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20 Chapter 11 - 11.2 Given below are the statements of financial position of Sing and Dance as at 31 December 14 Sing RM'000 Equity 2.000 Ordinary shares (2.000.000) Ordinary shares (800,000) Preference shares 500 Retained profit Dance RIA'000 PD 400 Non-current liabilities 12 percent debentures Current liabilities Current account - Sing Bank Overdraft Trade payables 120 120 2.750 30 1 20 2.050 B60 1.210 1,100 150 Non-current assets Investment In Dance at cost 720,000 ordinary shares RM150,000 12 percent debentures Research and development Current assets Inventories Trade receivables Current account - Dance Bank 30 160 200 210 35 195 2,750 80 2,000 C. Additional information: Sing bought the shares and debentures in Dance on 1 January 3 when the retained profit of Dance was RM300,000. In order to determine the price to be paid for the shares of Dance, the assets of Dance were revalued Dance had an unrecognised intangible asset brand which had a fair value of RM100,000. Sing has estimated the economic life of the brand to be five years. b. On the date of acquisition, the non-controlling interest had a fair value of RM122,000. The research and development in Dance had a carrying value of RM600,000 on 1 January x3. Dance amortises it at RM50,000 per annum. The group amortises research and development at 10 percent per annum on a straight-line basis d. The difference in the current accounts is due to inventories (at cost) sent by Sing to Dance which is still in transt Included in the trade receivables of Sing is RM20,000 due from Dance. However , Dance has remitted RM9,000 on account of this debt on 31 December 4, which was only received by Sing on 1 January 5. Required: From the information given, you are required to prepare the consolidated statement of financial position as a 31 December 4. e. 20 Chapter 11 - 11.2 Given below are the statements of financial position of Sing and Dance as at 31 December 14 Sing RM'000 Equity 2.000 Ordinary shares (2.000.000) Ordinary shares (800,000) Preference shares 500 Retained profit Dance RIA'000 PD 400 Non-current liabilities 12 percent debentures Current liabilities Current account - Sing Bank Overdraft Trade payables 120 120 2.750 30 1 20 2.050 B60 1.210 1,100 150 Non-current assets Investment In Dance at cost 720,000 ordinary shares RM150,000 12 percent debentures Research and development Current assets Inventories Trade receivables Current account - Dance Bank 30 160 200 210 35 195 2,750 80 2,000 C. Additional information: Sing bought the shares and debentures in Dance on 1 January 3 when the retained profit of Dance was RM300,000. In order to determine the price to be paid for the shares of Dance, the assets of Dance were revalued Dance had an unrecognised intangible asset brand which had a fair value of RM100,000. Sing has estimated the economic life of the brand to be five years. b. On the date of acquisition, the non-controlling interest had a fair value of RM122,000. The research and development in Dance had a carrying value of RM600,000 on 1 January x3. Dance amortises it at RM50,000 per annum. The group amortises research and development at 10 percent per annum on a straight-line basis d. The difference in the current accounts is due to inventories (at cost) sent by Sing to Dance which is still in transt Included in the trade receivables of Sing is RM20,000 due from Dance. However , Dance has remitted RM9,000 on account of this debt on 31 December 4, which was only received by Sing on 1 January 5. Required: From the information given, you are required to prepare the consolidated statement of financial position as a 31 December 4. e