Beruflich Dokumente
Kultur Dokumente
Joo RM 250,000 100,000 50,000 50,000 80,000 40,000 570,000 400,000 50,000 100,000 20,000 570,000 Jii RM 150,000 80,000 20,000 50,000 40,000 50,000 390,000 200,000 10,000 50,000 100,000 30,000 390,000
Land and building Plant and machinery Goodwill Current assets Inventories Trade receivables Bank
Ordinary shares of RM1/- each Share premium Profit and loss balance 10% debentures Trade payables
Additional information: It was agreed that: 1. Joo will acquire all the assets (except cash at bank) and liabilities of Jii as at 31 December 2009. 2. The purchase consideration to consist of: i. ii. 300,000 ordinary shares of RM1/- each in Joo valued at per share, and RM12O,000 8% debentures in Joo to discharge the I0% debentures of Jii at a premium of 20%.
3. The fair value of the assets of Jii was: RM 350,000 50,000 50,000 40,000
Land and building Plant and machinery Inventories Trade receivables 4. Joo has agreed to pay the liquidation expenses of Jii which amount to RM12,000. You are required to:
a. Close the books of Joo by means of ledger entries; b. Record the above transactions in the books of Joo; and c. Prepare the balance sheet of Joo immediately after the absorption of Joo. Hak Milik Sant Sahabat dan Kawan-Kawan. Dibenar untuk tujuan pembelajaran sahaja
Purchase consideration For the benefit of ordinary shareholders 300,000 ordinary shares of RM1/- each issued at RM1.25 per share (300,000 x RM1.25) For the benefit of debenture holders 8% debentures Liquidation expenses paid by Joo for Jii cash Calculation of goodwill Tangible assets taken over Land and building Plant and machinery Inventories Trade receivables Liabilities taken over Trade payables Net tangible assets taken over Purchase price Goodwill
RM 375,000 120,000 12,000 507,000 RM 350,000 50,000 50,000 40,000 490,000 (30,000) 460,000 507,000 47,000
a. Ledger entries to close the books of Jii Realisation account RM 20,000 Joo 150,000 Trade payable 80,000 50,000 40,000 20,000 165,000 525,000
Goodwill Land and building Plant and machinery Inventories Trade receivables Debenture holders account Sundry members account
RM 495,000 30,000
525,000
Realisation account
8% debentures in Zee
Hak Milik Sant Sahabat dan Kawan-Kawan. Dibenar untuk tujuan pembelajaran sahaja
Sundry members account RM 50,000 Ordinary share capital 375,000 Profit and loss account Share premium Realisation account 425,000
b. Journal entries to record the absorption of Joo Debit RM 507,000 Credit RM 495,000 12,000
a. Business purchase account Liquidator of Jii Bank (Being the agreed purchase price) b. To record the assets acquired at fair value Assets received Land and building Plant and machinery Inventories Trade receivables Goodwill Trade payables Business purchase account (Being assets and liabilities acquired) c. Joo 8% debentures Ordinary share capital Share premium (Being issue of shares in settlement of purchase price)
350,000 50,000 50,000 40,000 47,000 30,000 507,000 495,000 120,000 300,000 76,000
Hak Milik Sant Sahabat dan Kawan-Kawan. Dibenar untuk tujuan pembelajaran sahaja
Joo Balance sheet as at 31 December 2009 RM Land and building Plant and machinery Goodwill (50,000 + 47,000) Current assets Inventories Trade receivables Bank Issued and paid up capital: 700,000 ordinary shares Share premium Profit and loss account Non-current liabilities 8% debentures Current liabilities Trade payables RM 600,000 150,000 97,000 847,000
Hak Milik Sant Sahabat dan Kawan-Kawan. Dibenar untuk tujuan pembelajaran sahaja