The followings are the Statement of Financial Position of MSG Bhd. and MYG Bhd. as at 30 April 2019 MSG Bhd MYG Bhd RM RM Non-Current Assets Land 1,600,000 600,000 2,200,000 1,380,000 Plant and machinery 640,000 2,020,000 Current Assets 580,000 560,000 760,000 4,100,000 Inventories 420,000 380,000 580,000 Trade receivables Cash and cash equivalent Total Assets 3,400,000 Equity and Reserves Ordinary shares of RM1 each General reserves Retained profit 2,400,000 600,000 2,000,000 500,000 700,000 800,000 3,800,000 3,200,000 Current Liabilities Trade payables Total Equities and Liabilities 300,000 200,000 4,100,000 3,400,000 Additional information: MSG Bhd. acquired 1,280,000 of the 2,000,000 issued ordinary shares of MYG Bhd. on 1 May 2019 by issuing 1,000,000 ordinary shares in MSG Bhd.and 6% loan note for RM400,000. The balance was paid by the immediate payment of RM100,000 cash. The market value of one equity share of MSG Bhd. on 1 May 2019 was RM1.50. 1. 2. At the date of acquisition, the balances in MYG Bhd.’s accounts were: RM 300,000 General reserves Retained profit 400,000

The followings are the Statement of Financial Position of MSG Bhd. and MYG Bhd. as at 30 April 2019 MSG Bhd MYG Bhd RM RM Non-Current Assets Land 1,600,000 600,000 2,200,000 1,380,000 Plant and machinery 640,000 2,020,000 Current Assets 580,000 560,000 760,000 4,100,000 Inventories 420,000 380,000 580,000 Trade receivables Cash and cash equivalent Total Assets 3,400,000 Equity and Reserves Ordinary shares of RM1 each General reserves Retained profit 2,400,000 600,000 2,000,000 500,000 700,000 800,000 3,800,000 3,200,000 Current Liabilities Trade payables Total Equities and Liabilities 300,000 200,000 4,100,000 3,400,000 Additional information: MSG Bhd. acquired 1,280,000 of the 2,000,000 issued ordinary shares of MYG Bhd. on 1 May 2019 by issuing 1,000,000 ordinary shares in MSG Bhd.and 6% loan note for RM400,000. The balance was paid by the immediate payment of RM100,000 cash. The market value of one equity share of MSG Bhd. on 1 May 2019 was RM1.50. 1. 2. At the date of acquisition, the balances in MYG Bhd.’s accounts were: RM 300,000 General reserves Retained profit 400,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 12P: Comprehensive Byrd Companys Contributed Capital section of its January 1, 2019, balance sheet is as...

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