Question 4 The following are the statements of financial position as at 30 June 2020: Phi Berhad RM'000 Saw S/B RM'000 Investment in Saw Sdn Bhd Ordinary shares 4,000 Preference shares 80 Land 19,280 5,665 Building 4,100 800 Machinery 1.200 750 Equipment 900 420 Bilis receivables 500 Current assets: Inventories 1.746 566 Trade receivables 1,984 612 Current account 240 Bank 1.550 Total assets 35,580 8,813 Ordinary shares 6% Preference shares Revaluation reserve Retained earnings by Profit for the year 8% Debentures Bils payables Current account Trade payables Total 25,000 1.100 650 5,800 919 100 5,000 1.200 130 670 300 50 400 2.011 35,580 200 863 8,813 Additional information: 1. Phi Berhad acquired 75% (4 million units) of the ordinary shares in Saw Sdn Bhd on 1 July 2019. The investment has been fully recorded in the books of Phi. 2. Phi also acquired 60% of the preference shares of Saw Sdn Bhd on 1.1.2020. Second half year preference shares dividends has been declared but not yet recorded. Debenture interest for the last quarter have not been accrued for both Phi and Saw. 3. The current account difference is due to inventories in transit 4. Saw issued RM400,000 Bills Payables and Phi purchased RM300,000 of the bills. During the year, Phi factored RM200,000 of these bills due to cashflow constraint. 5. Phi's trade receivables includes RM20,000 owed by Saw; but the trade payables of Saw shows only RM15,000 payable to Phi. Saw has remitted a payment of RM5,000 to Saw with regards to this balance but the payment was only received on 2 July 2020 Required: Prepare the consolidated statement of financial position for Phi group as at 30 June 2020. Show relevant workings. Question 4 The following are the statements of financial position as at 30 June 2020: Phi Berhad RM'000 Saw S/B RM'000 Investment in Saw Sdn Bhd Ordinary shares 4,000 Preference shares 80 Land 19,280 5,665 Building 4,100 800 Machinery 1.200 750 Equipment 900 420 Bilis receivables 500 Current assets: Inventories 1.746 566 Trade receivables 1,984 612 Current account 240 Bank 1.550 Total assets 35,580 8,813 Ordinary shares 6% Preference shares Revaluation reserve Retained earnings by Profit for the year 8% Debentures Bils payables Current account Trade payables Total 25,000 1.100 650 5,800 919 100 5,000 1.200 130 670 300 50 400 2.011 35,580 200 863 8,813 Additional information: 1. Phi Berhad acquired 75% (4 million units) of the ordinary shares in Saw Sdn Bhd on 1 July 2019. The investment has been fully recorded in the books of Phi. 2. Phi also acquired 60% of the preference shares of Saw Sdn Bhd on 1.1.2020. Second half year preference shares dividends has been declared but not yet recorded. Debenture interest for the last quarter have not been accrued for both Phi and Saw. 3. The current account difference is due to inventories in transit 4. Saw issued RM400,000 Bills Payables and Phi purchased RM300,000 of the bills. During the year, Phi factored RM200,000 of these bills due to cashflow constraint. 5. Phi's trade receivables includes RM20,000 owed by Saw; but the trade payables of Saw shows only RM15,000 payable to Phi. Saw has remitted a payment of RM5,000 to Saw with regards to this balance but the payment was only received on 2 July 2020 Required: Prepare the consolidated statement of financial position for Phi group as at 30 June 2020. Show relevant workings
