Given below are the Statements of Profit or Loss of Sea Berhad and River Berhad for...

  

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Given below are the Statements of Profit or Loss of Sea Berhad and River Berhad for the year ended 31 December 2020. Turnover Cost of sales Gross profit Operating expenses Operating profit before taxation Dividends from quoted investment Debenture interest Debenture interest from River Dividends from River: Ordinary shares Preference share Profit before taxation Taxation Profit for the year Sea RM 3,400,000 (1,200,000) 2,200,000 (600,000) 1,600,000 80,000 16,000 96,000 12,600 1,804,600 (600,000) 1,204,600 RM160,000 RM42,000 River RM 2,200,000 (800,000) 1,400,000 (360,000) 1,040,000 60,000 (40,000) 1,060,000 (400,000) 660,000 Additional information: a) Retained profit of Sea Berhad and River Berhad as at 1 January 2020 is RM440,000 and RM200,000 respectively. b) Sea Berhad acquired 480,000 ordinary shares of 800,000 ordinary shares, 240,000 preference shares of 800,000 preference shares and RM160,000 10% debentures of River Berhad on 1 January 2015. The retained profit of River Berhad on the date of acquisition was RM80,000. c) On 1 January 2015, the fair value of River Berhad's building was RM400,000 more than its carrying amount. The additional depreciation based on fair value is RM40,000. d) RM400,000 sales of Sea Berhad includes sales to River Berhad at cost plus 25% and RM80,000 of the goods remain as closing inventory of River Berhad. e) RM240,000 of dividends paid for ordinary shares was made by Sea Berhad for year 2020. f) Dividends paid by River Berhad were as follows: Ordinary dividends Preference dividends Required: Prepare the Consolidated Statement of Profit or Loss of Sea Berhad Group for the year ended 31 December 2020. [25 marks] Given below are the Statements of Profit or Loss of Sea Berhad and River Berhad for the year ended 31 December 2020. Turnover Cost of sales Gross profit Operating expenses Operating profit before taxation Dividends from quoted investment Debenture interest Debenture interest from River Dividends from River: Ordinary shares Preference share Profit before taxation Taxation Profit for the year Sea RM 3,400,000 (1,200,000) 2,200,000 (600,000) 1,600,000 80,000 16,000 96,000 12,600 1,804,600 (600,000) 1,204,600 RM160,000 RM42,000 River RM 2,200,000 (800,000) 1,400,000 (360,000) 1,040,000 60,000 (40,000) 1,060,000 (400,000) 660,000 Additional information: a) Retained profit of Sea Berhad and River Berhad as at 1 January 2020 is RM440,000 and RM200,000 respectively. b) Sea Berhad acquired 480,000 ordinary shares of 800,000 ordinary shares, 240,000 preference shares of 800,000 preference shares and RM160,000 10% debentures of River Berhad on 1 January 2015. The retained profit of River Berhad on the date of acquisition was RM80,000. c) On 1 January 2015, the fair value of River Berhad's building was RM400,000 more than its carrying amount. The additional depreciation based on fair value is RM40,000. d) RM400,000 sales of Sea Berhad includes sales to River Berhad at cost plus 25% and RM80,000 of the goods remain as closing inventory of River Berhad. e) RM240,000 of dividends paid for ordinary shares was made by Sea Berhad for year 2020. f) Dividends paid by River Berhad were as follows: Ordinary dividends Preference dividends Required: Prepare the Consolidated Statement of Profit or Loss of Sea Berhad Group for the year ended 31 December 2020. [25 marks]

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Consolidated statement of Profit and loss ac Particulars SUDU GARFU SUDU Consolidated Turnover 17000... View the full answer