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    P3.8 question

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    6 views2 pages

    P3.8 Question

    Uploaded by

    Cheryl Wong

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 2
    ——— 154 ADVANCED FINANCIAL ACCOUNTIN 1s normal acquisition P3.8. Reverse acquisition versu compaiy, where eement with Trim Ltd, a publicly list e 16 million new ordinary shi 10% ownership of Sumo Pte Led Sumo Pte Ltd in Trim Ltd would issu (On 1 July 2031, all parti nge for 1 whe agreement executed the share exchange, The shareholders! equity of 8 and Sumo on 1 July 20x1 were as follows: ‘000,000 $50,000,000 Share capital Retained earings 5,000,000 10,000,000 Revaluation reserves 2,000,000 20,000.00 ‘527,000,000 100,000,000 change and the fair value per ordinary share of mber of ordinary shares before the shown below Trim Lid and Sumo Pte Ltd ar 520,000,000 Number of ordinary shares Fair value per oxi , ider a guar m Ltd sold land to a customer and market value of the land on 1 July 20x4 and guarantee to refund the customer the en the Moderate outcome 030 200,000 Worst outcome 010 500,000 ( rim Ld didnot recognize the provision on its separate nancial statements Deca the provision vas deemed as not “probab 3) Rights wider License Tm Tl has a non-transferable Scense‘m OPS toll booth at 2 brid ride tects tol fees forthe govesnment and rezins a portion as fs for Mansi the fon 1 July 20x1. The expected anal life of three ye | booth, The licens fee income of Trim Ltd are as follows: High traffic Moderate taf —aaoae™S—S-S—S-S—(a eeefeetetet*”s 1ss t-LJuly 201, the book value of Sumo identifiable net assets was ventory: AS ption of the following: $18,000,000 ‘000 of inventory e Ltd. Fair val Book value of Inventory of the inventory was resold during Decembe of capital of Trim Ltd was 5% per annum. Required ffect a reverse takeover (RTO), use the fair value of the eration trans! re exchan; ith IFRS 3, ming that the sl fair value of con accordance w cquier’s shares to determine th 2 sing an RTO scenario, determine the goodwill acquired i f Freda final settlement of $200,000 was made under the guarantee iy 2a 2 ny to record the final stlement in Trims books (no record hac Peer made previously the guarantee). 7 antes at would have been passed for the final settlement in the aeaite's books ee aoe enfity does not have records, hypothetically assume that the Books a oe ne consolidation adjustment to bring the entry in (a) t0 the entry in (b) 4k On 20 June 2032, "Trim Lid revised its fee income under the high tale scenario to $800,000. Explai I ear Count for the follwing in is economic entity financial statements Gui Fath respect tothe license fee in 20x2 under each of the folowing Eton @ 3) a espe use ofa failure tose information that was avaable a8

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