which information

Question 1 The following are the summarized statements of financial position for Rovers Bhd, Ferrari Bhd and Evoque Bhd as at 31 December 2019, Statement of Financial Position as at 31 December 2019 Rovers Bhd Ferrari Bhd RM 1000 RM '000 Evoque Bhd RM '000 367,000 141,000 75,000 50,000 Assets Property, plant & equipment Investments in subsidiaries Other investments Inventories Trade receivables Cash at bank 30,000 10,000 220,000 768,000 52,000 17,000 24,000 32,000 200,000 30,000 10,000 5,000 95.000 40,000 22,000 Equity and Liabilities Ordinary shares of RM1 each 10% Preference shares of RM1 each Retained profits Other reserves Long term loan Bank loan Trade payables Accruals 400,000 200,000 34,000 16,000 23,000 40,000 50,000 5,000 768,000 60,000 2,000 27,000 10,000 35,000 35,500 27,500 3,000 200,000 4,000 2.000 25000 2,000 95.000 Additional information: 1. On 1 July 2016, Rovers Bhd bought 48 million ordinary shares of Ferrari Bhd. The consideration was paid by cash at a market price of RM1.50 per share. On that date, the retained profits and other reserve of Ferrari Bhd were amounted to RM15 million and RM4 million respectively. As at the acquisition date, a non depreciable asset of Ferrari Bhd had a fair value of RM5 million than its carrying amount. Ferrari Bhd did not adjust its record to account for the increase in value, 2. 3. 4. A year after, on 1 April 2018, Rovers Bhd acquired 60% ordinary shares of Evoque Bhd when the retained profits of Evoque Bhd was RM 10 million. The consideration was settled through a cash payment of RM69 million. There has been no new issue of shares of Evoque Bhd since the date of acquisition During the year ended 2019, Rovers Bhd purchased inventories from Ferrari Bhd at selling price of RM75 million with 20% margin. 40% of these inventories are remained unsold at the end of the year. Rovers Bhd sold an equipment with a carrying value of RM40 million to Evoque Bhd for RM42 million. The equipment is having four years remaining useful life and to be depreciated based on straight line method, giving full year's depreciation in the year of purchase and none in the year of disposal. Included in the receivables of Rovers Bhd is RM2 million due from Ferrari Bhd. Ferrari Bhd has remitted RM1 million on 28 December 2019 in which yet received by Rovers Bhd as at the year end. Group policies: I 1. 20% for the impairment of the goodwill on consolidation, and ii. Non-controlling interest is to be valued at its proportionate share of the fair value of the identifiable net assets of the subsidiaries on the date of acquisition. 5. 6. Required: Prepare the Consolidated Statement of Financial Position of Rovers Bhd Group as at 31 December 2019. Disclose all workings. Question 1 The following are the summarized statements of financial position for Rovers Bhd, Ferrari Bhd and Evoque Bhd as at 31 December 2019, Statement of Financial Position as at 31 December 2019 Rovers Bhd Ferrari Bhd RM 1000 RM '000 Evoque Bhd RM '000 367,000 141,000 75,000 50,000 Assets Property, plant & equipment Investments in subsidiaries Other investments Inventories Trade receivables Cash at bank 30,000 10,000 220,000 768,000 52,000 17,000 24,000 32,000 200,000 30,000 10,000 5,000 95.000 40,000 22,000 Equity and Liabilities Ordinary shares of RM1 each 10% Preference shares of RM1 each Retained profits Other reserves Long term loan Bank loan Trade payables Accruals 400,000 200,000 34,000 16,000 23,000 40,000 50,000 5,000 768,000 60,000 2,000 27,000 10,000 35,000 35,500 27,500 3,000 200,000 4,000 2.000 25000 2,000 95.000 Additional information: 1. On 1 July 2016, Rovers Bhd bought 48 million ordinary shares of Ferrari Bhd. The consideration was paid by cash at a market price of RM1.50 per share. On that date, the retained profits and other reserve of Ferrari Bhd were amounted to RM15 million and RM4 million respectively. As at the acquisition date, a non depreciable asset of Ferrari Bhd had a fair value of RM5 million than its carrying amount. Ferrari Bhd did not adjust its record to account for the increase in value, 2. 3. 4. A year after, on 1 April 2018, Rovers Bhd acquired 60% ordinary shares of Evoque Bhd when the retained profits of Evoque Bhd was RM 10 million. The consideration was settled through a cash payment of RM69 million. There has been no new issue of shares of Evoque Bhd since the date of acquisition During the year ended 2019, Rovers Bhd purchased inventories from Ferrari Bhd at selling price of RM75 million with 20% margin. 40% of these inventories are remained unsold at the end of the year. Rovers Bhd sold an equipment with a carrying value of RM40 million to Evoque Bhd for RM42 million. The equipment is having four years remaining useful life and to be depreciated based on straight line method, giving full year's depreciation in the year of purchase and none in the year of disposal. Included in the receivables of Rovers Bhd is RM2 million due from Ferrari Bhd. Ferrari Bhd has remitted RM1 million on 28 December 2019 in which yet received by Rovers Bhd as at the year end. Group policies: I 1. 20% for the impairment of the goodwill on consolidation, and ii. Non-controlling interest is to be valued at its proportionate share of the fair value of the identifiable net assets of the subsidiaries on the date of acquisition. 5. 6. Required: Prepare the Consolidated Statement of Financial Position of Rovers Bhd Group as at 31 December 2019. Disclose all workings