consolidated statement of financial position The summarized Statement of Financial Position of Gerhana Bhd. and Mentari Bhd.

  consolidated statement of financial position

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The summarized Statement of Financial Position of Gerhana Bhd. and Mentari Bhd. on 31 December 2020 were as follows: Non-current Assets Plant at Net Book Value Fixtures at Net Book Value Investment in Mentari Bhd (96,000 ordinary shares) Current Assets Inventories at cost Account receivables Bills Receivable Cash at Bank Current Account: Gerhana Bhd Ordinary Shares General reserve on 1 January 2020 Retained profit on 1 January 2020 Profit for the year ended 31 Dec 2020 Liabilities Account payables Bills Payable Current Account: Mentari Bhd Gerhana Bhd. (RM) 144,000 30,000 150,000 80,000 97,400 40,000 20,000 6,200 567,600 276,000 50,000 80,000 32,000 89,600 40,000 567,600 Mentari Bhd. (RM) 90,000 19,000 48,000 20,800 16,000 17,400 211,200 120,000 31,000 16,000 18,000 14,000 7,000 5,200 211,200 The summarized Statement of Financial Position of Gerhana Bhd. and Mentari Bhd. on 31 December 2020 were as follows: Non-current Assets Plant at Net Book Value Fixtures at Net Book Value Investment in Mentari Bhd (96,000 ordinary shares) Current Assets Inventories at cost Account receivables Bills Receivable Cash at Bank Current Account: Gerhana Bhd Ordinary Shares General reserve on 1 January 2020 Retained profit on 1 January 2020 Profit for the year ended 31 Dec 2020 Liabilities Account payables Bills Payable Current Account: Mentari Bhd Gerhana Bhd. (RM) 144,000 30,000 150,000 80,000 97,400 40,000 20,000 6,200 567,600 276,000 50,000 80,000 32,000 89,600 40,000 567,600 Mentari Bhd. (RM) 90,000 19,000 48,000 20,800 16,000 17,400 211,200 120,000 31,000 16,000 18,000 14,000 7,000 5,200 211,200

Answer rating: 100% (QA)

To prepare the Consolidated Statement of Financial Position as of December 31 2020 we need to combine the financial position of Gerhana Bhd and its subsidiary Mentari Bhd There are several adjustments ... View the full answer