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please help me will give you good rating (c) Nico Berhad, an import and export company was incorporated in UK on 1 January 2010, where
please help me will give you good rating
(c) Nico Berhad, an import and export company was incorporated in UK on 1 January 2010, where the functional and presentation currency is . On 1 January 2020, it acquired 90% of the issued ordinary shares capital of Linton Berhad which is situated in a country called Malaysia. The functional currency is "RM. The retained earnings of Linton Berhad on 1 January 2020 was RM100 million. The statement of profit or loss for the year ended 31 December 2020 and the statement of financial position as at the date for Linton Berhad are as follows: Statement of Profit or Loss for the year ended 31 December 2020 RM' million RM million Sales 675 (-) Cost of goods sold Opening inventory 100 Purchase 475 Closing inventory (200) (375) Gross Profit 300 Depreciation 45 Other expenses 55 100 Net profit before taxation 200 Statement of financial position as at 31 December 2020 RM' million Non-current assets Plant and equipment 600 Current assets Inventory 200 Account receivables 180 Bank 120 1.100 Shareholders' equity Share capital 600 Retained earnings 100 Profit for the year 200 Current Liabilities Trade payables 200 1.100 Exchange rates: Average for the year 2019 1 January 2020 Average for the Year 2020 31 December 2020 RM 4.50 4.00 4.50 5.00 f 1.00 1.00 1.00 1.00 Required: (1) Translate the Statement of Profit or Loss of Linton Berhad for consolidation purpose. (11) Translate the Statement of Financial Position of Linton Berhad for consolidation purposeStep by Step Solution
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