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Warisan Berhad is a manufacturer of home and office furniture. It is incorporated in Malaysia. It has a manufacturing plants in Malaysia, Vietnam, Indonesia and Tanzania and each respectively contributed to 5%, 40%, 20% and 35% of Warisan Group total production costs. Warisan exports its furniture to Australia, United Kingdom, Germany and South Africa at the ratio of 40%, 20%, 15% and 25%, respectively. The selling price of the furniture is dependent on the cost of production of the furniture and the availability of lower cost of raw materials and labour in the respective countries. Based on past record, the demand for Warisan's furniture from the respective countries would be closely related to the furniture sales price. Warisan Berhad Statement of Profit or Loss and Other Comprehensive Income for financial year ended 31 December 2020 (RM'000) Sales revenues 1,500 Less: Costs of goods sold (260) Gross profits 1,240 Operating expenses (180) Other income 50 Finance costs (60) Profit before taxation 1,050 Less: Taxation (315) Profit after taxation 735 Gain on revaluation 200 Total other comprehensive income 200 Total comprehensive income 35 Warisan Berhad Statement of Financial Position as at 31 December 2020 (RM'000) Assets Buildings 3,035 Machines 3,080 Intangibles 50 Inventories 500 Trade receivables 300 Cash 200 Total assets 7,165 Liabilities Loans 150 Trade payables 20 Total liabilities 170 Equities Contributed ordinary share capital 5,000 Revaluation reserve 200 Retained profits 1,795 Total equities 6,995 Foreign currency exchange of 1 MYR to respective currency Vietnamese Tanzanian Australian South Africa Date Dong Shilling Dollar Rand (VND) (TZS) (AUD) (ZAR) 1 January 2018 5440 545 0.34 3.89 31 December 2018 5445 550 0.35 3.91 1 January 2019 5446 555 0.36 3.93 31 December 2019 5447 560 0.35 3.91 1 January 2020 5448 565 0.36 3.92 31 December 2020 5449 570 0.37 3.93 Average rate as at 31 December 2018 5442.5 547.5 0.345 3.9 Average rate as at 31 December 2019 5446.5 557.5 0.355 3.92 Average rate as at 31 December 2020 5448.5 567.5 0.365 3.925 Additional information: 1. Assume the manufacturing plants activities in and exports to the respective countries were started on 1 January 2018 2. Assume all the assets, liabilities and equities items have existed since 1 January 2018 unless stated otherwise. 3. The current year revaluation of the non-current asset took place at the reporting date. 4. Assume the actual exchange rate for income and expenses transactions is similar to its average rate. 5. During the current financial year, Warisan has made RM200,000 purchases of inventories. 6. The balance of retained profits as at 31 December 2018 and 31 December 2019 were RM410,000 and RM650,000, respectively. Required: Determine the functional currency of Warisan Berhad. Provide justification for your choice. Translate Warisan Berhad financial statements' financial information to functional currency (12 Marks) Warisan Berhad is a manufacturer of home and office furniture. It is incorporated in Malaysia. It has a manufacturing plants in Malaysia, Vietnam, Indonesia and Tanzania and each respectively contributed to 5%, 40%, 20% and 35% of Warisan Group total production costs. Warisan exports its furniture to Australia, United Kingdom, Germany and South Africa at the ratio of 40%, 20%, 15% and 25%, respectively. The selling price of the furniture is dependent on the cost of production of the furniture and the availability of lower cost of raw materials and labour in the respective countries. Based on past record, the demand for Warisan's furniture from the respective countries would be closely related to the furniture sales price. Warisan Berhad Statement of Profit or Loss and Other Comprehensive Income for financial year ended 31 December 2020 (RM'000) Sales revenues 1,500 Less: Costs of goods sold (260) Gross profits 1,240 Operating expenses (180) Other income 50 Finance costs (60) Profit before taxation 1,050 Less: Taxation (315) Profit after taxation 735 Gain on revaluation 200 Total other comprehensive income 200 Total comprehensive income 35 Warisan Berhad Statement of Financial Position as at 31 December 2020 (RM'000) Assets Buildings 3,035 Machines 3,080 Intangibles 50 Inventories 500 Trade receivables 300 Cash 200 Total assets 7,165 Liabilities Loans 150 Trade payables 20 Total liabilities 170 Equities Contributed ordinary share capital 5,000 Revaluation reserve 200 Retained profits 1,795 Total equities 6,995 Foreign currency exchange of 1 MYR to respective currency Vietnamese Tanzanian Australian South Africa Date Dong Shilling Dollar Rand (VND) (TZS) (AUD) (ZAR) 1 January 2018 5440 545 0.34 3.89 31 December 2018 5445 550 0.35 3.91 1 January 2019 5446 555 0.36 3.93 31 December 2019 5447 560 0.35 3.91 1 January 2020 5448 565 0.36 3.92 31 December 2020 5449 570 0.37 3.93 Average rate as at 31 December 2018 5442.5 547.5 0.345 3.9 Average rate as at 31 December 2019 5446.5 557.5 0.355 3.92 Average rate as at 31 December 2020 5448.5 567.5 0.365 3.925 Additional information: 1. Assume the manufacturing plants activities in and exports to the respective countries were started on 1 January 2018 2. Assume all the assets, liabilities and equities items have existed since 1 January 2018 unless stated otherwise. 3. The current year revaluation of the non-current asset took place at the reporting date. 4. Assume the actual exchange rate for income and expenses transactions is similar to its average rate. 5. During the current financial year, Warisan has made RM200,000 purchases of inventories. 6. The balance of retained profits as at 31 December 2018 and 31 December 2019 were RM410,000 and RM650,000, respectively. Required: Determine the functional currency of Warisan Berhad. Provide justification for your choice. Translate Warisan Berhad financial statements' financial information to functional currency (12 Marks)