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Panda Bhd was established in July 2007 in Perlis and is owned by Mr Pa and Ms Linda. The company involves in supplying and distributing DIY products in northern area. On 1 July 2012, Panda Bhd acquired 80% of the issued shares of Luna Bhd, the company that is located in Melaka. At the date of acquisition, the equity of Luna Bhd comprised of. RM 500,000 Saham biasa / Ordinary shares Rezam am / General reserves 80,000 Perolehan tertahan / Retained earnings 50,000 Lebihan penilaian semula aset / Asset revaluation surplus 20,000 Financial information for both companies at 30 June 2016 is as follows: Hasil jualan / Sales revenue Lain-lain hasil / Other revenue Kos jualan / Cost of sales Lain-lain belanja / Other expenses Untung sebelum cukai / Profit before tax Belanja cukai / Tax expense Untung semasa / Profit for the period Perolehan tertahan pada / Retained earnings at 1/7/15 Panda Bhd Luna Bhd RM RM 720,000 530,000 240,000 120,000 (610,000) (410,000) (230,000) (160,000) 120,000 80,000 (40,000) (25,000) 80,000 55,000 200,000 112,000 280,000 167,000 (20,000) (10,000) (25,000) (15,000) 235,000 142,000 600,000 500,000 20,000 60,000 80,000 100,000 935,000 802,000 25,000 15,000 25,000 25,000 50,000 40,000 985,000 842,000 Dividen dibayar / Dividend paid Dividen diisytihar / Dividend declared Perolehan tertahan pada / Retained earnings at 30/6/16 Saham biasa / Ordinary shares Lebihan penilaian semula aset / Asset revaluation surplus Rezab am / General reserve Jumlah ekuiti / Total equity Dividen perly bayar / Dividend payable Lain-lain liabiliti / Other liabilities Jumlah liabiliti / Total liabilities Jumlah ekuiti dan liabiliti / Total equity and liabilities On 1 July 2012, all identifiable assets and liabilities of Luna Bhd were recorded at fair value except for inventory for which the fair value was RM10,000 greater than carrying amount, and plant which had a carrying amount of RM150,000 (net of RM40,000 accumulated depreciation) and a fair value of RM170,000. The inventory was all sold by 30 June 2013, and the plant had a further 5-year life with depreciation based on the straight-line method. During the 2014-2015 period, Luna Bhd sold inventory to Panda Bhd. At 30 June 2015, Panda Bhd still had inventory on hand on which Luna Bhd had recorded a before-tax profit of RM4,000. On 1 July 2014, Luna Bhd sold plant to Panda Bhd for RM150,000, recording a profit of RM20,000 before tax. Panda Bhd applies a 10% per annum straight-line method of depreciation in relation to the non-current assets. The balances of the asset revaluation surplus at 1 July 2015 were RM35,000 (Panda Bhd) and RM50,000 (Luna Bhd). During the 2015-2016 period, Luna Bhd sold inventory to Panda Bhd for RM23,000, recording a profit before tax of RM3,000. Panda Bhd has since sold half of these items. Senaniang temnoh 2015 2016 Da DL . DL During the 2015-2016 period, Panda Bhd sold inventory to Luna Bhd for RM18,000, recording profit before tax of RM2,000. Luna Bhd has not sold any of these items. Pada 1 hun Luno R On 15 June 2016, Luna Bhd paid RM1,000 to Panda Bhd for services rendered. h) Kadar cukai pendapatan adalah 30%. Income tax rate is 30%. Prepare the consolidated financial statements for Panda Bhd for the year ended 30 June 2016 using the fair value of the net identifiable assets of the subsidiary method to measure the non-controlling interest at acquisition date. Show all workings. (30 markah/marks) Panda Bhd was established in July 2007 in Perlis and is owned by Mr Pa and Ms Linda. The company involves in supplying and distributing DIY products in northern area. On 1 July 2012, Panda Bhd acquired 80% of the issued shares of Luna Bhd, the company that is located in Melaka. At the date of acquisition, the equity of Luna Bhd comprised of. RM 500,000 Saham biasa / Ordinary shares Rezam am / General reserves 80,000 Perolehan tertahan / Retained earnings 50,000 Lebihan penilaian semula aset / Asset revaluation surplus 20,000 Financial information for both companies at 30 June 2016 is as follows: Hasil jualan / Sales revenue Lain-lain hasil / Other revenue Kos jualan / Cost of sales Lain-lain belanja / Other expenses Untung sebelum cukai / Profit before tax Belanja cukai / Tax expense Untung semasa / Profit for the period Perolehan tertahan pada / Retained earnings at 1/7/15 Panda Bhd Luna Bhd RM RM 720,000 530,000 240,000 120,000 (610,000) (410,000) (230,000) (160,000) 120,000 80,000 (40,000) (25,000) 80,000 55,000 200,000 112,000 280,000 167,000 (20,000) (10,000) (25,000) (15,000) 235,000 142,000 600,000 500,000 20,000 60,000 80,000 100,000 935,000 802,000 25,000 15,000 25,000 25,000 50,000 40,000 985,000 842,000 Dividen dibayar / Dividend paid Dividen diisytihar / Dividend declared Perolehan tertahan pada / Retained earnings at 30/6/16 Saham biasa / Ordinary shares Lebihan penilaian semula aset / Asset revaluation surplus Rezab am / General reserve Jumlah ekuiti / Total equity Dividen perly bayar / Dividend payable Lain-lain liabiliti / Other liabilities Jumlah liabiliti / Total liabilities Jumlah ekuiti dan liabiliti / Total equity and liabilities On 1 July 2012, all identifiable assets and liabilities of Luna Bhd were recorded at fair value except for inventory for which the fair value was RM10,000 greater than carrying amount, and plant which had a carrying amount of RM150,000 (net of RM40,000 accumulated depreciation) and a fair value of RM170,000. The inventory was all sold by 30 June 2013, and the plant had a further 5-year life with depreciation based on the straight-line method. During the 2014-2015 period, Luna Bhd sold inventory to Panda Bhd. At 30 June 2015, Panda Bhd still had inventory on hand on which Luna Bhd had recorded a before-tax profit of RM4,000. On 1 July 2014, Luna Bhd sold plant to Panda Bhd for RM150,000, recording a profit of RM20,000 before tax. Panda Bhd applies a 10% per annum straight-line method of depreciation in relation to the non-current assets. The balances of the asset revaluation surplus at 1 July 2015 were RM35,000 (Panda Bhd) and RM50,000 (Luna Bhd). During the 2015-2016 period, Luna Bhd sold inventory to Panda Bhd for RM23,000, recording a profit before tax of RM3,000. Panda Bhd has since sold half of these items. Senaniang temnoh 2015 2016 Da DL . DL During the 2015-2016 period, Panda Bhd sold inventory to Luna Bhd for RM18,000, recording profit before tax of RM2,000. Luna Bhd has not sold any of these items. Pada 1 hun Luno R On 15 June 2016, Luna Bhd paid RM1,000 to Panda Bhd for services rendered. h) Kadar cukai pendapatan adalah 30%. Income tax rate is 30%. Prepare the consolidated financial statements for Panda Bhd for the year ended 30 June 2016 using the fair value of the net identifiable assets of the subsidiary method to measure the non-controlling interest at acquisition date. Show all workings. (30 markah/marks)