The owner of Warna Trading, a proprietorship business, Puan Alia, and her friend Encik Irfan formed a company named Putih Sdn. Bhd. and issued to themselves 5,000 ordinary shares each at par value RM1 for cash. The purpose of forming Putih Sdn. Bhd. is to buy over the business of Warna Trading on 1 January 2021. Putih Sdn. Bhd. issued to Puan Alia 750,000 ordinary shares at a premium of 10% to satify the purchase of Warna Trading. Putih Sdn. Bhd. paid the liquidation expenses of Warna Trading which amounted to RM15,000. The formation expenses of Putih Sdn. Bhd. were RM2,500.

The financial position of Warna Trading on 1 January 2021 was as follows:

	RM		RM
Capital Puan Alia			600,000
Current liabilities
Trade payables			40,000
			640,000
Non-current assets
Office equipment (cost)	600,000
Accumulated depreciation	(200,000)		400,000
Furniture and fittings (cost)	130,000
Accumulated depreciation	(30,000)		100,000
			500,000
Current assets
Inventories	60,000
Trade receivables	50,000
Bank	30,000		140,000
			640,000

The fair value of the assets of Warna Trading as at 1 January 2021 was as follows:

	RM
Office equipment	500,000
Furniture and fittings	60,000
Inventories	70,000
Trade receivables	45,000

You are required to determine the goodwill and prepare the statement of financial position of Putih Sdn. Bhd. immediately after it had acquired Warna Trading.

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