Additional information: Mariami acquired 40% of ordinary shares in Ajwa on 1 January 2021 with consideration transferred
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Question:
Additional information:
- Mariami acquired 40% of ordinary shares in Ajwa on 1 January 2021 with consideration transferred of RM13,000,000. On that date retained earnings on Ajwa is RM4,600,000.
- On acquisition date, machinery belonging to Ajwa had a fair value of RM200,000 more than the carrying value. Machinery is estimated to have a useful life of 20 years
- During the year, Mariami sold inventories to Ajwa with the invoice price of RM200,000 at cost plus 25%. 50% of the inventories remain unsold.
- On 31 December 2021 the fair value of plant is estimated at RM4,180,000.
- The recoverable amount of the investment in Ajwa is less than the carrying amount by RM16,000.
Required:
Prepare the Group Statement of Financial Position as at 31 December 2021. Note: Show all relevant workings.
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
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