Question: Please help me solve in correct and fully answer Thanks in advance. Additional information: i. Assume that all income and expenses accrue evenly throughout the

Please help me solve in correct and fully answer

Thanks in advance.

Please help me solve in correct and fully answer Thanks in advance.

Additional information: i. Assume that all income and expenses accrue evenly throughout the year. ii. On 1 January 2015 Gigo Bhd. acquired 70% of the equity share capital of Oligo Sdn. Bhd. for a cash consideration of RM215,000. The retained earnings of Oligo Son. Bhd. were RM75,000 at this date. iii. Non-controlling interest is measured as a proportion of the net assets on the day of acquisition. iv . At the date of acquisition, Oligo Son. Bhd.'s assets had fair values that were equal to their carrying values. The one exception was an item of plant. This plant had a fair value of RM30,000 in excess of its carrying value. The plant had a remaining life of five years at the date of acquisition. The Gigo group uses a straight-line depreciation method. This revaluation has not been taken into account in the Statements of Financial Position shown above. v. Gigo Bhd. sold goods to Oligo Sdn. Bhd. on 1 of December 2016. The invoice price was RM40,000. The goods had a mark-up of 10% on cost. All the goods were still in inventory on 31 of December 2016. vi. As at 31 December 2016, the difference on the inter-company accounts (between Gigo Bhd. and Oligo Son. Bhd.) relates to cash in transit. Required: Prepare the Consolidated Statement of Financial Position for the Gigo Bhd Group as at 31 December 2016. You should show all workings

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!