TQ$2).$

Maisara Bhd $($MB$)$ purchased Jujur Sdn Bhd $($JSB$)$ on $1$ January $2009.$ On the date of purchased the

Retained Profits and General Reserve of ISB were as follows;

Retained Profits

General Reserve

Jujur Sdn Bhd

$($RM$)$

$100,000$

$100,000$

The

Share capital of RM$1$ each

Revaluation Reserve

Share premium

General reserve

Retained profits

Long$-$term loans

Property, plant & equipment, at NBV

Investments, at cost

$80,000$ shares in JSB$,$ at cost

Current assets

Less:

Current liabilities

Revenue

Operating expenses

Profit from operations

Finance costs

Dividends from subsidiaries

Profit before tax

Taxation

Profit after tax

Retained profits brought forward

Available for appropriation

Dividends paid

Retained profits carried forward

$($RM$)$

Maisara Bhd

$300,000$

$50,000$

$50,000$

$110,000$

$200,000$

$($RM$)$

Statement of Comprehensive Income & Retained Profits and Financial Positions of the two

companies for the year ended $2011$ were as follows; Additional information:

a$)$ Included in the property, plant & equipment of JSB were freehold land at costs of RM$80,000.$ At

the date of acquisition of these two companies, the fair value of JSB$\text{'}$s land was RM$130,000.$ No

adjustments have been made in the accounts of these two companies for the fair values and there

were no subsequent movements in the freehold land account.

b$)$ On $31$ December $2011,$ MB held stocks purchased from JSB amounting to RM$100,000.$ The

intercompany sales in the current year amounted to RM$200,000.$ These sales had a profit margin of

$10\%.$

c$)$ On $1$ January $2011,$ MB sold Plant & Equipment $($PE$)$ to JSB at RM$200,000.$ The PE's costs to JSB

was RM$150,000.$ JSB classified the assets purchased as another PE$.$ Depreciation charges forthe

group are at $10\%$ per annum.

d$)$ No impairment of goodwill was recorded for the current year.

e$)$ Assume an income tax rate of $30\%.$ Ignore tax$-$effect on intercompany transactions

You are required:

Prepare a worksheet that consolidates both MB and JSB accounts as at $31$ December $2011.$

COMPREHENSICE INCOME AND ETAINED PROFITS FOR THE YEAR ENDED $31$

DECEMBER$2011$

Statement of Financial Positions as at $31$ December $2020$