The partners of AhBa Partnership wish to convert the partnership into a limited liability

company. On $1$ January $202$X$,$ AhBa Sdn$.$ Bhd$.$ was incorporated with authorised capital of

$600,000$ ordinary shares of RM$1$ each to purchase all the assets $($except cash$),$ and

liabilities of AhBa Partnership on $1$ January $202$X$.$ AhBa Sdn$.$ Bhd$.$ was to discharge the

purchase price by issuing $400,000$ ordinary shares.

The following is the Statement of Financial Position of AhBa Partnership as at $1$ January

$202$X:

$R{M}_R{M}_{?}$

Land and Building $200,000$

Plant and Machinery $100,000$

Inventories $30,000|$

Trade Receivables $40,000$

Bank $4,{000}_{?}$

$374,000$

Capital:

Ahmad $200,000$

Baba $150,000350,000$

Trade Payables $24,000$

$374,000$

The following are the fair values of the assets taken over:

$R{M}_{?}$

Land and Building $220,000$

Plant and Machinery $110,000$

Inventories $25,000$

Trade Receivables $30,000$

The partners share profits and losses equally. Ahmad agreed to accept any cash remaining

as part settlement of the amount due to him on liquidation of the firm. You are required to