jadual
Exercise 1
MawiWorld Sdn Bhd acquired the shares in E-Keen Sdn Bhd on 1 October 2007 for RM359,450 when E-Keen Sdn Bhd’s profit and loss and capital reserve were RM30,600 and RM20,000 respectively.
Balance Sheets as 30 September 2008
MawiWorld Sdn Bhd
E-Keen Sdn Bhd
RM
RM
RM
RM
Non current assets
Property
200,000
270,000
Plant and machinery (net book value)
203,000
260,000
Investments in E-Keens Sdn Bhd
225,000 ordinary shares
281,450
25,000 6% preference shares
58,000
RM20,000 10% debentures
20,000
Current assets
Inventories
25,000
30,000
Account receivable
45,000
35,000
Bills receivable
14,000
18,000
Current account – E-Keen
25,000
Bank
46,550
155,550
46,700
129,700
918,000
659,700
Shareholders’ equity
Ordinary share capital of RM1.00 each
500,000
300,000
6% preference share capital of RM2.00 each
-
100,000
Capital reserve
120,000
25,000
Profit and loss
180,000
120,000
Non current liabilities
10% debentures
40,000
30,000
Current Liabilities
Accounts payable
40,000
50,000
Bills payable
15,000
8,000
Preference dividend payable
-
4,200
Ordinary dividend payable
21,000
21,000
Debenture interest
2,000
78,000
1,500
84,700
918,000
659,700
Additional information:
1. On 15 October 2007, E-Keen Sdn Bhd declared a 6% ordinary dividend which was duly recorded in the profit and loss account of MawiWorld Sdn Bhd
2. During the year, MawiWorld Sdn Bhd invoiced goods to E-Keen Sdn Bhd at RM25,000. MawiWorld Sdn Bhd charges the standard mark up of 25% on cost for all its sales. E-Keen Sdn Bhd had not received the goods and therefore did not include it in the year end inventory, nor had it received the invoice for the goods
3. Provision is to be made for half year debenture interest accrued for the year
MawiWorld Sdn Bhd acquired the shares in E-Keen Sdn Bhd on 1 October 2007 for RM359,450 when E-Keen Sdn Bhd’s profit and loss and capital reserve were RM30,600 and RM20,000 respectively.
Balance Sheets as 30 September 2008
MawiWorld Sdn Bhd
E-Keen Sdn Bhd
RM
RM
RM
RM
Non current assets
Property
200,000
270,000
Plant and machinery (net book value)
203,000
260,000
Investments in E-Keens Sdn Bhd
225,000 ordinary shares
281,450
25,000 6% preference shares
58,000
RM20,000 10% debentures
20,000
Current assets
Inventories
25,000
30,000
Account receivable
45,000
35,000
Bills receivable
14,000
18,000
Current account – E-Keen
25,000
Bank
46,550
155,550
46,700
129,700
918,000
659,700
Shareholders’ equity
Ordinary share capital of RM1.00 each
500,000
300,000
6% preference share capital of RM2.00 each
-
100,000
Capital reserve
120,000
25,000
Profit and loss
180,000
120,000
Non current liabilities
10% debentures
40,000
30,000
Current Liabilities
Accounts payable
40,000
50,000
Bills payable
15,000
8,000
Preference dividend payable
-
4,200
Ordinary dividend payable
21,000
21,000
Debenture interest
2,000
78,000
1,500
84,700
918,000
659,700
Additional information:
1. On 15 October 2007, E-Keen Sdn Bhd declared a 6% ordinary dividend which was duly recorded in the profit and loss account of MawiWorld Sdn Bhd
2. During the year, MawiWorld Sdn Bhd invoiced goods to E-Keen Sdn Bhd at RM25,000. MawiWorld Sdn Bhd charges the standard mark up of 25% on cost for all its sales. E-Keen Sdn Bhd had not received the goods and therefore did not include it in the year end inventory, nor had it received the invoice for the goods
3. Provision is to be made for half year debenture interest accrued for the year