Please answer this ....tq
Juara Bhd, a company incorporated in Malaysia, manufactured household electrical appliances. On 1 July 2018, Juara Bhd acquired all the issued shares of Slim Ltd, a Singapore company. Slim Ltd manufactured few other electrical appliances for the Singapore market. Its' revenues and operating expenses are denominated mainly in SGD. The trial balance of Slim Ltd at 30 June 2020 was: SGD SGD Share capital 800,000 Retained earnings at 1/7/2019 240,000 General reserves 100,000 Trade payables 240,000 Current tax liability 140,000 Sales 610,000 Proceed on sale of land 250,000 Accumulated depreciation - plant 340,000 Plant 920,000 Land 400,000 Cash 240,000 Trade receivable 300,000 Inventory at 1/7/2019 60,000 Purchases 260,000 Depreciation - plant 156,000 Carrying amount of land sold 200,000 Income tax expense 50,000 Administrative expense 24,000 Other expenses 110,000 2,720,000 2,720,000 Additional information: (0) Exchange rate based on equivalence to SGD1 were: 1 July 2019 8 October 2019 1 December 2019 1 January 2020 2 April 2020 30 June 2020 Average during last quarter 2019-2020 Average 2019-2020 RM 0.40 0.50 0.56 0.60 0.27 0.44 0.24 0.26 (ii) The ordinary shares of Slim Ltd were issued at SGD1 each on 1 July 2019. (iii) Inventory was acquired evenly throughout the year. The closing inventory of SGD60,000 was acquired during the last quarter of the year. (iv) The land on hand at the beginning of the year was sold on 8 October 2019. The land on hand at the end of the year was acquired on 1 December 2019. (V) Sales and other expenses occurred evenly throughout the year. Required: Translate the financial statements of Slim Ltd into Ringgit Malaysia (RM) according to MFRS121 The Effects of Changes in Foreign Exchange Rates. (10 marks) Juara Bhd, a company incorporated in Malaysia, manufactured household electrical appliances. On 1 July 2018, Juara Bhd acquired all the issued shares of Slim Ltd, a Singapore company. Slim Ltd manufactured few other electrical appliances for the Singapore market. Its' revenues and operating expenses are denominated mainly in SGD. The trial balance of Slim Ltd at 30 June 2020 was: SGD SGD Share capital 800,000 Retained earnings at 1/7/2019 240,000 General reserves 100,000 Trade payables 240,000 Current tax liability 140,000 Sales 610,000 Proceed on sale of land 250,000 Accumulated depreciation - plant 340,000 Plant 920,000 Land 400,000 Cash 240,000 Trade receivable 300,000 Inventory at 1/7/2019 60,000 Purchases 260,000 Depreciation - plant 156,000 Carrying amount of land sold 200,000 Income tax expense 50,000 Administrative expense 24,000 Other expenses 110,000 2,720,000 2,720,000 Additional information: (0) Exchange rate based on equivalence to SGD1 were: 1 July 2019 8 October 2019 1 December 2019 1 January 2020 2 April 2020 30 June 2020 Average during last quarter 2019-2020 Average 2019-2020 RM 0.40 0.50 0.56 0.60 0.27 0.44 0.24 0.26 (ii) The ordinary shares of Slim Ltd were issued at SGD1 each on 1 July 2019. (iii) Inventory was acquired evenly throughout the year. The closing inventory of SGD60,000 was acquired during the last quarter of the year. (iv) The land on hand at the beginning of the year was sold on 8 October 2019. The land on hand at the end of the year was acquired on 1 December 2019. (V) Sales and other expenses occurred evenly throughout the year. Required: Translate the financial statements of Slim Ltd into Ringgit Malaysia (RM) according to MFRS121 The Effects of Changes in Foreign Exchange Rates. (10 marks)
