Answer Happy

Question 5
The following are the statements of financial position for Venom
Group as at 31 December 2021:
Venom Bhd
($’000)
Strange Sdn Bhd
($’000)
Asura Sdn Bhd
($’000)
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:
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%
-
Venom
Strange
Asura
Ordinary shares
$500,000
$200,000
$100,000
Preference shares
Full year
Full year
-
Redeemable P/S
-
-
Half year
Debentures
-
Half year
-
Required:
Prepare the consolidated statement of financial position as at
31 December 2021.
Note: Show ALL the relevant workings.