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Goodwill

NCI Group
Sutera Lestari Sutera Lestari Retained General
(75%) (60%) (25%) (40%) Profit Reserve
RM 000 RM 000 RM 000 RM 000 RM 000 RM 000
Consideration transferred 1875 1500
Indirect consideration 75% x
1687.5 1265.625
NCI 25% x 40% x
2262.5 565.625 3562.5 1425 565.625 1425
2440.625 4190.625

OSC 2000 1250
General reserve 25 62.5
Retain profit 237.5 150
ARR- building 100
ARR- license (2262.5) 2000 (3562.5)
Goodwill/(BP) 178.125 628.125
Investment in Lestari 25% x
1687.5 (421.875)
RP: Sutera
Year end 175
Retain profit 350
Pre-acquisition (237.5)
Post-acquisition 287.5 71.875 215.625
RP: Lestari
Year end 150
Retained profit 125
Pre-acquisition (150)
Post-acquisition 125
Depreciation (4)
121 48.4 72.6
RP: Petra
As at 1 Januari 532.5
Year end 217.5
URP- Land (37.5)
URP- Surimas (4)
Profit- Surimas 24.375 732.875
Preference share: Sutera 300
GR: Petra 450
GR: Sutera
Year end 170
Pre-acquisition (25)
Post-acquisition (145) 36.25 108.75
GR: Lestari
Year end 125
Pre-acquisition (62.5)
Post-acquisition 62.5 25 37.5
178.125 628.125 551.875 1501.6 1021.1 596.25


QUESTION 1(b)

Prepare a Consolidation Statement of Financial Position for Petra Bhd Group as at 31 December 2010

Petra Bhd Group


Consolidation Statement of Financial Position as at 31 December 2010

RM
Assets
Property, plant and equipment 3500000+700000+1250000+100000-4000-37500 5,508,500
Intangible 87500+20000+2000000 210,755
Other investment 75000+150000+75000+24375-4000 320,375
Inventory 750000+550000+430000 1,730,000
Bills receivable 175000+75000+37500-100000 187,500
Ordinary dividend receivable: NCI 281250+182500+210000-10000-5000 17,500
Trade receivable 12500+5000 658,750
Bank 187500+51250+70500 309,250
Cash in transit 5,000
Goodwill 806,250
11,650,625

Financed by
Ordinary share of RM1 5,650,000
10% Preference share of RM1 750,000
Share premium 600,000
General reserve 596,250
Retain profit 1,021,100
NCI 2,050,275

Liabilities
Long term loan 250000-100000 150,000
Bills payable 187500+47500+90500 325,500
Trade payable 337500+111250+25000-35000-10000 463,750
Ordinary dividend payable: NCI 25000+18750 43,750

11,650,625


APRIL 2011

Question 1(a)

Prepare the initial acquisition journal entries to determine the goodwill on acquisition of Sutera Bhd.

Answer

RM RM
DR Ordinary share capital 2,000,000
General reserves 25,000
Retained profit 237,500
Goodwill 178,125
CR Investment in Sutera 1,875,000
Non-controlling interest 565,625