Question 5

The following are the statements of financial position for Venom Group as at 31 December 2021:

	Venom Bhd (RM000)	Strange Sdn Bhd (RM000)	Asura Sdn Bhd (RM000)
Investment in: Ordinary shares of Strange 4% Preference shares of Strange 10% Debentures of Strange Ordinary shares of Asura 6% Redeemable preference shares of Asura	9,750 250 150 3,750 100	- - - - -	- - - - -
Non-current assets	13,300	11,800	6,140
Current assets	1,500	850	750
Total	28,800	12,650	6,890
Ordinary shares	25,000	10,000	5,000
5% Preference shares	500	500	-
6% Redeemable preference shares	-	-	250
Revaluation reserve	350	100	50
Retained earnings b/f Profit for the year	1,400 400	600 250	750 290
8% Debentures	-	300	-
Liabilities	1,150	900	550
Total	28,800	12,650	6,890

Additional Information:

1. All the investments in Strange and Asura have been fully recorded the percentage of holdings can be summarized as follows:

Subsidiary	Date of acquisition	Ordinary shares	Preference shares	Redeemable P/S	Debentures
Strange	1 January 2020	75%	60%	-	50%
Asura	1 July 2021	80%	-	40%	-

2. Venom sold to Strange inventories with the invoice value of RM100,000 at cost plus 25%. Strange sold 50% of these inventories to third parties.

3. On 1 January 2020, plant belonging to Strange was estimated to have a fair value of RM160,000 more than the carrying value. Estimated useful life for this plant on this date was 8 years. Retained earnings on this date was recorded as RM650,000.

4. On 1 July 2021, Asuras building was estimated to have a fair value of RM60,000 more than the carrying value. Estimated useful life are 10 years on this date. Depreciation adjustment must be pro-rated according to months.

5. Strange sold machinery to Venom on 1 January 2021 with the profit of RM20,000. Useful life is estimated to be 5 years.

6. The following are the dividends and interest declared in December 2021 but none has been recorded:

	Venom	Strange	Asura
Ordinary shares	RM500,000	RM200,000	RM100,000
Preference shares	Full year	Full year	-
Redeemable P/S	-	-	Half year
Debentures	-	Half year	-

7. The group uses partial goodwill and straight line depreciation method to prepare its accounts.

Required:

Prepare the consolidated statement of financial position as at 31 December 2021.

Note: Show ALL the relevant workings.