2. Anson Bhd, a public listed company, operates in electronics sector. The followings are the Statement...

  
 

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2. Anson Bhd, a public listed company, operates in electronics sector. The followings are the Statement of Financial Position of Anson Bhd. Isaac Bhd and Lucas Bhd as at March 31, 2022. Non-Current Assets Property, plant & Equipment Investment (Note ii) Investment in Jack Bhd Current Assets Inventories Trade & other receivables Financial assets Cash & Cash Equivalents Total Assets Equity Ordinary Shares Retained profits Other reserves Total Equity Non-Current Liabilities Long term borrowings Deferred Tax Total Non-Current Liabilities Current Liabilities Trade & Other Payables Short-term borrowings Total Current Liabilities Total Equity & Liabilities Anson Bhd RM'000 264,000 278,000 64.000 606,000 80,000 80,000 20,000 18.000 198,000 804,000 244,000 276,000 520,000 120,000 60,000 180.000 70,000 34,000 104,000 804,000 Isaac Bhd RM'000 200,000 42,000 242.000 68,000 64,000 22.000 154,000 396,000 120,000 96,000 42.000 258,000 60,000 24,000 84.000 40,000 14.000 54,000 396,000 Lucas Bhd RM'000 180,000 180,000 64,000 60,000 16.000 140,000 320,000 140,000 58,000 198,000 50,000 20.000 70.000 40,000 12,000 52.000 320,000 Additional information: i. The number of ordinary shares of the three companies are as follows: Anson Bhd Isaac Bhd Lucas Bhd 220,000,000 units 120,000,000 units 140,000,000 units II. Anson Bhd acquired for 96,000,000 ordinary shares in Isaac Bhd at par of RM1 each, on the date of Isaac Bhd's incorporation on April 1, 2017. a. On 1 April 2020, Anson Bhd purchased 70,000,000 ordinary shares in Lucas Bhd for a cash payment of RM182,000,000. The profit of Lucas Bhd for year ended 31 March 2022 was RM16,000,000. b. b. On 1 April 2021, Isaac Bhd purchased 28,000,000 ordinary shares in Lucas Bhd. iii. The directors of Anson Bhd carried out a fair value exercise to measure the identifiable assets and liabilities of Lucas Bhd at 1 April 2021. The following matter emerged: a. A property having carrying value of RM40,000,000 had an estimated market value of RM60,000,000. The estimated future economic life of the depreciable elements at 1 April 2021 was 20 years. Plant and equipment having a carrying value of RM120,000,000 had an estimated market value of RM130,000,000. The estimated future economic life of the plant at April 1, 2021 was five years. iv. On 1 April 2020, Anson Bhd acquired 40% equity interest in Jack Bhd by purchased 40,000,000 ordinary shares Jack Bhd for a cash payment of RM1.60 per share. The fair value of the net assets of Jack Bhd at 1 April 2020 was RM130,000,000. The retained profit of Jack Bhd were RM30,000,000 and RM56,000,000 at 1 April 2021 and 31 March 2022 respectively. v. On 1 April 2021, Anson Bhd purchased an item of plant for RM8,000,000 and sold it to Isaac Bhd for RM8,800,000. The estimated useful life of the plant is four years from 1 April 2021. vi. The inventories of Isaac Bhd and Lucas Bhd at 31 March 2022 included components purchased from Anson Bhd during the year a cost of RM50,000,000 to Isaac Bhd and RM30,000,000 to Lucas Bhd. Anson supplied these components at cost-plus 25%. vii. The trade receivables of Anson Bhd included RM12.000.000 receivables from Isaac Bhd and RM10,000,000 receivables from Lucas Bhd in respect of the purchase of electronic components. The trade payables of Isaac Bhd and Lucas Bhd include an equivalent amount payables to Anson Bhd. viii. During the year, the following dividends were proposed and declared: Anson Bhd RM11,000,000 Isaac Bhd Lucas Bhd The above dividends have NOT been recorded in the books. ix. It is the group policy that, non-controlling interest is not measured at fair value. RM3,600,000 RM4,200,000 Required: Prepare a Consolidated Statement of Financial Position for Anson Group Bhd as at 31 March 2022. Show all your workings. 2. Anson Bhd, a public listed company, operates in electronics sector. The followings are the Statement of Financial Position of Anson Bhd. Isaac Bhd and Lucas Bhd as at March 31, 2022. Non-Current Assets Property, plant & Equipment Investment (Note ii) Investment in Jack Bhd Current Assets Inventories Trade & other receivables Financial assets Cash & Cash Equivalents Total Assets Equity Ordinary Shares Retained profits Other reserves Total Equity Non-Current Liabilities Long term borrowings Deferred Tax Total Non-Current Liabilities Current Liabilities Trade & Other Payables Short-term borrowings Total Current Liabilities Total Equity & Liabilities Anson Bhd RM'000 264,000 278,000 64.000 606,000 80,000 80,000 20,000 18.000 198,000 804,000 244,000 276,000 520,000 120,000 60,000 180.000 70,000 34,000 104,000 804,000 Isaac Bhd RM'000 200,000 42,000 242.000 68,000 64,000 22.000 154,000 396,000 120,000 96,000 42.000 258,000 60,000 24,000 84.000 40,000 14.000 54,000 396,000 Lucas Bhd RM'000 180,000 180,000 64,000 60,000 16.000 140,000 320,000 140,000 58,000 198,000 50,000 20.000 70.000 40,000 12,000 52.000 320,000 Additional information: i. The number of ordinary shares of the three companies are as follows: Anson Bhd Isaac Bhd Lucas Bhd 220,000,000 units 120,000,000 units 140,000,000 units II. Anson Bhd acquired for 96,000,000 ordinary shares in Isaac Bhd at par of RM1 each, on the date of Isaac Bhd's incorporation on April 1, 2017. a. On 1 April 2020, Anson Bhd purchased 70,000,000 ordinary shares in Lucas Bhd for a cash payment of RM182,000,000. The profit of Lucas Bhd for year ended 31 March 2022 was RM16,000,000. b. b. On 1 April 2021, Isaac Bhd purchased 28,000,000 ordinary shares in Lucas Bhd. iii. The directors of Anson Bhd carried out a fair value exercise to measure the identifiable assets and liabilities of Lucas Bhd at 1 April 2021. The following matter emerged: a. A property having carrying value of RM40,000,000 had an estimated market value of RM60,000,000. The estimated future economic life of the depreciable elements at 1 April 2021 was 20 years. Plant and equipment having a carrying value of RM120,000,000 had an estimated market value of RM130,000,000. The estimated future economic life of the plant at April 1, 2021 was five years. iv. On 1 April 2020, Anson Bhd acquired 40% equity interest in Jack Bhd by purchased 40,000,000 ordinary shares Jack Bhd for a cash payment of RM1.60 per share. The fair value of the net assets of Jack Bhd at 1 April 2020 was RM130,000,000. The retained profit of Jack Bhd were RM30,000,000 and RM56,000,000 at 1 April 2021 and 31 March 2022 respectively. v. On 1 April 2021, Anson Bhd purchased an item of plant for RM8,000,000 and sold it to Isaac Bhd for RM8,800,000. The estimated useful life of the plant is four years from 1 April 2021. vi. The inventories of Isaac Bhd and Lucas Bhd at 31 March 2022 included components purchased from Anson Bhd during the year a cost of RM50,000,000 to Isaac Bhd and RM30,000,000 to Lucas Bhd. Anson supplied these components at cost-plus 25%. vii. The trade receivables of Anson Bhd included RM12.000.000 receivables from Isaac Bhd and RM10,000,000 receivables from Lucas Bhd in respect of the purchase of electronic components. The trade payables of Isaac Bhd and Lucas Bhd include an equivalent amount payables to Anson Bhd. viii. During the year, the following dividends were proposed and declared: Anson Bhd RM11,000,000 Isaac Bhd Lucas Bhd The above dividends have NOT been recorded in the books. ix. It is the group policy that, non-controlling interest is not measured at fair value. RM3,600,000 RM4,200,000 Required: Prepare a Consolidated Statement of Financial Position for Anson Group Bhd as at 31 March 2022. Show all your workings.

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ANSWER In finance a position is the amount of a particular security commodity or currency held or ow... View the full answer