares on that date was RM 1.50. ABI Int. Bhd also paid RM45,000 10 Tin & Tin Associate for the services rendered in relation to the acquisition. The excess payment is for goodwill. in February 2010, ABI Int. Bhd sold a piece of land (carried in its book at RM150,000) to UDA Bhd at cost On 30 December 2013, ABI Int. Bhd sold a piece of machinery to UDA Bhd for RM70,000. The machinery was bought by ABI Int. Bhd for RM100,000 in January 2010 and its accumulated depreciation on 30 December 2013 was RM40,000. The market value of the machinery at this date is approximately equal to the book value carried in the books of ABI Int. Bhd. Since UDA Bhd was taken over in 2010, it has been selling goods to ABI Int. Bhd at cost plus 25%. In 2013, the intragroup sales was RM100,000. ABI's opening inventory and ending inventory for 2013 were RM22,000 and RM33,000 respectively (all these goods were bought from UDA Bhd). As at 31 December 2013, ABI's account payables includes an amount of RM10,000 payable to UDA Bhd for the goods purchased On 30 June 2013, ABI Int. Bhd purchased a building in Kedah for RM900,000. The building purchased is a five storey building which was rented to UDA Bhd for 5 years for its distribution and retailing activities in northern area. The economic life of the building was estimated at 30 years. UDA Bhd paid monthly rental amounting to RM12,000. This transaction has not been recorded by ABI Int. Bhd's accountant because he does not know whether to categorise the investment as investment property (MFRS140) or property, plant and equipment (MFRS116). In 2013, there is goodwill impairment loss of RM8,000 It is the group policy to (1) measure non-controlling interest on acquisition date at fair value of the net identifiable assets of the subsidiary: (i) depreciate property, plant and equipment (PPE) using the straight line method and to provide a full year's depreciation if the asset has been used for more than 6 months in the year, (f) account is investment property using the fair value model, and (iv) account its property, plant and investment using the cost model Assume income tax rate is 30% Based on the above information, prepare the consolidated statement of comprehensive income, consolidated statement of financial position, and consolidated statement of changes in equity (group retained earnings only) for ABI Int. Bhd and its subsidiary for the year ended 31 December 2013. Show all relevant workings. Given below are the financial statements of ABI Int. Group for the year ended 31 December 2013 Penyata pendapatan komprehensif bagi tahun berakhir 31 Disember 2013 Statements of comprehensive Income for the year ended 31 December 2013 ABI Int. Bhd UDA Bhd RM000 RM000 Jualan / Sales 1,800 1,500 (-) Kos Jualan / Cost of sales 800 700 Untung Kasar / Gross profit 1.000 800 Tolak / Less: Perbelanjaan Jualan / Selling expenses 360 270 Perbelanjaan Pentadbiran / Administrative expenses 250 320 Lain-lain perbelanjaan / Other expenses 140 110 Untung sebelum cukai / Profit before tax 250 100 (-) Cukai / Tax 80 30 Untung selepas cukai / Profit after tax 170 70 Penyata kedudukan kewangan pada 31 Disember 2013 Statements of financial position as at 31 December 2013 ABI Int. Bhd UDA Bhd RM000 RM'000 Tanah / Land 500 150 Mesin pada harga kos / Machinery at cost 400 100 Susutnilai terkumpul /Accumulated depreciation (100) (80) Pelaburan di dalam UDA Bhd / Investment in UDA Bhd 200 Inventori / Inventory 200 100 Akaun belum terima / Account receivables 120 100 Bank / Bank 80 30 1400 400 Saham biasa pada RM1 setiap satu 700 100 Ordinary shares of RM1 each Perolehan tertahan / Retained earnings 260 220 Akaun belum bayar / Account payables 240 80 Overdraf / Overdarft 200 1400 400 Statement of changes in equity (partial) for the year ended 31 December 2013 ABI Int. Bhd UDA Bhd RM'000 RM000 Perolehan tertahan awal/Beginning retained earnings 160 (+) Untung tahun semasa / Profit for the year 170 70 (-) Dividen / Dividend 70 Perolehan tertahan akhir / Ending retained eamings 260 220 150 Additional Information: ABI Int. Bhd acquired 80% interest in UDA Bhd on 1 January 2010. At the acquisition date, net assets of UDA Bhd were represented by its share capital of RM100,000 and retained earnings of RM100,000. The market price of UDA's shares on that date was RM 1.50. ABI Int. Bhd also paid RM45,000 10 Tin & Tin Associate for the services rendered in relation to the acquisition. The excess payment is for goodwill. in February 2010, ABI Int. Bhd sold a piece of land (carried in its book at RM150,000) to UDA Bhd at cost On 30 December 2013, ABI Int. Bhd sold a piece of machinery to UDA Bhd for RM70,000. The machinery was bought by ABI Int. Bhd for RM100,000 in January 2010 and its accumulated depreciation on 30 December 2013 was RM40,000. The market value of the machinery at this date is approximately equal to the book value carried in the books of ABI Int. Bhd. Since UDA Bhd was taken over in 2010, it has been selling goods to ABI Int. Bhd at cost plus 25%. In 2013, the intragroup sales was RM100,000. ABI's opening inventory and ending inventory for 2013 were RM22,000 and RM33,000 respectively (all these goods were bought from UDA Bhd). As at 31 December 2013, ABI's account payables includes an amount of RM10,000 payable to UDA Bhd for the goods purchased On 30 June 2013, ABI Int. Bhd purchased a building in Kedah for RM900,000. The building purchased is a five storey building which was rented to UDA Bhd for 5 years for its distribution and retailing activities in northern area. The economic life of the building was estimated at 30 years. UDA Bhd paid monthly rental amounting to RM12,000. This transaction has not been recorded by ABI Int. Bhd's accountant because he does not know whether to categorise the investment as investment property (MFRS140) or property, plant and equipment (MFRS116). In 2013, there is goodwill impairment loss of RM8,000 It is the group policy to (1) measure non-controlling interest on acquisition date at fair value of the net identifiable assets of the subsidiary: (i) depreciate property, plant and equipment (PPE) using the straight line method and to provide a full year's depreciation if the asset has been used for more than 6 months in the year, (f) account is investment property using the fair value model, and (iv) account its property, plant and investment using the cost model Assume income tax rate is 30% Based on the above information, prepare the consolidated statement of comprehensive income, consolidated statement of financial position, and consolidated statement of changes in equity (group retained earnings only) for ABI Int. Bhd and its subsidiary for the year ended 31 December 2013. Show all relevant workings