Below are the Statement of Comprehensive Income of Jan Bhd. Sun Bhd and Mon Bhd for...
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Below are the Statement of Comprehensive Income of Jan Bhd. Sun Bhd and Mon Bhd for year ended December 31, 2021. wwwwww. www Revenue Less Cost of sales Gross profit Selling & Distribution expenses Administrative expenses Dividend from Sun Bhd Finance income Finance cost Profit before tax Less: Taxation Profit after tax Other Comprehensive Income Gain or loss on property revaluation Total Comprehensive Income Jan Bhd RM'000 wwwwww. 30,000 (4,800) 25,200 (1,320) (2,600) 40 600 (320) 21,600 (1,600) 20,000 (800) 19,200 Sun Bhd wwwwwww RM'000 25,000 (11,200) 13,800 (1,600) (2,060) (340) 9,800 (400) 9,400 600 10,000 Mon Bhd wwwwww RM'000 36,800 (9,000) 27,800 (1,560) (800) (240) 25,200 (2,200) 23,000 23,000 On January 01, 2018, Jan Bhd acquired 80% and 40% of the equity interest in Sun Bhd and Mon Bhd respectively. On the acquisition date, the retained profit of Sun Bhd was RM8,000,000 and Mon Bhd was RM4,000,000. On this date, the fair value of Sun Bhd's property was RM400,000 more than its carrying amount whose remaining useful life was 10 years. i. ii. III. iv. V. vi. vii. Jan Bhd recognize only the parent's share goodwill. During the year 2021, the parent's share of the goodwill in Sun Bhd was impaired by RM20,000. As at 31 December 2021, it was determined that investment in Mon Bhd was impaired by RM20,000. Revenue of Sun Bhd include RM480,000 sales to Jan Bhd. Sun Bhd sells to Jan Bhd at cost plus 20% and, 30% of these goods still remain in the closing inventories. Revenue of Mon Bhd include sales to Jan Bhd of RM200,000. Mon Bhdsells to Jan Bhd at 20% on profit. Jan has sold 50% of these goods at the year end. During the year, Sun Bhd has sold a piece of land to Jan Bhd ofcarrying value RM200,000 for RM280,000. All depreciation, impairment and amortization charges should be as part of administrative expenses. The non-controlling interest is measured in proportion to the fair value of the net asset. Required: Prepare the Consolidated Statement of Comprehensive Income for Jan group for year ended December 31,2021. Show all relevant workings. Below are the Statement of Comprehensive Income of Jan Bhd. Sun Bhd and Mon Bhd for year ended December 31, 2021. wwwwww. www Revenue Less Cost of sales Gross profit Selling & Distribution expenses Administrative expenses Dividend from Sun Bhd Finance income Finance cost Profit before tax Less: Taxation Profit after tax Other Comprehensive Income Gain or loss on property revaluation Total Comprehensive Income Jan Bhd RM'000 wwwwww. 30,000 (4,800) 25,200 (1,320) (2,600) 40 600 (320) 21,600 (1,600) 20,000 (800) 19,200 Sun Bhd wwwwwww RM'000 25,000 (11,200) 13,800 (1,600) (2,060) (340) 9,800 (400) 9,400 600 10,000 Mon Bhd wwwwww RM'000 36,800 (9,000) 27,800 (1,560) (800) (240) 25,200 (2,200) 23,000 23,000 On January 01, 2018, Jan Bhd acquired 80% and 40% of the equity interest in Sun Bhd and Mon Bhd respectively. On the acquisition date, the retained profit of Sun Bhd was RM8,000,000 and Mon Bhd was RM4,000,000. On this date, the fair value of Sun Bhd's property was RM400,000 more than its carrying amount whose remaining useful life was 10 years. i. ii. III. iv. V. vi. vii. Jan Bhd recognize only the parent's share goodwill. During the year 2021, the parent's share of the goodwill in Sun Bhd was impaired by RM20,000. As at 31 December 2021, it was determined that investment in Mon Bhd was impaired by RM20,000. Revenue of Sun Bhd include RM480,000 sales to Jan Bhd. Sun Bhd sells to Jan Bhd at cost plus 20% and, 30% of these goods still remain in the closing inventories. Revenue of Mon Bhd include sales to Jan Bhd of RM200,000. Mon Bhdsells to Jan Bhd at 20% on profit. Jan has sold 50% of these goods at the year end. During the year, Sun Bhd has sold a piece of land to Jan Bhd ofcarrying value RM200,000 for RM280,000. All depreciation, impairment and amortization charges should be as part of administrative expenses. The non-controlling interest is measured in proportion to the fair value of the net asset. Required: Prepare the Consolidated Statement of Comprehensive Income for Jan group for year ended December 31,2021. Show all relevant workings.
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Consolidated Statement of Comprehensive Income of Jan Group For the year ended December 31 2021 Part... View the full answer
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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