Financial Accounting and Reporting Group Assignment Oct Semester 2025 | UiTM
Assignment Type
Group Assignment
Subject
Financial Accounting and Reporting
Uploaded by Malaysia Assignment Help
Date
12/15/2025
GROUP ASSIGNMENT – OCTOBER 2025 SEMESTER
This is a GROUP Assignment of NOT MORE than 5 students.
Submission must be made latest by 19 December 2025 in VLE assignment submission box. Only 1 submission is required for each group. All submissions must be made in PDF format.
Struggling with your UiTM Financial Accounting and Reporting group assignment?
Question 1Â
Foreign subsidiaries financial statements are generally prepared in the local currency of the country it is operates in. Given the situation that a holding company is Malaysian and has a subsidiary in Indonesia, explain the following:
TWO (2) different methods of converting the Indonesian rupiah into Malaysian ringgit
(4 marks)
The determining indicators in selecting the foreign currency conversion method for the Indonesian subsidiary. Explain any FOUR (4)
(4 marks)
Question 2
Renjatan Berhad is a palm oil manufacturing company based in Malaysia. It has 2 subsidiaries in Indonesia, an oil palm plantation company and also a palm oil manufacturing company. The oil palm plantation Hasil Bagus Pvt Ltd has been established 6 years ago and has been selling raw palm oil to both Renjatan and other local (Indonesian) manufacturers since its inception. Recently, Renjatan set up another subsidiary which is the palm oil Manufacturing company to cater for growing demand of manufactured palm oil. This palm oil manufacturing company, Sawit Kualitas Pvt Ltd buys all of its raw material from Hasil Bagus Pvt Ltd and exports all of its products to the parent company in Malaysia. The technology used by Sawit Kualitas was provided by Renjatan Berhad. Renjatan Berhad also provides the working capital and machinery used by Sawit Kualitas.
Using the conversion indicators as a guide to support your basis of argument, determine which method of foreign currency should be used to convert the financial results of Sawit Kualitas before consolidating its results with the parent company Renjatan Berhad.
(10 marks)
Question 3
The following are financial statements for Hanida Berhad and its foreign subsidiary Zala Pvt Ltd (25%) in Z country for year ended 31 December 2021. Zala was acquired on 1.1.2025.
Statements of Profit & Loss for year ended 31 December 2025
| Hanida (RM’000) | Zala (Z’000) | |||
| Sales | 11,000 | 2,000 | ||
| -) Cost of sales
Opening inventory +) Purchases -) Closing inventory |
1,000 6,000 (1,000)
|
(6,000) |
100 800 (100) |
(800) |
| Gross profit | 5,000 | 1,200 | ||
| -) Expenses | (1,200) | (500) | ||
| -) Depreciation | (800) | (300) | ||
| Net profit | 3,000 | 400 |
Statements of Financial Position as at 31 December 2025
| Hanida (RM’000) | Zala (Z’000) | |
| Investment in Zala | 1,200 | |
| Property, plant & equipment | 4,800 | 3,000 |
| Inventory | 1,000 | 100 |
| Trade receivables | 1,800 | 500 |
| Bank | 600 | 200 |
| 9,400 | 3,800 | |
| Â | Â | |
| Ordinary shares | 2,000 | |
| Retained profit b/f | 3,400 | 1,000 |
| Retained profit for the year | 3,000 | 400 |
| Non-current loan | – | 200 |
| Trade payables | 400 | 200 |
| Â |
| Rates of exchange | Zala | RM |
| 1 January X7 | 3 | 1 |
| Average rate for the year | 2.5 | 1 |
| 31 December X7 | 2 | 1 |
| Date closing inventory purchased | 2.25 | 1 |
| Date opening inventory purchased | 3 | 1 |
| 1 January X4 – date PPE acquired | 4 | 1 |
Required:
- Calculate goodwill on consolidation. Determine NCI on acquisition date.
- Translate Statement of Financial Position of Zala Pvt Ltd
- Translate Statement of Profit & Loss of Zala Pvt Ltd
- Determine the exchange difference in statement of financial position and statement of profit and loss
- Prepare consolidated statement of profit and loss for year ended 31 December 2025
- Prepare consolidated statement of financial position as at 31 December 2025.
(22 marks)
Question 4
Statements of Financial Position as at 31 December 2025
| Tosai (‘000) | Capati (RM’000) | |
| Investments
Subsidiary |
3,500 |
|
| Land | 14,500 | 5,600 |
| Property, plant & equipment | 12,520 | 4,770 |
| Intangible assets | – | 120 |
| Current assets:
Inventory Trade receivables Current account Bank |
5,660 5,980 300 4,830 |
3,340 3,116 – 2,270 |
| Total assets | 47,290 | 19,216 |
| Ordinary shares | 29,630 | 12,000 |
| 5% Preference shares | 2,000 | 1,000 |
| Revaluation reserve | 1,760 | 500 |
| Retained earnings | 5,880 | 1,370 |
| Long term loan | – | 1,000 |
| 8% Debentures | – | 300 |
| Trade payables | 6,120 | 2,510 |
| Current account | – | 250 |
| Tax payables | 1,900 | 286 |
| Total equity & liability | 47,290 | 19,216 |
Statements of Profit & Loss as at 31 December 2025
| Tosai (‘000) | Capati (‘000) | |
| Sales | 25,300 | 12,900 |
| -) Cost of sales | (13,800) | (8,440) |
| Gross profit | 11,500 | 4,460 |
| -) Administration expenses | (4,590) | (2,830) |
| -) Other expenses | (1,860) | (920) |
| +) Gain from sale of PPE | 200 | – |
| Profit before tax | 5,250 | 710 |
| -) Tax | (1,800) | (200) |
| Profit after tax | 3,450 | 510 |
| RE b/f
Dividends declared in December 2025 Ordinary shares Preference shares |
2,430
780 100 |
860
100 30 |
Additional information:
- Tosai Bhd acquired 80% of ordinary shares issued by Capati Sdn Bhd on 1 January 2025 with the following consideration transferred:
- Cash payment RM 3.5 million
- Ordinary shares 2 million units
- Debenture with principal amount of RM1.6 million, annual interest 10%. Debenture will mature on 1 January 2026.
Only the cash payment has been recorded.
On the date of acquisition, ordinary shares of Tosai and Capati had fair value of RM3.80/share and RM1.90/share respectively.
- Revaluation reserve balance for Capati on acquisition date was recorded as RM500,000. However, plant belonging to Capati has a higher fair value of RM100,000 with an estimated useful life of 5 years on acquisition date. Property belonging to Capati has a higher fair value of RM400,000 on 31 December 2025.These fair value increases have yet to be recorded. There had been no new shares issued by Capati Sdn Bhd since acquisition date.
- During the year 2024, Tosai sold a machine with carrying value of RM250,000 for RM350,000 to Capati with an estimated useful life of 5 years. Full depreciation is adjusted in the year of acquisition and none in the year of disposal.
- Capati sold inventory to Tosai at cost plus 25% with invoice price of RM800,000. 20% of Tosai’s closing inventory is related to this transaction.
- Debenture interest for the year have not been accrued.
- Current account diff is due to cash in transit.
- The group uses full goodwill method and goodwill was impaired by RM10,000 in the year 2024 and another RM8,000 for the year 2025.
- Dividends declared in December 2025 have yet to be recorded.
Required:
Prepare the following financial statements for Kerem’s group for year ended 2023:
- Group statement of financial position
- Group statement of profit & loss
- Extract of Group statement of changes in equity
Show ALL relevant workings.
(60 marks)
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