The following information relates to Panjang Bhd Profit attributable to ordinary shares Number of ordinary shares in issue: Balance at 1 January Rights issue made on 1 March 2021 Balance at 31 December 2021 RM'000 15,000 50,000 10,000 60,000
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- On 1 July 2021, Mel Ltd took control of the assets and liabilities of Syd Ltd. At this date the statement of financial position of Syd Ltd was as follows: Required Prepare the journal entries in the records of Mel Ltd at 1 July 2021 in each of the following situations, assuming the costs of issuing the shares by Mel Ltd cost $1600. Mel Ltd issued 80 000 shares having a fair value of $2.40 per share in exchange for the net assets of Syd Ltd Mel Ltd issued 80 000 shares having a fair value of $2.00 per share in exchange for the net assets of Syd Ltd. Mel Ltd acquired the shares of Syd Ltd. The agreement was that Mel Ltd would pay the shareholders of Syd Ltd one share in Mel Ltd for every two shares held in Syd Ltd plus $1 in cash for each share held in Syd Ltd. Shares in Mel Ltd have a fair value of $1.80 per share.A. On 1 July 2020, Alba Bhd. acquired 30 per cent of the ordinary shares that carry voting rights at a general meeting of shareholders of Balba, Bhd. for RM300,000.00, For the year ended 30 June 2021. Balba Bhd recognised a profit of RM400,000.00. On 29 June 2021 entity Balha Bhd declared and paid a dividend of RMI50,000.00 for the year 2021. At 30 June 2021 the fair value of Alba's investment in Balba Bhd is RM425,000.00. However, there is no published price quotation for Balha Bhd. On 30 June 2021 Alba Bhd. lost significant influence over Balba Bhd. when it reduced its sharcholding in Balba Bhd to 15 per cent by selling half of its shares in Balba Bhd. to an independent third party for RM212,500.00. Transaction costs of RM5,000.00 were incurred in selling the shares. REQUIRED: Calculate the investment for Alba Bhd, and Balba Bhd. using equity method.REQUIRED Use the information provided below to prepare the Statement of Financial Position of Glendale Limited as at 31 May 2020. Ensure that the statement includes headings for Non-current assets, Current assets, Equity, Non-current liabilities and Current liabilities. The notes to the financial statements are not required. INFORMATION The following balances were obtained from the accounting records of Glendale Limited after all the adjustments and closing transfers were completed on 31 May 2020: R Shares in XYZ Limited Ordinary share capital Retained income Loan: Brits Bank 600 000 1434 000 300 000 150 000 Equipment Accumulated depreciation on equipment Inventory Debtors control 1 380 000 180 000 210 000 60 000 Provision for bad debts 3 000 Accrued income 6 000 Bank (DR) 69 000 Cash float 6 000 135 000 Creditors control Accrued expenses South African Revenue Services: Company tax payable Shareholders for dividends (Dividends payable) 42 000 15 000 72 000 Additional information R30…
- On 1 July 2019, Quick Buck Ltd took control of the assets and liabilities of Eldorado Ltd. Quick Buck Ltdissued 80,000 shares having a fair value of $2.40 per share in exchange for the net assets of EldoradoLtd. The costs of issuing the shares by Quick Buck Ltd cost $1,600.At this date the statement of financial position of Eldorado Ltd was as follows: c Carrying amount Fair valueMachinery $40,000 $67,000Fixtures & fittings 60,000 68,000Vehicles 35,000 35,000 Current assets 10,000 12,000Current liabilities (16,000) (18,000)Total net assets…Question 1 a) Given below are the statements of financial position of H and its subsidiary S as at 31 December 2021. Ordinary shares of RM1.00 each Share premium Revaluation reserve Retained profit Liabilities Inventory Accounts receivable H RM 120,000 250,000 70,000 100,000 Fixed Assets - Land 300,000 Investment in S - 150,000 ordinary shares at cost 250,000 RM Share premium 50,000 Revaluation reserve 15,000 Retained profit 20,000 S RM 500,000 200,000 100,000 50,000 40,000 30,000 50,000 20,000 50,000 50,000 740,000 350,000 i. NCI is not measured at fair value. H acquired 150,000 of the ordinary shares of S on 1 January 2017 when the balance in S's accounts were: 740,000 350,000 Required: Prepare the consolidated statement of financial position of H and of its subsidiary S as at 31 December 2021 where: ii. NCI is measured at fair value where the fair value of S's shares on 1 January 2017 was RM1.45 per share and on 31 December 2021 was RM1.80The accounts below appear in the December 31, 2022 trial balance of BFAR Corporation: Ordinary Share Capital Subscribed Ordinary Share Capital Subscription Receivable Share Premium Accumulated Profits - Unappropriated Accumulated Profits - Appropriated Treasury Shares, at cost Compute the Total Shareholders' Equity. 3,000,000 1,000,000 400,000 500,000 600,000 300,000 400,000
- 3. Caring Company owned 6,000 shares of equity securities of Amiable Company with carrying amount of P80 per share. On November 15, 2019, Caring Company declares Amiable shares as property dividends to be paid on February 14, 2020. The quoted price for Amiable share is P90 on November 15, 2019, P110 on December 31, 2019 and P100 on February 14, 2020. Required: Compute the following: a.) Dividends payable as of December 31, 2019 b.) Gain on property dividend distributionPreblem 18-2 (ACP) Endless Company provided the following shareholders' equity on December 31, 2021: Preference share capital, 12% P100 par Ordinary share capital, P100 Share premiumm Retained earnings 1,000,000 4,000,000 2,000,000 1,000,000 Dividends have been paid on the preference share up to December 31, 2019. Required: Compute the book value per ordinary share and per preference share under each of the following conditions with respect to preference share: a. Cumulative and fully participating b. Cumulative and fully participating after ordinary share receives 15% c. Cumulative and participating up to 16% d. Cumulative and nonparticipating e. Noncumulative and nonparticipatingOn 1 July 2023, Supplyco Ltd provides Grove Ltd with some inventory, which has a fair value of $200 000. In exchange for the inventory, Grove Ltd provides Supplyco Ltd with 20 000 shares in Grove Ltd. REQUIRED Provide the accounting entry to account for the above equity-settled share-based transaction.
- 5. The directors have made the following provisions for the year ended 30 April 2021:(i) A final dividend of RM0.10 per share is to be paid to ordinary shareholders.(ii) Preference dividend to be paid in full.(iii) Transferred RM4,000 to the general reserve account. Question Prepare the statement of profit or loss of Gagah Sdn. Bhd. for the year ended 30 April 2021."The general assembly of the ABC Public Shareholding Company decided to distribute the net profit of the company JD 320,000. The balance of retained earnings on 1/1/2018 is JD 18,000. Compulsory reserve for 2018 is" 64000 18000 32000 48000An entity owed 100% of another's entity's preference shares and 20% of ordinary shares. The investee's share capital outstanding on December 31, 2019 included 5,000,000 of 10% cumulative preference shares and 10,000,000 of ordinary shares. The investee reported net income of 8,000,000 for 2019. No dividend was declared for both preference and ordinary shares in 2019. What amount should be reported as investment income for 2019? a. 1,600,000 b. 1,500,000 c. 2,000,000 d. 1,000,000
