The following are financial statements for Hanida Berhad and its foreign subsidiary Zala Pvt Ltd in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are financial statements for Hanida Berhad and its foreign subsidiary Zala Pvt Ltd in Z country for year ended 31 December 2021: Statements of Profit & Loss for year ended 31 December 2021 Sales -) Cost of sales Opening inventory +) Purchases -) Closing inventory (1,000) Gross profit -) Expenses -) Depreciation Net profit 1,000 6,000 Hanida (RM'000) Zala (Z'000) 11,000 2,000 Investment in Zala Property, plant & equipment Inventory Trade receivables Bank Ordinary shares Retained profit b/f Retained profit for the year Non-current loan Trade payables Rates of exchange 1 January X7 Average rate for the year 31 December X7 100 800 (6,000) (100) Statements of Financial Position as at 31 December 2021 5,000 (1,200) (800) 3,000 Hanida (RM'000) Zala (Z'000) 1,200 4,800 1,000 1,800 600 9,400 3,400 3,000 (800) 1,200 (500) (300) 400 400 Zala RM 3 1 2.5 1 2 1 Date closing inventory purchased 2.25 1 Date opening inventory purchased 3 1 1 January X4 - date PPE acquired 4 1 3,000 100 500 200 3,800 2,000 1,000 400 200 200 Required: (a) Calculate goodwill on consolidation. Determine NCI on acquisition date. (b) Translate Statement of Financial Position of Zala Pvt Ltd (c) Translate Statement of Profit & Loss of Zala Pvt Ltd (d) Determine the exchange difference in statement of financial position and statement of profit and loss (e) Prepare consolidated statement of profit and loss for year ended 31 December 2021 (f) Prepare consolidated statement of financial position as at 31 December 2021 The following are financial statements for Hanida Berhad and its foreign subsidiary Zala Pvt Ltd in Z country for year ended 31 December 2021: Statements of Profit & Loss for year ended 31 December 2021 Sales -) Cost of sales Opening inventory +) Purchases -) Closing inventory (1,000) Gross profit -) Expenses -) Depreciation Net profit 1,000 6,000 Hanida (RM'000) Zala (Z'000) 11,000 2,000 Investment in Zala Property, plant & equipment Inventory Trade receivables Bank Ordinary shares Retained profit b/f Retained profit for the year Non-current loan Trade payables Rates of exchange 1 January X7 Average rate for the year 31 December X7 100 800 (6,000) (100) Statements of Financial Position as at 31 December 2021 5,000 (1,200) (800) 3,000 Hanida (RM'000) Zala (Z'000) 1,200 4,800 1,000 1,800 600 9,400 3,400 3,000 (800) 1,200 (500) (300) 400 400 Zala RM 3 1 2.5 1 2 1 Date closing inventory purchased 2.25 1 Date opening inventory purchased 3 1 1 January X4 - date PPE acquired 4 1 3,000 100 500 200 3,800 2,000 1,000 400 200 200 Required: (a) Calculate goodwill on consolidation. Determine NCI on acquisition date. (b) Translate Statement of Financial Position of Zala Pvt Ltd (c) Translate Statement of Profit & Loss of Zala Pvt Ltd (d) Determine the exchange difference in statement of financial position and statement of profit and loss (e) Prepare consolidated statement of profit and loss for year ended 31 December 2021 (f) Prepare consolidated statement of financial position as at 31 December 2021
Expert Answer:
Answer rating: 100% (QA)
ANSWER a Goodwill on consolidation 11000 1000 2000 100 9900 1900 8000 NCI on acquisition date 1200 1... View the full answer
Related Book For
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
Posted Date:
Students also viewed these accounting questions
-
The following are financial statements for Germaine Company: Germaine Company Comparative Balance Sheet December 31, 2013 and 2012 (Dollars in thousands)...
-
The following are financial statements for Germaine Company: The following information is also available for 2011: (a) Plant assets were sold for their book value of $180 during the year. The assets...
-
The following are financial statements for the Genatron Manufacturing Corporation for the years 2016 and 2017: Selected Balance Sheet Information Selected Income Statement Information Calculate...
-
The following are the major balance sheet classifications: Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE)...
-
Which one of the following is not a primary reason companies invest in other companies? a To earn return on excess cash b. To eliminate risk in other investments c. To gain influence over another...
-
What are the advantages of using hydraulic systems rather than mechanical systems to operate automobile brakes or the control surfaces of an airplane?
-
Computing and journalizing employer's payroll taxes The following form is used by Mountain Manufacturing Company to compute payroll taxes incurred during the month of April: Unemployment Taxes...
-
Pamelas Quilt Shoppe sells homemade Amish quilts. Pamela buys the quilts from local Amish artisans for $ 240 each, and her shop sells them for $ 410 each. She also pays a sales commission of 4% of...
-
show process 6 Suppose [ f (x) dx = 9 and f g(x) dx = 6. -3 -3 6 Evaluate S (4 f(x) - 2g(x)) da. -3 Remember to include a "+ C" if appropriate. Number
-
The Bellow Trust has the following activities during Year 2. Dividend Income $100,000 Tax-Exempt Interest Income $15,000 Recognized Long-Term Capital Gain, allocated by trust agreement to income...
-
Victoria lived in her house as a primary residence from 2013 until November 2021. At that time, she converted the house to a rental property. In November 2022, she sold the property. Victoria files...
-
Jane Distributing Company uses the perpetual inventory system. Jane had the following transactions related to merchandise during the month of August: Aug. 10 Purchased on account merchandise for...
-
Storytime Park competes with Daisy World by providing a variety of rides. Storytime sells tickets at \($70\) per person as a one-day entrance fee. Variable costs are \($15\) per person, and fixed...
-
Mel owns a machine shop. In reviewing his utility bill for the last 12 months he found that his highest bill of \($2,400\) occurred in August when his machines worked 1,000 machine hours. His lowest...
-
Garys Steel Parts produces parts for the automobile industry. The company has monthly fixed costs of \($630,000\) and a contribution margin of 95% of revenues. Requirements 1. Compute Garys monthly...
-
Owner Shan Lo is considering franchising her Noodles restaurant concept. She believes people will pay \($8\) for a large bowl of noodles. Variable costs are \($1.60\) per bowl. Lo estimates monthly...
-
A Potating, panoramic camera attached to a helium balloon can capture images of all the airspace below the balloon. The altitude, in feet, of the balloon m minutes after it is released, is equal to 4...
-
What is the ideal number of children to have? This question was asked on the Sullivan Statistics Survey I. Draw a dot plot of the variable Children from theSullivanStatsSurveyI data set at...
-
Define the term 'current audit file', and list several types of information typically included.
-
In an examination of Marco Company Ltd as of 31 December 20X0, the following situations exist. No entries in respect to them have been made in the accounting records. 1. Marco Company Ltd has...
-
The following are an income statements and balance sheets for General Foods Ltd. REQUIRED a. Use professional judgment in deciding on the preliminary judgment about materiality for profit, current...
-
This information is for OBrien Corporation for the year ended December 31, 2012. Instructions (a) Prepare the 2012 statement of cash flows for OBrien Corporation. (b) Suppose you are one of OBriens...
-
The following data are derived from the 2009 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end. Instructions (a) After analyzing the data,...
-
Gabelli Corporation was formed on January 1, 2012. At December 31, 2012, John Paulus, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows John willingly...
Study smarter with the SolutionInn App