The following are the statement of comprehensive income for Mocha Berhad, Arabica Sdn Bhd, and Latte...

 

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The following are the statement of comprehensive income for Mocha Berhad, Arabica Sdn Bhd, and Latte Sdn Bhd for year ending 31.12.2019: Draft Statement of Comprehensive Income for period ending 31.12.2019 Turnover Cost of Sales Gross Margin Expenses Operating Profit Gain on sale of plant Dividends from subsidiary Profit before tax Taxation Profit after taxation Retained Earnings @ 1.1.2019 Other information: Ordinary dividends paid in 2019 Preference dividends paid in 2019 Ordinary share capital Mocha Arabica Latte (RM'000) (RM000) (RM'000) 130,000 24,600 16,400 (72,200) (14,200) (9,400) 57,800 10,400 7,000 (7,500) (4,020) (38,400) 19,400 2,900 2,980 1,200 Nil 1,000 21,600 (5,400) 16,200 46,200 400 3,300 (800) 2,500 17,600 4,000 Nil Nil Nil 2,980 (700) 2,280 10.900 2,000 800 Nil 100 130,000 19,000 11,600 Additional Information: 1. Mocha acquired 80% of the ordinary shares of Arabica on 1.1.2019. Goodwill on consolidation was RM4.4million. Goodwill was impaired by 20% as at 31.12.2019. Non- controlling interest is measured in proportion to the fair value of the net assets of the subsidiary on the acquisition date. 2. On 1st July 2019, Arabica acquired 75% of issued ordinary shares and 20% of preference shares belonging to Latte for RM4.6million. Goodwill on consolidation was RM500,000, RM100,000 of the goodwill was impaired as at 31.12.2019. 3. During the year, Arabica sold inventory at invoice value of RM400,000 to Mocha and sot plus 25%. Mocha has not sold any of these inventories yet. 4. In year 2019, Mocha sold a plant of carrying amount of RM700,000 for RM900,000. The remaining useful life is 5 years. Full year's depreciation is given in the year of acquisition and non in the year of disposal. Depreciation policy is on a straight line basis. Required: (a) Prepare the consolidated statement of comprehensive income for the period ending 31.12.2019. (b) Determine the group's retained earnings as at 31.12.2019. The following are the statement of comprehensive income for Mocha Berhad, Arabica Sdn Bhd, and Latte Sdn Bhd for year ending 31.12.2019: Draft Statement of Comprehensive Income for period ending 31.12.2019 Turnover Cost of Sales Gross Margin Expenses Operating Profit Gain on sale of plant Dividends from subsidiary Profit before tax Taxation Profit after taxation Retained Earnings @ 1.1.2019 Other information: Ordinary dividends paid in 2019 Preference dividends paid in 2019 Ordinary share capital Mocha Arabica Latte (RM'000) (RM000) (RM'000) 130,000 24,600 16,400 (72,200) (14,200) (9,400) 57,800 10,400 7,000 (7,500) (4,020) (38,400) 19,400 2,900 2,980 1,200 Nil 1,000 21,600 (5,400) 16,200 46,200 400 3,300 (800) 2,500 17,600 4,000 Nil Nil Nil 2,980 (700) 2,280 10.900 2,000 800 Nil 100 130,000 19,000 11,600 Additional Information: 1. Mocha acquired 80% of the ordinary shares of Arabica on 1.1.2019. Goodwill on consolidation was RM4.4million. Goodwill was impaired by 20% as at 31.12.2019. Non- controlling interest is measured in proportion to the fair value of the net assets of the subsidiary on the acquisition date. 2. On 1st July 2019, Arabica acquired 75% of issued ordinary shares and 20% of preference shares belonging to Latte for RM4.6million. Goodwill on consolidation was RM500,000, RM100,000 of the goodwill was impaired as at 31.12.2019. 3. During the year, Arabica sold inventory at invoice value of RM400,000 to Mocha and sot plus 25%. Mocha has not sold any of these inventories yet. 4. In year 2019, Mocha sold a plant of carrying amount of RM700,000 for RM900,000. The remaining useful life is 5 years. Full year's depreciation is given in the year of acquisition and non in the year of disposal. Depreciation policy is on a straight line basis. Required: (a) Prepare the consolidated statement of comprehensive income for the period ending 31.12.2019. (b) Determine the group's retained earnings as at 31.12.2019.

Answer rating: 100% (QA)

a Mocha Berhad Statement of Comprehensive Income For the Period Ended 31 December 2019 Revenue 13000... View the full answer