Colour Sdn Bhd. was formed to acquire all the assets and liabilities of Blue Sdn. Bhd. and Red Sdn. Bhd. as on 31.12.Year 2 Following are the balance sheets of Blue Sdn. Bhd. and Red Sdn. Bhd. as at 31.12. Year 2 Blue Sdn. Bhd. Red Sdn. Bhd RM RM Fixed assets 600,000 400,000 Goodwill 30,000 Preliminary expenses 2,000 Current assets 150,000 80,000 782,000 480,000 Ordinary shares of RM1/cach 600,000 400,000 10% Preference shares of RM1-each 100,000 Share premium 32,000 20,000 Profit and loss account 30,000 10,000 Creditors 20,000 50,000 782,000 480,000 Additional information: (1) The authorised capital of Colour Sdn. Bhd. consist of 200,000 6% preference shares of RM1/ each and 2,000,000 ordinary shares of RM1 each. Formation expenses amounted to RM2,000. (2) The assets were revalued as to: Blue Sdn. Bhd. Red Sdn. Bhd. RM RM Fixed assets 650,000 420,000 Current assets 120,000 60,000 (3) The purchase consideration payable by Colour Sdn. Bhd. to the liquidators of Blue Sdn. Bhd. and Red Sdn. Bhd. was as: Blue Sdn. Bhd Red Sdn. Bhd. RM RM To the preference shareholders 6% preference shares 110,000 To the ordinary shareholders ordinary shares 660,000 450,000 All of the above mentioned shares were to be issued at par value, and as fully paid up shares. You are required to (a) Determine what a holder of 100 preference shares and a holder of 500 ordinary shares of Blue Sdn. Bhd. would receive on liquidation. (b) Prepare journal entries to close the books of Blue Sdn. Bhd, and open the books of Colour Sdn. Bhd. Id Prepare the balance sheet of Colour Sdn. Bhd. immediately after the amalgamation Colour Sdn Bhd. was formed to acquire all the assets and liabilities of Blue Sdn. Bhd. and Red Sdn. Bhd. as on 31.12.Year 2 Following are the balance sheets of Blue Sdn. Bhd. and Red Sdn. Bhd. as at 31.12. Year 2 Blue Sdn. Bhd. Red Sdn. Bhd RM RM Fixed assets 600,000 400,000 Goodwill 30,000 Preliminary expenses 2,000 Current assets 150,000 80,000 782,000 480,000 Ordinary shares of RM1/cach 600,000 400,000 10% Preference shares of RM1-each 100,000 Share premium 32,000 20,000 Profit and loss account 30,000 10,000 Creditors 20,000 50,000 782,000 480,000 Additional information: (1) The authorised capital of Colour Sdn. Bhd. consist of 200,000 6% preference shares of RM1/ each and 2,000,000 ordinary shares of RM1 each. Formation expenses amounted to RM2,000. (2) The assets were revalued as to: Blue Sdn. Bhd. Red Sdn. Bhd. RM RM Fixed assets 650,000 420,000 Current assets 120,000 60,000 (3) The purchase consideration payable by Colour Sdn. Bhd. to the liquidators of Blue Sdn. Bhd. and Red Sdn. Bhd. was as: Blue Sdn. Bhd Red Sdn. Bhd. RM RM To the preference shareholders 6% preference shares 110,000 To the ordinary shareholders ordinary shares 660,000 450,000 All of the above mentioned shares were to be issued at par value, and as fully paid up shares. You are required to (a) Determine what a holder of 100 preference shares and a holder of 500 ordinary shares of Blue Sdn. Bhd. would receive on liquidation. (b) Prepare journal entries to close the books of Blue Sdn. Bhd, and open the books of Colour Sdn. Bhd. Id Prepare the balance sheet of Colour Sdn. Bhd. immediately after the amalgamation