The statement of Financial Position of Purnama Bhd. and Sempurna Bhd. as at 31 December 2019 are as follows:

Purnama Bhd.Sempurna Bhd.

Non-current assets RM'000 RM'000

Property, plant and equipment 500 400

Investment in Sempurna Bhd. 400 -

Current assets

Inventories 80 280

Current account - Sempurna Bhd 120 -

Dividends receivable 180 -

Trade receivables 300 220

Total assets 1,580 900

Ordinary shares of RM1 each 1,000 400

Retained profit 240 100

Current liabilities

Current account - Pulasan Bhd - 100

Dividend payable - 200

Trade payable 340 100

1,580 900

Additional Information:

i.On 1 January 2018, Purnama Bhd. bought 90% of the issued shares of Sempurna Bhd. when Sempurna Bhd's retained earnings was RM40,000.00.

ii.The 10% non-controlling interest in Sempurna Bhd. had a fair value of RM20,000.00.

iii.The land of Sempurna Bhd. had a fair value of RM120,000.00 in excess of its book value at 31 December 2018. No adjustment had been made in the accounts of Sempurna Bhd. for this fair value.

iv.During the year, Sempurna Bhd. declared RM200,000.00 dividends, for which Purnama Bhd. had recognized its share of these dividends.

v.The differences in the current accounts are due to cash in transit.

vi.Included in Purnama Bhd.'s trade payables is RM50,000.00 due to Sempurna Bhd. had factored RM40,000.00 of this amount.

REQUIRED:

a.Calculate the goodwill, group retained profit and non-controlling interest to be included in the Consolidated Statement of Financial Positions at 31 December 2019.[10 marks]

b. Prepare the consolidated Statement of Financial Position of Purnama Bhd as at 31 December 2019. [10 marks]

c. State four circumstances in which an entity is exempted from preparing Consolidated Financial Statements. [5 marks]

QUESTION 3 (25 Marks) The statement of Financial Position of Purnama Bhd. and Sempurna Bhd. as at 31 December 2019 are as follows: Purnama Bhd. Sempurna Bhd. Non-current assets RM'000 RM'000 Property, plant and equipment 500 400 Investment in Sempurna Bhd. 400 Current assets Inventories 80 280 Current account - Sempurna Bhd 120 Dividends receivable 180 Trade receivables 300 220 Total assets 1,580 900 Ordinary shares of RM1 each 1,000 400 Retained profit 240 100 Current liabilities Current account - Pulasan Bhd 100 Dividend payable 200 Trade payable 340 100 1,580 900 Additional Information: 1. On 1 January 2018, Purnama Bhd. bought 90% of the issued shares of Sempurna Bhd. when Sempurna Bhd's retained earnings was RM40,000.00. ii. iii. The 10% non-controlling interest in Sempurna Bhd. had a fair value of RM20,000.00. The land of Sempurna Bhd. had a fair value of RM120,000.00 in excess of its book value at 31 December 2018. No adjustment had been made in the accounts of Sempurna Bhd. for this fair value. iv. During the year, Sempurna Bhd. declared RM200,000.00 dividends, for which Purnama Bhd. had recognized its share of these dividends. V . vi. The differences in the current accounts are due to cash in transit. Included in Pumama Bhd.'s trade payables is RM50,000.00 due to Sempurna Bhd. had factored RM40,000.00 of this amount. REQUIRED: a. Calculate the goodwill, group retained profit and non-controlling interest to be included in the Consolidated Statement of Financial Positions at 31 December 2019. [10 marks] b. Prepare the consolidated Statement of Financial Position of Purnama Bhd as at 31 December 2019. [10 marks] c. State four circumstances in which an entity is exempted from preparing Consolidated Financial Statements. [5 marks] 7: 1/1 1piff: 15. 601 17: 28 54: 15 Fax: 414/1849 MIGHT O e m De F2 F3 F4 F5 DII F6 F7 F8 F9