Solve this B. On 1 January 2019, Flower Bhd. acquired 75% of the issued share capital of SelasihBhd where the currency is in CU. Selasih Bhd.s’ functional currency is that of parentwhich is RM.Selasih Bhd.'s 2019 and 2020 draft statement of financial position prepared in itsfunctional currency (CU) are as follows:Statement of financial position at 31 December20202019CUCUProperty, plant and equipmentInventoryTrade and other receivables8408701502503004941,7842002001,520CashTrade and other payablesТах раyable16010099259126226Total liabilitiesShare capitalRetained earnings1,0002941,2941,5201,0005251,5251,784Total liabilities and equity Additional information:The following spot currency exchange rates apply:1 January 20191 December 2019RM1 = CU2RM1 = CU1.9531 December 2020RM1 = CU2.1Weighted average for 2019Weighted average for 2020When the closing inventories were purchased in 2019When the closing inventories were purchased in 2020When equipment was bought and paid for in 2019RM1 = CU2.11RM1 = CU1.79RM1 = CU1.95RM1 = CU2.05RM1 = CU1.9Required:Translate Selasih Bhd.'s 2019 and 2020 statement of financial position from theentity's foreign currency (CU) to the entity's functional currency (RM).

When the reporting currency is the functional currency of the parent and the subsidiary's financial…

On 1 January 2019, Flower Bhd. acquired 75% of the issued share capital of Selasih Bhd where the currency is in CU. Selasih Bhd.s’ functional currency is that of parent which is RM. Selasih Bhd.'s 2019 and 2020 draft statement of financial position prepared in its functional currency (CU) are as follows: Statement of financial position at 31 December 2020 CU 2019 CU Property, plant and equipment Inventory Trade and other receivables 840 870 150 250 200 300 Cash 494 1,784 200 1,520 Trade and other payables Таx рayable 160 100 99 259 126 226 Total liabilities Share capital Retained earnings 1,000 1,000 294 1,294 1,520 525 1,525 1,784 Total liabilities and equity

On 1 January 2019, Flower Bhd. acquired 75% of the issued share capital of Selasih Bhd where the currency is in CU. Selasih Bhd.s’ functional currency is that of parent which is RM. Selasih Bhd.'s 2019 and 2020 draft statement of financial position prepared in its functional currency (CU) are as follows: Statement of financial position at 31 December 2020 CU 2019 CU Property, plant and equipment Inventory Trade and other receivables 840 870 150 250 200 300 Cash 494 1,784 200 1,520 Trade and other payables Таx рayable 160 100 99 259 126 226 Total liabilities Share capital Retained earnings 1,000 1,000 294 1,294 1,520 525 1,525 1,784 Total liabilities and equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please explain using the IRAC model.
Explain Replacement-Analysis Fundamentals?
Can you simplify this please.
Where did you find the formlulas for this solution?
provide answer with explantion
Define the term lnvesting activities? Explain with an example?
How can thepayback method be useful?
Explain real options
Explain the Relationship to the PW Analysis?
Explain an example of external events.
Explain Evaluat ing a Single Project?