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Question 4 RM Petal Ltd Financial Position as at 31 December 2020 RM Investment in Subsidiary: - 40,000 ordinary shares at RM 1 - 30,000 preference shares at RM 1 Fixed assets 80,000 Less: depreciation (8,000) 68,000 40,000 72,000 Current assets 12,600 192,600 110,000 Share capital at RM 1 ordinary share Profit and loss: - as at 31.12.2019 - as at 31.12.2020 52,600 30,000 82,600 192,600 RM Fixed assets Less: depreciation Sun Ltd Financial Position as at 31 December 2020 RM 60,000 (6,000) 54,000 Current assets 78,000 132,000 50,000 30,000 Ordinary share at RM 1 per share Preference shares at RM 1 per share Profit and loss: - as at 31.12.2019 - add profit of 2020 30,000 22,000 52,000 132,000 Additional information: Petal Ltd sold RM 25,000 fixed asset to Sun Ltd in 2020 at RM 21,500. This fixed asset is depreciated at 10% on its cost by Sun Ltd. Prepare the consolidated financial position as at 31 December 2020. Answer: Petal Ltd sold RM 25.000 fixed asset to Sun Ltd in 2020 at RM 21,500. This fixed asset is depreciated at 10% on its cost by Sun Ltd Calculation of goodwill: Canceled out investment in subsidiary (ordinary share) RM RM Investment in Sun Ltd 68,000 (-)Share capital of Sun Ltd (50,000 (40,000) Profit (30,000 X0.8) (20.000 (24000) 80,000 (6 4000) Goodwill |(12,000) 4000 ma Canceled out investment in subsidiary (preference share) RM RM Investment in Sun Ltd 40.0004 yo - share in Sun Ltd (30,000) 10,000 v Goodwill Fixed asset - 25,000 - 21 500 - 3,500 V Depreciation 25.000 x 10% = 2.500 21 500 x 10% = 2.150 x 2,500-2 150 350 Petal Ltd 2010 Consolidated Financial Position as at 31 December 2014 j RM RM 4000 Goodwill(-12600+10,000) 0.0001 14000 Fixed assets (80.900 + 60,000 + 3,500) 143,500 depreciation (8000 - 6.000 350 (14 350 129,150 Current assets(12.600 + 78,000) () 217,750 233250 90,600 110,000 Share capital as at RMI ordinary share Profit&loss Parent (82,600 + 3.500) Subsidiary ( PJUU 350) 17600 V 86,100 24750 17.250 7.750 103350 217.754 minority Interest: 20400 233,754 Total 21 Parent 801. 40000 Share os MI 20%. IUOVO /37 57,000 Pusat 30,000 24000 6000 v 31/12/2017 16,000 28000 Pasat 22,000 17,600 4,400V 31/12/200 20,400