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Kindly show the working as well , it will be helpful for me 13.8 Additional information: a. The paid-up capital of Juvenile is made up
Kindly show the working as well , it will be helpful for me
13.8 Additional information: a. The paid-up capital of Juvenile is made up of 5 million ordinary shares. b. Ancient bought 80 percent of the issued ordinary share capital of Juvenile on 1 January 5 when the retained profit of Ancient was RM100,000. On that date, a building of Juvenile was revalued to RM2 million and the carrying amount was RM1.5 million. The remaining useful life was 40 years. Juvenile did not incorporate the fair value in its accounts. Straight-line method of depreciation is used. c. During the current year, Juvenile sold inventory costing RM500,000 for RM600,000 to Ancient. Fifty percent of the inventory remains unsold. d. Ancient deals in furniture and sold inventory costing RM100,000 for RM150,000 to Juvenile this year. Juvenile treats this inventory as a non-current asset. The useful life of the furniture is ten years. This sale is included in the turnover of Ancient for the year. e. Ancient has not recognised its share of dividends from Juvenile. f. The depreciation charge for buildings and furniture is included in administrative expenses. g. Goodwill on consolidation of RM80,000 is impaired by 31 December 6 and a further RM40,000 was impaired as at 31 December x7. The group recognises non-controlling interest on the date of acquisition at fair value. Required: i. Prepare the consolidated statement of profit or loss. ii. Determine the composition of group retained profit as at 1 January 7 and 31 December 7Step by Step Solution
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