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Delima Essay

481 words - 2 pages

TEST TWO
GROUP ACCOUNTING AND REPORTING
ONE HOUR THIRTY MINUTES

QUESTION 1

The draft statements of comprehensive income and statements of changes in equity of Lisa Bhd, Marie Bhd and Presley Bhd for the year ended 31 December 2011 are given below:

Statements of Comprehensive Income for the year ended 31 December 2011
| |Lisa Bhd | |Marie Bhd | |Presley Bhd |
| |RM000 | |RM000 | |RM000 |
|Sales |180,000 | |160,000 | |100,000 ...view middle of the document...

On 1 January 2009, Lisa Bhd acquired 60% of the issued ordinary shares in Marie Bhd for RM710 million. On that date, the fair value of the plant of Marie Bhd was RM6 million and its carrying value was RM5 million. The remaining economic life of the plant was 8 years. Marie Bhd did not incorporate the fair value in its accounts. On 1 January 2009, the retained profit of Marie Bhd had a credit balance of RM4 million and there were no other reserves. The issued share capital of Marie Bhd is made up of 815 million ordinary shares of RM1 each.

2. On 1 April 2011, Lisa Bhd acquired 25% of the issued ordinary shares of Presley Bhd. Lisa Bhd has joint control over Presley Bhd. Goodwill on consolidation was RM100,000 and there was no impairment of goodwill.

3. During the month of August 2010, Presley Bhd sold goods to Lisa Bhd for RM20 million of which RM4 million remained in the inventory of Lisa Bhd at 31 December 2011. Presley Bhd made a profit of RM6 million on these sales.

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