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QUESTION 2 (50 Marks) The statement of financial position of Linus Bhd and Sally Bhd as at 31 December 2027 are niven helnw Additional information:
QUESTION 2 (50 Marks) The statement of financial position of Linus Bhd and Sally Bhd as at 31 December 2027 are niven helnw Additional information: a) Linus Bhd acquired 12 million ordinary shares, 75% of the issued preference shares and RM40 million 10 percent debentures in Sally Bhd on 1 January 2021 when the balance in the retained profit of Sally Bhd was RM10 million. b) On the date of acquisition, Sally Bhd had an intangible asset that was not recognized. The fair value of the intangible asset was RM300,000 and its economic life was five years. c) Sally Bhd has provided for the second half-year's debenture interest and final ordinary and preference dividends. However, Linus Bhd has not recognized its share of debenture interest and dividends from Sally Bhd. d) The receivables of Linus Bhd include an amount of RM9 million due from Sally Bhd. However, on 30 December 2022, Sally Bhd had remitted RM2 million which was received by Linus on 2 January 2023. e) Bills payable of Sally Bhd of RM45,000 were drawn in favour of Linus Bhd. Linus Bhd had discounted RM24,000 of these bills. f) The goodwill on consolidation was impaired by RM600,000. Required: Prepare the consolidated statement of financial position as at 31 December 2022
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