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AnswersFundamentals Level Skills Module, Paper F7 (MYS)Financial Reporting (Malaysia)December 2008 Answers1(a)Pedantic Consolidated income statement for the year ended 30 September 2008RM 000 Revenue (85,000 + (42,000 x 6/12) 8,000 intra-group sales)98,000 Cost of sales (w (i))(72,000) Gross profit26,000 Distribution costs (2,000 + (2,000 x 6/12))(3,000)Administrative expenses (6,000 + (3,200 x 6/12))(7,600)Finance costs (300 + (400 x 6/12))(500) Profit before tax14,900 Income tax expense (4,700 + (1,400 x 6/12))(5,400) Profit for the year9,500 Attributable to:Equity holders of the parent9,300 Minority interest (((3,000 x 6/12) (800 URP + 200 depreciation)) x 40%)200 9,500 (b)Consolidated balance sheet as at 30 September 2008 AssetsNon-current assetsProperty, plant and equipment (40,600 + 12,600 + 2,000 200 depreciation adjustment (w (i)))55,000 Goodwill (w (ii)) 3,000 58,000 Current assets (w (iii))21,400 Total assets79,400 Equity and liabilitiesEquity attributable to owners of the parentEquity shares of RM1 each ((10, 000 + 1,600) w (ii)) 11,600 Share premium (w (ii))8,000 Retained earnings (w (iv))35,700 55,300 Minority interest (w (v))4,600 Total equity59,900 Non-current liabilities10% Loan notes (4,000 + 3,000)7,000 Current liabilities (8,200 + 4,700 4)

Fundamentals Level – Skills Module, Paper F7 (MYS) Financial Reporting (Malaysia) December 2008 Answers 1(a)Pedantic Consolidated income statement for the year ended 30 September 2008 RM’000 Revenue (85,000 + (42,000 x 6/12) – 8,000 intra-group sales) 98,000

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