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JF Bhd acquired 60% interest in the equity capital of MN Bhd on 31 December 2020. At the acquisition date, MN Bhd has disclosed in
JF Bhd acquired 60% interest in the equity capital of MN Bhd on 31 December 2020. At the acquisition date, MN Bhd has disclosed in its notes to financial statement a contingent liability of RM800,000 involving a pending lawsuit in which the lawyer advised that there was a high probability that a company would lose the case. Prepare consolidation journal entry of JF Bhd and MN Bhd.
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