FAR320 Eco Bhd acquired shares and debentures in Grandeur Bhd on 1 January 2016 when Grandeur Bhd’s retained profit: HOMEWORK SPECIAL BREAK, UiTM, Malaysia

University Universiti Teknologi MARA (UiTM)
Subject FAR320: Financial Accounting

Eco Bhd acquired shares and debentures in Grandeur Bhd on 1 January 2016 when Grandeur Bhd’s retained profit and general reserve were RM100,000 and RM50,000 respectively. The total units of issued shares capital of Grandeur Bhd are 500,000 units and 100,000 units for ordinary shares and preference shares respectively. The Statements of the Financial Position of Eco Bhd and Grandeur Bhd as at 31 December 2017 are as follows:

a. Find the goodwill or bargain purchase arising from the acquisition of Grandeur Bhd by Eco Bhd.
b. Show the journal entries to recognise goodwill on consolidation or bargain purchase (where applicable) for the acquisition of ordinary shares in Grandeur Bhd by Eco Bhd on the date of acquisition.
c. Prepare the Consolidated Statement of Financial Position of Eco Bhd’s group as at 31 December 2017. Your answers should be in RM thousand with two decimal points. Show all workings.

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