Perkasa Bhd., a public company listed in the MAIN market of Bursa Malaysia, issued and paid-up capital at the beginning: Financial Accounting and Reporting Assignment, SU, Malaysia
|University||Sunway University (SU)|
|Subject||Financial Accounting and Reporting|
Perkasa Bhd., a public company listed in the MAIN market of Bursa Malaysia, issued and paid-up capital at the beginning of the year consisting of 40,000,000 ordinary shares for RM50,000,000 and 5,000,000 8% preference shares for RM5,000,000. Its Retained profit at RM17,800,000 and General reserves for RM2,500,000.
After its mid-year report was prepared, the board of directors proposed the payment of interim dividend as follows:
There is a plan to propose a final dividend if the financial condition of the company can substantiate that.
At the beginning of the year, Perkasa Bhd acquired the ordinary shares of Amore Bhd for RM12,640,000. This requires Perkasa Bhd to prepare consolidated financial statements of the group. Both companies adopt the same financial year.
Functional and presentation currency for the financial statements are presented in Ringgit Malaysia (“RM”). The basis of measurement is the historical cost basis.
Patents and trademarks, which have finite useful lives are amortized from the date that they are available for use. Amortization is based on the cost of an asset less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets. The estimated useful life of Patents and trademarks is 10 years.
Equity instruments classified as equity are measured at cost on initial recognition and are not remeasured subsequently. (i) Issue expenses Cost directly attributable to the issue of instruments classified as equity are recognized as a deduction from equity. The ordinary shares are classified as equity.
The valuation of the investment at the end of the year gave the followings: –
- The market value of Quoted Investment is RM14,890,000
- Directors’ Valuation of the Un-Quoted Investment RM2,580,230
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