On 1 January 2017, VMS Bhd, owns 50% of JV Sdn. Bhd., the joint venture. The following are the financial statements of VMS Bhd, and JV Sdn. Bhd. at 31 December 2017 Statement of Financial Position 31 December 2017 VMS Bhd JV Sdn Bhd RM1000 RM 000 Non-Current Assets 1.000 160 Investment at JV at cost 60 Current Assets 340 120 Total Assets 1.400 280 Current Liabilities Non-current Liabilities Net Assets (50) (250) 1.100 (20) (60) 200 Equity Shareholders equity Retained Earnings 120 700 400 1.100 80 200 Income Statement 31 December 2017 VMS Bhd JV Sdn. Bhd RM 000 RM 000 Revenue 1.200 300 Cost of sales (600) (160) Other expenses (2001) (60) Net Income 400 80 On 1 January 2017, VMS Bhd, owns 50% of JV Sdn. Bhd., the joint venture. The following are the financial statements of VMS Bhd, and JV Sdn. Bhd. at 31 December 2017 Statement of Financial Position 31 December 2017 VMS Bhd JV Sdn Bhd RM1000 RM 000 Non-Current Assets 1.000 160 Investment at JV at cost 60 Current Assets 340 120 Total Assets 1.400 280 Current Liabilities Non-current Liabilities Net Assets (50) (250) 1.100 (20) (60) 200 Equity Shareholders equity Retained Earnings 120 700 400 1.100 80 200 Income Statement 31 December 2017 VMS Bhd JV Sdn. Bhd RM 000 RM 000 Revenue 1.200 300 Cost of sales (600) (160) Other expenses (2001) (60) Net Income 400 80