given below are the statements of financial position of hakka and segi as at 1 january x9. hakka rm'000 segi rm'000 ordinary shares of rm1 each 600 400 revaluation reserve 150 100 share premium 40 80 retained profit 250 100 current liabilities 40 40 660 1,140 non-current assets 700 80 560 inventory 40 trade receivables 70 40 cash at bank additional information: 290 20 1,140 660 hakka wanted to acquire all the issued ordinary shares of segi and so offered the shareholders of segi one ordinary share in hakka valued at rm1.50 and cash of 50 sen for every one ordinary share in segi. hakka acquired all the ordinary shares of segi. you are required to: (a) prepare journal entries in the books of hakka to record the acquisition of shares in segi (b) prepare the statement of financial position of hakka immediately after the takeover. position 427
given below are the statements of financial position of hakka and segi as at 1 january x9. hakka rm'000 segi rm'000 ordinary shares of rm1 each 600 400 revaluation reserve 150 100 share premium 40 80 retained profit 250 100 current liabilities 40 40 660 1,140 non-current assets 700 80 560 inventory 40 trade receivables 70 40 cash at bank additional information: 290 20 1,140 660 hakka wanted to acquire all the issued ordinary shares of segi and so offered the shareholders of segi one ordinary share in hakka valued at rm1.50 and cash of 50 sen for every one ordinary share in segi. hakka acquired all the ordinary shares of segi. you are required to: (a) prepare journal entries in the books of hakka to record the acquisition of shares in segi (b) prepare the statement of financial position of hakka immediately after the takeover. position 427
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La Sfera Co. was formed on July 1, 2014. The company reportedthe following summarized statement of financial position at July 1,2017:
RM | |
Assets | |
Cash | 472,000 |
Other assets | 1,680,000 |
Total assets | 2,152,000 |
Liabilities and Equity | |
Liabilities | |
Other liabilities | 546,000 |
Ordinary dividend payable | 35,000 |
Shareholdersâ equity | |
7% preference shares, 300,000 authorised, 50,000 issued | 250,000 |
Ordinary share, 500,000 authorised, 250,000 issued | 750,000 |
Retained earnings | 571,000 |
Total liabilities and equity | 2,152,000 |
The following transactions occurred during the financial yearbut have not been recorded:
July 1, 2016 | Paid dividends payable to shareholders. |
Aug 15, 2016 | Issued 50,000 ordinary shares to the public for RM5 per share.The company incurred RM4, 000 on the costs of issuance ofshares. |
Nov 23, 2016 | Offered right issue to existing shareholders, with the right topurchase one shares for every 80 shares held. Market price on thedate was RM5. All offers were taken up. |
Feb 1, 2017 | Obtained a 6-month loan amounting RM 25,000 from JuneBank at 4%per year to expand the business. |
Mar 7, 2017 | Declared and distributed one-for-fifty share dividend toshareholders on record. Market value per share was RM6. The companyused its retained earnings for the purpose of giving bonusshare. |
May 18, 2017 | Declared cash dividend to ordinary shareholders of RM0.20 pershare, subject to approval at the forthcoming annual generalmeeting. |
June 1, 2017 | Issued 10% three-year bonds payable with a RM150, 000 par valueat the price of RM133, 540. The current market interest rate is12%. |
June 30, 2017 | Payment of cash dividend to ordinary shareholders has beenapproved. The money will be credited to ordinary shareholders inJuly 15, 2018. |
Paid preference dividend. |
Required:
Journalise the above transactions.
Prepare the statement of financial position as at December 31,2017.
