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Question 2 North Berhad, a public limited company, acquired 811% ordinary shares in East Berhad on 1 January 201? for RMB,640,000 when the accumulated retained earnings of East Berhad were RM2,000,000. North Berhad also acquired one th'rd [1.3) at the issued ord'riary share capital in West Berhad on 1 July 2019 for RM4,000,000. Balance sheets of the thee companies as at 31 December 2019 are given below: North East l\"lest Non-cment assets RH'000 RH'IJIJD R't} Freehold property 10,000 1,000 Plant and equipment 6,100 1400 3,550 Investments in companies 14,000 1,820 510 30,100 10,220 9,060 Current assets Inventories; 1,660 600 600 Accounts receivable 1,040 500 300 Cash and cash equivalents 480 100 150 3 160 1 360 1 050 Current liabilities Accounts payable 1,240 2,120 750 Taxation 440 500 60 1 660 2 520 610 Net current assets 1,500 (1,250] 240 31.600 8,960 9,300 Financed by: Ordinary shares capital 10,000 3,600 3,000 Retained prot bit 12,000 3 ,260 4,500 Profit for the year 8,600 1,600 1,300 Noncment Liabilities 6% Loan note 1,000 - 10% Bonds 500 31.600 8,960 9,300 Additional information: {1) On February 201?, East declared and paid a net dividend cl Rlli'l350,000 for the year 2016. North credited its income statement with its share of the dividend received. (2] 0n 1 January 2019, North acquired 60% of the 10% bonds issued by East paying RM300,[IIO. {3) On 1 January 201?, a piece of land of East had a fair value of RM240,000 in excess of its book value. The value this land had not changed since acquisition. [4) During 2019r North sold goods to East for RM260,000. Two thirds of these goods were still in inventory of Ea at 31 December 2019. In November 2019 North sold inventory for RM130,000 to West and West has not sold any of these inventory. North transfers inventory to East and West at a mart: up of 30% on cost. [5) As at the end of the year, East had not provided for the second hall-year intereston the 10% Bonds. [6) Included in accounts payable of East was an amount of RMT0,000 due to North. However, North has factored without recourse, RM40,[IJO of these accounts receivable. {i'} The group accounting policy for goodwill is to write it all on a straightline basis over a period of ve years with a proportionate charge where it arises part way through an accounting period. The amortisation of goodwill has not been recorded in the book yet. {0) Assume that income and expenses accnie evenly throughout the year. Rewired: {a} Prepare a consolidated statement of nancial position for North Berhad and its subsidiary as at 31 December 2019, incorporating its associate in accordance with MFRS 126; {b} Lay out world rigs for (i) Goodwill; (ii) Group retained earnings; [iii] Minority interest; and [iv] Investment in associates